What is her monthly payment on the bank loan?

Lucinda Lacy purchased a foreclosed house today for $105500 by making a down payment of 15% of t Show more Lucinda Lacy purchased a foreclosed house today for $105500 by making a down payment of 15% of the purchase price and paying closing costs of: Loan origination fee 1.7% of purchase price Appraisal fee $325 Survey fee 210 Attorneys fee 420 Processing fee 300 Escrow fee 240 Other miscellaneous costs 620 Lucinda has a mortgage loan with an interest rate of 3.9% APR compounded monthly for 30 years. Her taxes and insurance are $375 per month. Lucinda has an estimate for a contract for $8500 firm fixed price to remodel the house and this expense will be equally distributed over the period of her ownership. After remodeling she estimates that she could sell the house for $135000. Her selling expenses would be 7% sales commission plus $1000. What is her monthly payment on the bank loan? Show less

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