A family obtaines a 30 yr $160,000 conventional mortgage at 8.5% on a house selling for $215,000. The bank charged one point at the time of closing.

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A family obtaines a 30 yr $160,000 conventional mortgage at 8.5% on a house selling for $215,000. The bank charged one point at the time of closing. Their monthly mortgage payment, including principal and interest is $1,230.26. Determine the total amount they will pay for their house. How much of the cost will be interest? How much of their first payment on the mortgage is applied to the principal?

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