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The price of a condominium is $170,000. The bank requires a 5% down payment and one point at the time of closing. The cost of the condominium is financed with a 30-year fixed-rate mortgage at 9.5% Use the
following formula to determine the regular payment amount. Complete parts (a) through (e) below
8
PMT=
a. Find the required down payment
$8500
b. Find the amount of the mortgage
$161500
c. How much must be paid for the one point at closing?
(Round to the nearest dollar as needed.)