Narrative 14-2
For problems in this section, use Table 14-1 from your text to find monthly mortgage payments.
-Refer to Narrative in your text 14-2. Isabella is purchasing a home for $150,000. The down payment is 15% and the balance will be financed with a 25-year mortgage at 8% and 2 discount points. Isabella made a deposit of $10,000 (applied to the down payment) when the sales contract was signed. Isabella also has these expenses: credit report, $60; appraisal fee, $130; title insurance premium, 1% of amount financed; title search, $200; and attorney's fees, $400. What is the amount due at the closing?

Question

Quizplus · Accepted Answer

The Answer of Narrative 14-2
For problems in this section, use Table 14-1 from your text to find monthly mortgage payments.
-Refer to Narrative in your text 14-2. Isabella is purchasing a home for $150,000. The down payment is 15% and the balance will be financed with a 25-year mortgage at 8% and 2 discount points. Isabella made a deposit of $10,000 (applied to the down payment) when the sales contract was signed. Isabella also has these expenses: credit report, $60; appraisal fee, $130; title insurance premium, 1% of amount financed; title search, $200; and attorney's fees, $400. What is the amount due at the closing?

Narrative 14-2 For Problems in This Section, Use Table 14-1 from Your