Mortgage at an annual interest rate

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Kevin Kolb is buying a $450,000 house. He is taking out a 30 year mortgage at an annual interest rate of 5.25%.

Because he doesn’t have a lot of job security, the bank is requiring a 25% down payment. How much is his down payment?

The bank requires 2 points at closing, how much is this?

Determine Kevin’s monthly payment.

Determine the total interest paid over the life of the loan.

How much did Kevin pay for his house?

Reference no: EM131255902

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