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20-04-2024
Mathematics

Answered

Sharon decided to buy a home for $265,000. Her bank requires a 25% down payment and additional costs are the following:
Recording of the deed- $20
Credit and appraisal report- $145
Preparation of documents- $38
Transfer tax of purchase price- 1.5%
Loan origination fee from mortgage- 3%
Assume a 20-year mortgage at a rate of 3 and 5/8%, what is her monthly payment and the total cost of interest over the life of the mortgage? Use 360-days a year

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