Question

You wish to take out $375,000 mortgage. The yearly interest rate on the loan is 3%...

You wish to take out $375,000 mortgage. The yearly interest rate on the loan is 3% and the loan is for 25 years. How much will your monthly payment be? MAKE SURE TO GIVE ANSWER IN DOLLAR AND CENTS.

Homework Answers

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Suppose you take out a 30-year mortgage for $125,238 at an annual interest rate of 3.0%....
Suppose you take out a 30-year mortgage for $125,238 at an annual interest rate of 3.0%. After 18 years, you refinance to an annual rate of 1.8%. How much interest did you pay on this loan? Round your answer to the nearest dollar.
You have a mortgage loan of $310,000 with monthly payments. The monthly interest rate is 0.1%....
You have a mortgage loan of $310,000 with monthly payments. The monthly interest rate is 0.1%. (a) Model the mortgage with a dynamical system, where your payment is ? dollars per month. (b) If the payment is $1,800 per month, how much is still due after 120 payments? (c) What monthly payment ? will have the loan paid out in exactly 25 years?
You take out a $325,000 thirty-year mortgage amortized loan. The interest rate is 6% with monthly...
You take out a $325,000 thirty-year mortgage amortized loan. The interest rate is 6% with monthly payments of $1948.54. What is the principal portion of your first payment?
You take out a mortgage in the amount of $300,000 at 4.2% interest rate. Payments are...
You take out a mortgage in the amount of $300,000 at 4.2% interest rate. Payments are to be made at the end of each month for thirty years. How much of the first loan payment is interest? $1,050 $1,467 $12,600 $17,773
You take out a $325,000 thirty-year mortgage (amortized loan) when you purchase your home. The interest...
You take out a $325,000 thirty-year mortgage (amortized loan) when you purchase your home. The interest rate is 6%. You make monthly payments of $1948.54. What is the principal portion of your first payment?
Suppose you take out a 30-year mortgage for $154885 at an annual interest rate of 3.2%....
Suppose you take out a 30-year mortgage for $154885 at an annual interest rate of 3.2%. After 18 years, you refinance to an annual rate of 1.3%. How much interest did you pay on this loan? Round your answer to the nearest dollar. I got 163944, but the correct Answer is 76251. Can someone show me how to do it correctly?
This morning, you took out a loan of $216,000 to purchase a home. The interest rate...
This morning, you took out a loan of $216,000 to purchase a home. The interest rate on the 30-year mortgage is 3.75 percent and you will make monthly payment. You have decided to make additional monthly payment of $360 beginning with the first payment that will occur one month from today. By how many years will you shorten the length of time it will take you to pay off the loan? Group of answer choices 11.69 years 8.11 years 13.24...
3. You take a $500,000 mortgage to buy a vacation home. The mortgage entails equal monthly...
3. You take a $500,000 mortgage to buy a vacation home. The mortgage entails equal monthly payments for 10 years, 120 payments in all, with the first payment in one month. The bank charges you an interest rate of 9.6% (APR with monthly compounding). a. How much of your first payment is interest, and how much is repayment of principal? b. What is the loan balance immediately after the 10th payment? (Calculate the loan balance using the annuity formula.) c....
You decide to take out a mortgage to buy a home after graduation. Assume a loan...
You decide to take out a mortgage to buy a home after graduation. Assume a loan amount of $100,000 for 30 years at a nominal annual interest rate of 12%, compounded monthly. What is the total amount of interest that is paid over the course of the 30 years? Please round your numerical answer to the nearest integer dollar.
Amy wants to take out a mortgage and qualifies for a $150,000 loan at an interest...
Amy wants to take out a mortgage and qualifies for a $150,000 loan at an interest rate of 5%. She is debating the pros and cons of a 30 year mortgage but believes it will be her best option. What is her monthly payment assuming no money down? How much total interest will be paid if she makes all 360 minimum payments? How much total interest has been paid with the 12th payment? How much total interest has been paid...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT