The Nicols are buying a house selling for $245,000. They pay a down payment of $45,000 from
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The Nicols are buying a house selling for $245,000. They pay a down payment of $45,000 from the sale of their current house. To obtain a 15-year mortgage at a 4.5% interest rate, the Nicols must pay 1.5 points at the time of closing.
(a) What is the amount of the mortgage?
(b) What is the cost of the 1.5 points?
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Related Book For
A Survey of Mathematics with Applications
ISBN: 978-0134112107
10th edition
Authors: Allen R. Angel, Christine D. Abbott, Dennis Runde
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