Question

I need to ACE this exam to graduate. Help please:)
Brooke bought a condominium for $413,600. She made a 9% down payment and financed the remaining amount using a 25-year fixed-rate mortgage at 5.2%. The monthly payment is $2,244. Brooke will pay for one discount point, a 0.75% origination fee, the brokerage fee, state documentary taxes on the deed and the mortgage, and the intangible tax.
•Discount points equal 1% of the mortgage amount.
•Documentary stamp tax on deed is $0.70 per $100 or portion thereof.
•Documentary stamp tax on mortgage is $0.35 per $100 or portion thereof.

Answer 1

•Mortgage broker fee is $175 plus 5% of the mortgage amount.
•Intangible tax is 0.2% of the mortgage amount.
What is the total amount of the principal, interest, down payment, and fees described for Brooke’s condominium?

Answer 2

anybody? I mainly needhelp with finding principal ad interest. I can figure out the rest.

Answer 3

One piece at a time.

Original Price: $413,600
Down Payment: 9% or $413,600 = $413,600 * 0.09 = $37,224
Financed for Price: $413,600 - $37,224 = $376,376
Payment: $2,244 (Given and calculated)

What's next?

Answer 4

Is that the principal? the total cost of principal

Answer 5

You tell me. It's your exam.

Actually, I get Payment = $2,244.34, but I suppose $2,244 is good enough.

Answer 6

multiply it by the number of months youre paying? which would be 300

Answer 7

25*12 = 300 - Correct.

Answer 8

does that include the interest in the principal of 2244

Answer 9

2244 is the total payment for the amount financed. It had better contain both or someone is being ripped off on this deal.

Answer 10

ok so i get673200

Answer 11

That is the total amount paid for the financed amount over the 25 years. That certainly is NOT all that is paid.

Answer 12

What grade is this?