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Amount of the mortgage on the property

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Reference no: EM131457862

The Fritzes are buying a house that sells for 186,000. The bank is requiring a minimum down payment of 10?%. To obtain a 25?-year mortgage at 13.0?% ?interest, they must pay 4 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?% down payment.

?c) Find the cost of 4 points on the mortgage.

a) The required down payment is ?$______

?b) The mortgage on the property is ?$_____

?c) The cost of the 4 points on the mortgage is ?$______

?(Round to the nearest dollar as? needed.)

Reference no: EM131457862

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