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Sagot :
Jacks condominium costs $120000
The down paymennt required for the mortgage = 20/100 x 1200000 = $24000
For each month he will pay
[tex]c\text{ = }\frac{P(1+r)^N}{(1+r)^N-1}[/tex]Where
[tex]\begin{gathered} c=\text{ payment monthly} \\ r=\text{ monthly interest rate} \\ N\text{ = no of months of payments} \end{gathered}[/tex]P = $120000 - 24000 = $96000
A 3 point pay = 3% = 3/100= 0.03
If at the close he must pay 3 points on the mortgage, then this will be 0.03 x96000 = $2880
So he must p
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