The price of a condominium is $180,000. The bank requires a 5% down payment, and one point at the time of the closing. The purchase of the condo is financed with a 30-year fixed-rate mortgage at 8%. A) What is the required down payment? B). What is the amount of the mortgage required? C). What is the cost of the point due at the closing? D) Find the monthly mortgage payment (excluding escrowed taxes and insurance). E) Find the total interest paid over 30 years.
