math

posted by .

the price of a home is 120000 the bank requires a 10% down payment and 2 points at the time of closing the cost of the home is financed with a 30 year 8.5% how much must be paid for the 2 points at closing and how do I figure that amount

• math -

Dn payment = 0.1*12000 = \$12,000

Po = 120,000-12,000 = \$108,000 =
Amt. Financed.

2 points = 2% of loan amt(Po).
2 Points = 0.02 * Po=.02 * 108000=\$2160.

Similar Questions

1. math

The price of a home is \$120,000. The bank requires a 10% down payment and two points of closing. The cost of the home is financed with 30-year fixed-rate mortgage at 8.5%. Find the total cost of interest over 30 years.
2. math

Determine the regular payment amount, rounded to the nearest dollar. The price of a home is \$160,000. the bank requires a 15% down payment. The buyer is offered two mortgage options: 1 year fixed at 8% or 30-year fixed at 8%. Calculate …
3. math

Determine the regular payment amount, rounded to the nearest dollar. The price of a home is \$160,000. the bank requires a 15% down payment. The buyer is offered two mortgage options: 1 year fixed at 8% or 30-year fixed at 8%. Calculate …
4. math

Determine the regular payment amount, rounded to the nearest dollar. The price of a home is \$160,000. the bank requires a 15% down payment. The buyer is offered two mortgage options: 1 year fixed at 8% or 30-year fixed at 8%. Calculate …
5. Math

The Robinsons decide they would rather purchase the \$85,000 home. Their bank requires a 5% down payment to be paid to the seller and a payment of 1 point (1%) of the mortgage at the time of closing. How much is the down payment?
6. math

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 30-year fixed-rate mortgage at 7%. Find down paymen
7. Math

The price of a home is \$185,000. A down payment of 10% is required with 2 points at the time of closing. The home is financed over a 25 year period with a fixed rate of 4.5%. Find the monthly payment and total interest paid?
8. Financing

A. How much might a home buyer expect to pay in closing costs on a \$220,000 house with a 10% down payment?
9. Math

The price of a home is 177,000. The bank requires a​ 20% down payment and three points at the time of closing. The cost of the home is financed with a​ 30-year fixed-rate mortgage at 10​%.
10. math118

The price of a home is ​\$102,000. The bank requires a​ 20% down payment and three points at the time of closing. The cost of the home is financed with a​ 30-year fixed-rate mortgage at 9.5%  Find the required down payment.

More Similar Questions