Question

You are looking at buying a home with an asking price of $300,000. Since the market is hot, you plan to put in an offer for full asking price. You also plan to put a $70,000 down payment and finance the remainder. Your bank is offering you a 30-year loan at 3.5% APR (compounded monthly). Assume your first payment is made one month from today and all payments are made on time, calculate the total amount paid to the bank over the course of 30 years. (Enter a positive value and round to 2 decimals)

Answer #1

You are looking at buying a home with an asking price of
$300,000. Since the market is hot, you plan to put in an offer for
full asking price. You also plan to put a $70,000 down payment and
finance the remainder. Your bank is offering you a 30-year loan at
3.5% APR (compounded monthly). Suppose you pay the bank $1,350 each
month rather than making the required payment, calculate the number
of months it will take to payoff the...

Suppose you plan to purchase a $250,000 home. You plan to put 5%
down, and take a loan from the bank for the remaining amount. The
bank has offered you a 30-year loan with a 4.5% APR (compounded
monthly). Assuming you make every monthly payment on time,
calculate the principal balance of the loan 10-years from today.
(Round to 2 decimals)

1. You have purchased a home computer with the latest technology
for $3,290.00 (including tax). The store is financing your purchase
with a three year loan with monthly payments of $109.28.
a. What is the total paid on this loan? b. How much interest
will you have paid?
2. Samantha received a $1,500.00 bonus. She decided to deposit
the money in a savings account earning 3% APR compounded annually.
What is the value of her bonus (bonus plus all interest)...

You have found your dream home. The selling price is $300,000.
You will put $60,000 as down payment and obtain a 30-year
fixed-rate mortgage loan at 4.5 percent annual interest rate for
the rest.
a) You are required to make an equal payment every monthfor 360
months to pay off the balance on the loan. Assume that the first
payment begins in one month after you obtained the loan. What will
each monthly payment be?
b) If you want to...

You bought a house 17 months ago for $300,000. You put 5% down
and therefore took out a mortgage of $285,000. Your interest rate
is 3.5% per year (expressed as an annual percentage rate),
compounded monthly, and your mortgage lasts 30 years. You have made
17 payments thus far. However, you are worried that the coronavirus
outbreak may cause home prices to decline in your area. If your
home price declines by 8%, is your home underwater on the loan?...

Suppose you are buying your first home for $145,000, and you
have $15,000 for your down payment. You have arranged to finance
the remainder with a 30-year, monthly payment, amortized mortgage
at a 6.5% nominal interest rate, with the first payment due in one
month. What will your monthly payments be?
Group of answer choices
$741.57
$862.77
$821.69
$780.60
$905.91

Suppose you are buying your first home for $100,000, and you
have $15,000 for your down payment. You have arranged to finance
the remainder with a 30-year, monthly payment, amortized mortgage
at a 6.5% nominal interest rate, with the first payment due in one
month. What will your monthly payments be?
Select the correct answer.
a. $535.76
b. $540.26
c. $534.26
d. $537.26
e. $538.76

You have found your dream home. The selling price is OMR
220,000; you will put OMR 50,000 down and obtain a 30-year
fixed-rate mortgage at 7.5% APR compounded monthly for the balance.
Assume that monthly payments begin in one month. What will each
payment be?

Jason Bradley’s uncle, Maurice, is buying a $248,500 home in
Mississippi. His mortgage lender requires a 20% down payment and
will finance the remainder for 30 years at 5%. Closing costs will
be 1% origination fee, 1 ¼ point, mortgage insurance premium of
$2,400. Other loan costs will include a pest inspection fee of
$175, appraisal fee of $295, credit report fee of $80, title
insurance premium of $320, and recording fees of $65. There will
also be money collected...

You have been saving money to buy a home and today, you decided
to buy a home and take out $350,000 mortgage loan from a bank. This
loan requires you to make a monthly payment for 30 years and the
interest rate on your loan is 4% APR compounded monthly. What is
your monthly mortgage payment for this loan? Please show your excel
formula in your answer and explain step-by-step calculation to
arrive to your answer.

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