### Smiths are buying a home: what is the required down payment, amount of loan, points

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. A) What is the required down payment? B) With 20% down payment, what is the amount of the mortage on the prope