Question: A. Find the required down payment. B. Find the amount of the mortgage. C. How much must be paid for the one point at closing?

A. Find the required down payment.

B. Find the amount of the mortgage.

C. How much must be paid for the one point at closing?

D. Find the monthly payment (excluding escrowed taxes and insurance).

E. Find the total cost of interest over 30 years.

The price of a condominium is $166,000. The bank requires a 5% down payment and one point at the time of closing. The cost of the condominium is financed with a 30-year fixed-rate mortgage at 6.5%. Use the following formula to determine the regular payment amount. Complete parts (a) through (e) below. PMT =

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