Question

Sarah and Elias purchase their first house. The selling price is $150000 and they make a...

Sarah and Elias purchase their first house. The selling price is $150000 and they make a $10000 down payment. Their bank offers them a rate of 5.8%/a compounded monthly and their monthly payments will be $1100. Build an amortization table to show their first five months of payments.

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Sarah secured a bank loan of $195,000 for the purchase of a house. The mortgage is...
Sarah secured a bank loan of $195,000 for the purchase of a house. The mortgage is to be amortized through monthly payments for a term of 15 years, with an interest rate of 3%/year compounded monthly on the unpaid balance. She plans to sell her house in 10 years. How much will Sarah still owe on her house at that time? (Round your answer to the nearest cent.)
Sarah secured a bank loan of $195,000 for the purchase of a house. The mortgage is...
Sarah secured a bank loan of $195,000 for the purchase of a house. The mortgage is to be amortized through monthly payments for a term of 15 years, with an interest rate of 3%/year compounded monthly on the unpaid balance. She plans to sell her house in 10 years. How much will Sarah still owe on her house at that time? (Round your answer to the nearest cent.)
Sarah secured a bank loan of $195,000 for the purchase of a house. The mortgage is...
Sarah secured a bank loan of $195,000 for the purchase of a house. The mortgage is to be amortized through monthly payments for a term of 15 years, with an interest rate of 3%/year compounded monthly on the unpaid balance. She plans to sell her house in 5 years. How much will Sarah still owe on her house at that time? (Round your answer to the nearest cent.) $
1. Sarah is planning to purchase her own home as her first real estate investment. The...
1. Sarah is planning to purchase her own home as her first real estate investment. The home is selling for $200,000 and she needs a 20% down payment. The loan will be for 30 years at 3.5% interest. What is Sarah’s monthly payment? How much money would Sarah save over the life of the loan if she obtained a 15-year loan at the same rate? If Sarah did not have the down payment and could save $850 per month at...
You are planning to purchase a house for $180,000. You will pay 20% down payment and...
You are planning to purchase a house for $180,000. You will pay 20% down payment and take a mortgage loan for the remaining 80%. You could get a 3/1 ARM amortized over 15 years at 3.9 % or a fixed 15 year FRM loan at 5.3%. The expected interest rate of the ARM from years 4 to 5 is 7.5%. You will live in the house for five years, and after that you expect to sell the house for $200,000...
You plan to purchase a $130,000 house using a 15-year mortgage obtained from your local credit...
You plan to purchase a $130,000 house using a 15-year mortgage obtained from your local credit union. The mortgage rate offered to you is 5.25 percent. You will make a down payment of 20 percent of the purchase price. a. Calculate your monthly payments on this mortgage. (Do not round intermediate calculations. Round your answer to 2 decimal places. (e.g., 32.16)) Monthly payment $    b. Construct the amortization schedule for the first six payments. (Do not round intermediate calculations....
You plan to purchase a $410,000 house using a 15-year mortgage obtained from your bank. The...
You plan to purchase a $410,000 house using a 15-year mortgage obtained from your bank. The mortgage rate offered to you is 4.75 percent. You will make a down payment of 20 percent of the purchase price. a. Calculate your monthly payments on this mortgage. b. Construct the amortization schedule for the mortgage. How much total interest is paid on this mortgage?
Oliver Queen's sister, Thea, wants to buy a home in Charlottesville, Virginia that is currently selling...
Oliver Queen's sister, Thea, wants to buy a home in Charlottesville, Virginia that is currently selling for $250,000, and she wants to determine if she can afford it. A bank offers her a 30 year loan, with monthly payments based on an 8.25% interest rate compounded monthly. She is required to pay 10% down. Answer the following questions. 1.​What are her monthly payments? 2.​Can she afford it? 3.​Is that all she will have to pay each month? 4.​What additional costs...
Oliver Queen's sister, Thea, wants to buy a home in Charlottesville, Virginia that is currently selling...
Oliver Queen's sister, Thea, wants to buy a home in Charlottesville, Virginia that is currently selling for $250,000, and she wants to determine if she can afford it. A bank offers her a 30 year loan, with monthly payments based on an 8.25% interest rate compounded monthly. She is required to pay 10% down. Answer the following questions. 1.​What are her monthly payments? 2.​Can she afford it? 3.​Is that all she will have to pay each month? 4.​What additional costs...
%_________    16. You purchase a house with the following terms: $245,000 selling price, your lender has...
%_________    16. You purchase a house with the following terms: $245,000 selling price, your lender has an 80% LVR for the fully amortized CPM you desire, 3.99% interest compounded monthly, 2.5 points, 25 year amortization period. What is the lender’s return (earned interest rate)?
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT