The Bells obtain a 25-year, $110,000 conventional mortgage at a 10.5% rate on a house selling for

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The Bells obtain a 25-year, $110,000 conventional mortgage at a 10.5% rate on a house selling for $160,000. Their monthly mortgage payment, including principal and interest, is $1038.60. They also pay 2 points at closing.

(a) Determine the total amount the Bells will pay for their house.

(b) How much of the cost will be interest (including the 2 points)?

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A Survey of Mathematics with Applications

ISBN: 978-0134112107

10th edition

Authors: Allen R. Angel, Christine D. Abbott, Dennis Runde

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Question Posted: Jan 24, 2019 05:10 AM

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The Bells obtain a 25-year, $110,000 conventional mortgage at a 10.5% rate on a house selling for

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A Survey of Mathematics with Applications

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