Question: Tom buys a condominium for $42,600. He makes a down payment of 15%, and pays these closing costs: survey $225; inspection, $110; mortgage fee, $852;

  1. Tom buys a condominium for $42,600. He makes a down payment of 15%, and pays these closing costs: survey $225; inspection, $110; mortgage fee, $852; legal fees, $450; title insurance, $286. What is the amount of the down payment? What are the total closing costs? How much will he need to bring to the closing (down payment + closing costs)?
  2. Kerri takes out a mortgage for $55,000 at 9% for 25 years. What are her monthly payment, the total amount paid, and the cost of the mortgage?

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