Math  /  Numbers & Operations

QuestionMartha is buying a house that sells for $159,000\$ 159,000. The bank is requiring a minimum down payment of 10%10 \%. To obtain a 35 -year mortgage at 9.0%9.0 \% interest, she must pay 2 points at the time of closing. a) Determine the required down payment. b) Determine the amount of the mortgage on the property with the 10%10 \% down payment. c) Find the cost of 2 points on the mortgage. a) The required down payment is $\$ \square . b) The mortgage on the property is $\$ \square \square. c) The cost of the 2 points on the mortgage is $\$ \square . (Round to the nearest dollar as needed.)

Studdy Solution
Perform the multiplication to find the cost of 2 points.
Cost of 2 Points=2,862 \text{Cost of 2 Points} = 2,862
The solutions are: a) The required down payment is \$15,900. b) The mortgage on the property is \$143,100. c) The cost of the 2 points on the mortgage is \$2,862.

View Full Solution - Free
Was this helpful?

Studdy solves anything!

banner

Start learning now

Download Studdy AI Tutor now. Learn with ease and get all help you need to be successful at school.

ParentsInfluencer programContactPolicyTerms
TwitterInstagramFacebookTikTokDiscord