Question

Brooke bought a condominium for $199,600. She made an 11% down payment and financed the remaining amount using a 15-year fixed-rate mortgage at 6.2%. The monthly payment is $1,706. 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.

Answer 1

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.
Mortgage broker fee is $250 plus 7% of the mortgage amount.
Intangible tax is 0.2% of the mortgage amount.

Answer 2

What is the total amount of the principal, interest, down payment, and fees described for Brooke's condominium?

$524,848.09
$349,246.00
$347,204.09
$217,768.09

Answer 3

i get around 315,000 overtime i try. idk what i;m doing wrong.

Answer 4

everytime*

Answer 5

what is the mortgage amount

Answer 6

199600

Answer 7

that's the home value

Answer 8

177644?

Answer 9

yes

Answer 10

now you need to find the total interest

Answer 11

how do i do that?

Answer 12

are you given a formula? or anything like it?

Answer 13

probably but i can't remember it :/

Answer 14

do you have your notes with you?

Answer 15

yes

Answer 16

let me look really quick

Answer 17

i have notes on how to calculate the fees into the total.
and i know all you have to do to get the total is multiply the monthly payment by the number of payments which is 180. and it comes out to be 307080

Answer 18

wait i think i figured it out.

Answer 19

oh yeah i got it. i was adding the down payment in and i didn't realize it. its b: 349246

Answer 20

thank you so much though

Answer 21

np