Question

Suppose you want to purchase a home for $525,000 with a 30-year mortgage at 4.24% interest. Suppose also that you can put down 25%. What are the monthly payments? (Round your answer to the nearest cent.)

What is the total amount paid for principal and interest? (Round your answer to the nearest cent.)

What is the amount saved if this home is financed for 15 years instead of for 30 years? (Round your answer to the nearest cent.)

Answer #1

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Suppose you want to purchase a house. Your take-home pay is
$4510$4510 per month, and you wish to stay within the recommended
guidelines for mortgage amounts by only spending 1414 of your
take-home pay on a house payment. You have $19,000$19,000 saved
for a down payment and you can get an APR from your bank of 6%6%,
compounded monthly. What is the total cost of a house you could
afford with a 3030-year mortgage? Round your answer to the nearest...

Consider a home mortgage of $150,000 at a fixed APR of 6% for
30 years.
-. Calculate the monthly payment.
-. Determine the total amount paid over the term of the
loan.
- Of the total amount paid, what percentage is paid toward the
principal and what percentage is paid for interest.
a. The monthly payment is what?
(Do not round until the final answer. Then round to the nearest
cent as needed.)
b. The total amount paid over the...

page 231 problems
1.You pan to purchase a $100,00 home using a 30-year mortgage
obtained from your local credit union. The mortgage rate offered to
you is 8.25%. You will make a down payment of 20 percent of the
purchase price.
Calculate your monthly payments on this mortgage
Calculate the amount of interest and, separately, principal paid
in the 25th payment.

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 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).

Clark and Lana take a 30-year home mortgage of $129,000 at 7.8%,
compounded monthly. They make their regular monthly payments for 5
years, then decide to pay $1400 per month.
(a) Find their regular monthly payment. (Round your answer to
the nearest cent.) the answer is $ 928.63
(b) Find the unpaid balance when they begin paying the $1400.
(Round your answer to the nearest cent.) the answer is $
122,411.73
(c) How many payments of $1400 will it take...

You plan to purchase an $140,000 house using a 30-year mortgage
obtained from your local bank. The mortgage rate offered to you is
4 percent. You will make a down payment of 10 percent of the
purchase price. a. Calculate your monthly payments on this
mortgage. (Do not round intermediate calculations. Round your
answer to 2 decimal places. (e.g., 32.16)) Monthly payment $ b.
Calculate the amount of interest and, separately, principal paid in
the 230th payment. (Do not round...

You want to buy a $203,000 home. You plan to pay 15% as a down
payment, and take out a 30 year loan at 4.3% annual interest
compounded monthly for the rest.
a) How much is the loan amount going to be?
$
b) What will your monthly payments be?
$
c) How much total interest do you pay?
$
d) Suppose you want to pay off the loan in 15 years rather than 30.
What will your monthly payment...

.Q. You purchase a home for $275,000 with a 10% down payment.
You take out a 30-year mortgage loan at 4.35% interest. What is
your monthly principal and interest payment? Round to the
nearest 0.01.

You borrow 410,000 to buy a home using a 30-year mortgage with
an interest rate of 3.75 percent and monthly payment. After making
your monthly payments on time for exactly 6 years calculate your
loan balance. Disregard property taxes and mortgage insurance.

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