Question

Laura and Martin obtain a 25-year, $130,000 conventional mortgage at 9.0% on a house selling for $150,000. Their monthly mortgage payment, including principal and interest, is $1092.00.

a) Determine the total amount they will pay for their house.

b) How much of the cost will be interest?

c) How much of the first payment on the mortgage is applied to the principal?

Answer #1

Hope this will help you to solve the problem, if any query you can ask.

Laura and Martin obtain a 30-year, ?$180,000 conventional
mortgage at 9.5?% on a house selling for ?$220,000. Their monthly
mortgage? payment, including principal and? interest, is
?$1513.80.
?a) Determine the total amount they will pay for their
house.
?(Round to the nearest dollar as? needed.)
?b) How much of the cost will be? interest?
?(Round to the nearest dollar as? needed.)
?c) How much of the first payment on the mortgage is applied to
the? principal?
?(Round to the nearest...

Laura and Martin obtain a 30-year, $190 comma 000 conventional
mortgage at 8.5% on a house selling for $230 comma 000. Their
monthly mortgage payment, including principal and interest, is
$1461.10. a) Determine the total amount they will pay for their
house. b) How much of the cost will be interest? c) How much of
the first payment on the mortgage is applied to the principal?

Suppose you have decided to buy a house. The mortgage is a
30-year mortgage with an interest rate of 7%, compounded monthly.
You borrow a total of $250,000. Given this, by the time you pay off
the loan, how much in total (interest + principal) would the house
cost you?

You buy a $200,000 house and have a 20% down payment (hence the
mortgage is for $160,000). A 15 year mortgage has a rate of 3.5%
and 0 points. The monthly mortgage payment is $1,143.8 How much
(give the dollar amount) of the first month’s mortgage payment pays
off principal on the mortgage? To answer, first compute how much of
the first month’s payment is used to pay interest. Then, the
remainder of the mortgage payment is used to pay...

You buy a $200,000 house and have a 20% down payment (hence the
mortgage is for $160,000). A 15 year mortgage has a rate of 3.5%
and 0 points. The monthly mortgage payment is $1,143.81.
How much (give the dollar amount) of the first month’s mortgage
payment pays off principal on the mortgage? To answer, first
compute how much of the first month’s payment is used to pay
interest. Then, the remainder of the mortgage payment is used to
pay...

1. The Young
family is purchasing a $130,000 house with a VA mortgage. The bank
is offering them a 25-year mort gage with an interest rate of 9.5%.
They have $20,000 invested that could be used for a down payment.
Since they do not need a down payment, Mr. Young wants to keep the
money invested. Mrs. Young believes that they should make a down
payment of \$20,000 . a) Determine the total cost of the house with
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Felix is purchasing a brownstone townhouse for $2,800,000. To
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6.5%.
a) Determine the amount of the required down payment.
b) Determine the amount of the mortgage.
c) Determine the monthly payment for principal and
interest.

7) Given selling price of $150,000; 20% down payment;
13% for 25 years. Calculate:
A. Amount of mortgage C.
Interest portion of first payment
B. Monthly payment D. Principal portion
of first payment

2. Suppose you have decided to buy a house. The
mortgage is a 30-year mortgage with an interest rate of 7%,
compounded monthly. You borrow a total of $250,000. Given this, by
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3. How, reconsider the previous problem. Suppose you
pay the mortgage according to those specifications (7% APR,
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15-year, $228,153.00 mortgage with monthly payments and a nominal
interest rate of 6%. What is the total dollar amount of principal
the family will pay during the first 5 years of their mortgage?
(Assume all payments are made at the end of the month)

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