Bill Bought an Oceanfront Condominium for $79,900, with $6,900 Down

question 84

Short Answer

Bill bought an oceanfront condominium for $79,900, with $6,900 down. Assuming an interest rate of 14 ½% for 30 years, (A)what is the monthly payment and (B)if 1 point is charged at closing, what will that be in dollars?

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Definitions:

Securities Exchange Act

A U.S. law governing the trading of securities, such as stocks and bonds, to protect investors against fraud.

Blue-Sky Laws

State laws in the United States designed to protect investors from securities fraud by regulating the offering and sale of securities to the public.

Interstate Securities

Securities transactions or offerings that occur across state lines, subject to federal laws and regulations.

Wrongful Discharge

The unjust firing or termination of an employee in violation of legal or contractual terms.