math
posted by Anonymous on .
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 home is financed with a 30year fixedrate mortgage at 7%. Find down paymen

Loan =(0.80+0.03)215000 = $178,450.
D.P. = 215000  178450 = $36,550. = Down
Payment. 
Correction:
D.P. = 0.2 * 215,000 = $43,000. = Down
Payment.
Points are a fee that is added to the
D.P. at closing.
Cost of points = .03 * 43000 = $1290.
Tot. D.P. = 43000 + 1290 = $44,290.