Question

Aziza is purchasing a home worth $334,901 and is financing the purchase with a 30-year, fixed...

Aziza is purchasing a home worth $334,901 and is financing the purchase with a 30-year, fixed rate, fully amortizing loan at 80% LTV with 3.4% interest. What will be Aziza's monthly payments? Round your answer to the nearest cent (e.g. if your answer is $1,000.567, enter 1000.57).

Homework Answers

Answer #1

Aziza is purchasing a Home worth = $334,901

Loan to Value(LTV) ratio = 80%

Loan amount = LTV*Home Value = $334,901*0.8

Loan amount =$267,920.8

Calculating the monthly loan payment of fully amortizing loan of Aziza:-

Where, P = Loan amount = $267,920.8

r = Periodic Interest rate = 3.4%/12 = 0.283333%

n= no of periods = 30 years*12 = 360

Monthly Payment = $1188.18

So, Aziza's monthly payments is $1188.18

If you need any clarification, you can ask in comments.    

If you like my answer, then please up-vote as it will be motivating       

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
Aziza is purchasing a home worth $334,901 and is financing the purchase with a 30-year, fixed...
Aziza is purchasing a home worth $334,901 and is financing the purchase with a 30-year, fixed rate, fully amortizing loan at 80% LTV with 3.4% interest. What will be Aziza's monthly payments? Round your answer to the nearest cent (e.g. if your answer is $1,000.567, enter 1000.57).
Aziza is purchasing a home worth $393,124 and is financing the purchase with a 30-year, fixed...
Aziza is purchasing a home worth $393,124 and is financing the purchase with a 30-year, fixed rate, fully amortizing loan at 80% LTV with 2% interest. What will be Aziza's monthly payments? Round your answer to the nearest cent (e.g. if your answer is $1,000.567, enter 1000.57).
Aziza is purchasing a home worth $352,585 and is financing the purchase with a 30-year, fixed...
Aziza is purchasing a home worth $352,585 and is financing the purchase with a 30-year, fixed rate, fully amortizing loan at 80% LTV with 5.3% interest. What will be Aziza's monthly payments? Round your answer to the nearest cent (e.g. if your answer is $1,000.567, enter 1000.57).
Aziza is purchasing a home worth $486,839 and is financing the purchase with a 30-year, fixed...
Aziza is purchasing a home worth $486,839 and is financing the purchase with a 30-year, fixed rate, fully amortizing loan at 80% LTV with 2.9% interest. What will be Aziza's monthly payments? Round your answer to the nearest cent (e.g. if your answer is $1,000.567, enter 1000.57).
Aziza is purchasing a home worth $546,447 and is financing the purchase with a 30-year, fixed...
Aziza is purchasing a home worth $546,447 and is financing the purchase with a 30-year, fixed rate, fully amortizing loan at 80% LTV with 2.1% interest. What will be Aziza's monthly payments? Round your answer to the nearest cent (e.g. if your answer is $1,000.567, enter 1000.57).
Peifan is taking an Interest Only loan to purchase a $669,425 property with 0.9 LTV. The...
Peifan is taking an Interest Only loan to purchase a $669,425 property with 0.9 LTV. The loan is issued for 15 years with monthly payments and has a fixed interest rate at 5%. Under this mortgage contract, what will be Peifan's payment in the first month of the loan? State your answer as a number rounded to the nearest cent (e.g. if your answer is $1,000.568, write 1000.57).
Peifan is taking an Interest Only loan to purchase a $460,639 property with 0.9 LTV. The...
Peifan is taking an Interest Only loan to purchase a $460,639 property with 0.9 LTV. The loan is issued for 15 years with monthly payments and has a fixed interest rate at 5%. Under this mortgage contract, what will be Peifan's payment in the first month of the loan? State your answer as a number rounded to the nearest cent (e.g. if your answer is $1,000.568, write 1000.57).
Peifan is taking an Interest Only loan to purchase a $514,776 property with 0.9 LTV. The...
Peifan is taking an Interest Only loan to purchase a $514,776 property with 0.9 LTV. The loan is issued for 15 years with monthly payments and has a fixed interest rate at 3%. Under this mortgage contract, what will be Peifan's payment in the first month of the loan? State your answer as a number rounded to the nearest cent (e.g. if your answer is $1,000.568, write 1000.57).
You took out a fully amortizing 30 year mortgage with the initial balance of $681,016. This...
You took out a fully amortizing 30 year mortgage with the initial balance of $681,016. This mortgage has a fixed interest rate at 3%. After you completed two full years of monthly payments, how much have you paid toward principal? Round your answer to the nearest cent (e.g. if your answer is $7000.9873, enter 7000.99).
You took out a fully amortizing 30 year mortgage with the initial balance of $125,737. This...
You took out a fully amortizing 30 year mortgage with the initial balance of $125,737. This mortgage has a fixed interest rate at 1%. After you completed two full years of monthly payments, how much have you paid toward principal? Round your answer to the nearest cent (e.g. if your answer is $7000.9873, enter 7000.99).