25 Jul WHAT IS THE TOTAL COST OF INTEREST OVER THE LIFE OF THE MORTGAGE?
Sharon Fox decided to buy a home in Marblehead Massachusetts for $283000. Her bank requires a Show more Sharon Fox decided to buy a home in Marblehead Massachusetts for $283000. Her bank requires a 25% down payment. Sue Willis an attorney has notified Sharon that besides the 25% down payment there will be the following additional costs: Recording of the deed $38.00 A credit and appraisal report 163.00 Preparation of appropriate documents 56.00 In addition there will be a transfer tax of 1.5% of the purchase price and a loan origination fee of 3% of the mortgage amount. Assume a 30-year mortgage at a rate of 9.5%. a. What is the initial amount of cash Sharon will need? (Do not round intermediate calculations. Round your answer to the nearest cent.) Initial amount $ b. What is her monthly payment? (Do not round intermediate calculations.Round your answer to the nearest cent.) Monthly payment $ c. What is the total cost of interest over the life of the mortgage?(Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest cent.) Total cost of interest $ Show less
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