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Gnesinka [82]
2 years ago
10

The price of a ranchette estate is $260,000. The bank requires a 15% down payment and 3 points at the time of closing. The cost

of the ranchette is financed with a 30-year fixed-rate mortgage at 7.45%. What is the mortgage amount? *
Business
1 answer:
coldgirl [10]2 years ago
8 0

Answer:

Missing word<em> "and the cost of one point at the time of closing"</em>

<em />

Down payment = $260,000*15%

Down payment = $260,000*0.15

Down payment = $39,000

Amount of mortgage = $260,000 - $39,000

Amount of mortgage = $221,000

Cost of 3 point at the time of closing = 3% of amount of mortgage

Cost of 3 point at the time of closing = 3% * $221,000

Cost of 3 point at the time of closing = $6,630

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