Solve the problem. Round to the nearest dollar.The price of a home is $270,000. The bank requires a 15% down payment and one point at the time of closing. The cost of the home is financed with a 15-year fixed-rate mortgage at 7.5%.a. Find the required down payment.b. Find the amount of the mortgage.c. How much must be paid for the one point at closing?d. Find the total cost of interest over 15 years.
A. a. down payment: $40,500
b. amount of mortgage: $229,500
c. points paid at closing: $2295
d. total cost of interest over 15 years: $382,949
B. a. down payment: $40,500
b. amount of mortgage: $229,500
c. points paid at closing: $2700
d. total cost of interest over 15 years: $153,449
C. a. down payment: $40,500
b. amount of mortgage: $229,500
c. points paid at closing: $2700
d. total cost of interest over 15 years: $112,949
D. a. down payment: $40,500
b. amount of mortgage: $229,500
c. points paid at closing: $2295
d. total cost of interest over 15 years: $153,449
Answer: D
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