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What is the required down payment

Problem:

The Smiths are buying a home that sells for $175,000. The lending institution is requiring a minimum down payment of 20%. To obtain a 20 yr mortgage at 8%, they must pay two (2) points at the time of closing.

Q1. What is the required down payment?

Q2. With 20% down payment, what is the amount of the mortage on the property?

Q3. What is the cost of the points?

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