Lateefah and Eric Lewis have obtained a mortgage loan at a 5.5% annual interest rate for 25 years now. The homes selling price is $175,000 and they need a 20% down payment. The bank will allow them to finance the closing costs as part of the mortgage. What is the actual amount they financed with the mortgage?

$146,824

Step-by-step explanation:

The $175,000 house has a 20% down payment so the amount borrowed for the house is 80% of that amount:

175000 * 0.8 = $140,000

Then adding up all of the fixed amounts:

252 + 65 + 325 + 212 + 410 + 350 + 450 = $2,064

Then adding in the percent values:

2 + 0.3 + 1.1 = 3.4% of the mortgage

The mortgage amount is $140,000 so 3.4% of that is:

140000 * 0.034 = $4,760

Now add up the fixed fees and the percentage fees to the mortgage amount:

140000 + 2064 + 4760 = $146,824 is the amount financed.  Knowing the APR and the payment terms are not needed here.

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