Question: Use PMT= ot7 to determine the regular payment amount, rounded to the nearest dollar. The price of a home is $118,000. The bank requires a

Use PMT= ot7 to determine the regular payment amount, rounded to the nearest dollar. The price of a home is $118,000. The bank

Use PMT= ot7 to determine the regular payment amount, rounded to the nearest dollar. The price of a home is $118,000. The bank requires a 20% down payment and three points at the time of closing. The cost of the home is financed with a 30-year fixed-rate mortgage at 8%. Complete parts (a) through (e) below. a. Find the required down payment. $ b. Find the amount of the mortgage. c. How much must be paid for the three points at closing? $ (Round to the nearest dollar as needed.) d. Find the monthly payment (excluding escrowed taxes and insurance) $ (Round to the nearest dollar as needed.) e. Find the total cost of interest over 30 years. $ (Round to the nearest dollar as needed.)

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