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The price of a home is $215,000. The Bank requires 20% down payment and three points at the time of closing. The cost of the ho...Asked by Jasmine
The price of a home is $102,000. 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 9.5%
Find the required down payment.
Find the required down payment.
Answers
Answered by
plumpycat
20% of 102,000 = 20,400
Loan amount = 102,000 - 20,400 = 81,600
3% of 81,600 = 2,448
Total downpayment = 20,400 + 2,448 = _____
Loan amount = 102,000 - 20,400 = 81,600
3% of 81,600 = 2,448
Total downpayment = 20,400 + 2,448 = _____
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