Question

A couple has decided to purchase their dream house at a price of $400,000. The couple...

A couple has decided to purchase their dream house at a price of $400,000. The couple will put 20% down in cash and finance the remaining balance with a 15-year mortgage. The mortgage will have an APR of 4.80%, The mortgage will have monthly payments and monthly compounding of interest. What will be the monthly payment for the couple's mortgage

Business   Finance   
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
1.A couple has just purchased a home for $307,000.00. They will pay 20% down in cash,...
1.A couple has just purchased a home for $307,000.00. They will pay 20% down in cash, and finance the remaining balance. The mortgage broker has gotten them a mortgage rate of 3.60% APR with monthly compounding. The mortgage has a term of 30 years. What is the monthly payment on the loan? 2. A couple has just purchased a home for $307,000.00. They will pay 20% down in cash, and finance the remaining balance. The mortgage broker has gotten them...
Consider a 30‐year mortgage on at $400,000 house that requires monthly payments and has an interest...
Consider a 30‐year mortgage on at $400,000 house that requires monthly payments and has an interest rate (APR) of 8% per year. You have $ 50,000 in cash that you can use as a down payment on the house, but you need to borrow the rest of the purchase price.   a) What will your monthly payments be if you sign up for this mortgage? b) Suppose you sell the house after 10 years. How much will you need to pay...
A couple has just purchased a home for $348,400.00. They will pay 20% down in cash,...
A couple has just purchased a home for $348,400.00. They will pay 20% down in cash, and finance the remaining balance. The mortgage broker has gotten them a mortgage rate of 5.04% APR with monthly compounding. The mortgage has a term of 30 years. What is the monthly payment on the loan?
You have decided to purchase a new house at the seaside. To finance the purchase, you...
You have decided to purchase a new house at the seaside. To finance the purchase, you have arranged for a 30-year mortgage loan for 80 percent of the $3,500,000 purchase price. The monthly payment on this loan will be $17,500. What is the APR on this loan? The EAR?
Please answer the following and show work. A couple has decided to purchase a $250,000 house...
Please answer the following and show work. A couple has decided to purchase a $250,000 house using a down payment of $20,000. They can amortize the balance at 6% for 25 years. (a) What is their monthly payment? (b) What is the total interest paid? (c) What is their equity after 5 years? (d) What is the equity after 20 years?
A couple has just purchased a home for $312,100.00. They will pay 20% down in cash,...
A couple has just purchased a home for $312,100.00. They will pay 20% down in cash, and finance the remaining balance. The mortgage broker has gotten them a mortgage rate of 5.64% APR with monthly compounding. The mortgage has a term of 30 years. What is the size of the loan taken out by the couple?
You have decided to purchase a house for $225,000 and are evaluating your options for the...
You have decided to purchase a house for $225,000 and are evaluating your options for the mortage. Assume that your down payment will be 20% of the purchase price, payments will be made monthly, and the first payment will be made one month from today. a. What is the mortgage amount? (The amount you borrow) b. If you select the 30-year mortgage, the interest rate will be 4.5% annually. What is the monthly payment? c. Suppose that the bank is...
purchase of your first home for $600,000. You have just purchased the house and have put...
purchase of your first home for $600,000. You have just purchased the house and have put a 20% down payment, and will borrow the remaining amount.  The 15-year fixed rate loan has an Annual Percentage Rate (APR) of 3.875%.   You will make monthly payments for the life of the loan. Question 12 related to your purchase of your first home for $600,000. You have just purchased the house and have put a 20% down payment, and will borrow the remaining amount.  The 15-year...
You have found your dream home. The selling price is OMR 220,000; you will put OMR...
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?
You are thinking of purchasing a house. The house costs $ 400,000. You have $ 57,000...
You are thinking of purchasing a house. The house costs $ 400,000. You have $ 57,000 in cash that you can use as a down payment on the​ house, but you need to borrow the rest of the purchase price. The bank is offering a 30​-year mortgage that requires annual payments and has an interest rate of 10 % per year. What will be your annual payment if you sign this​ mortgage?
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT