Question

You want to buy a $233,000 home. You plan to pay 5% as a down
payment, and take out a 30 year loan for the rest.

a) How much is the loan amount going to be?

$

b) What will your monthly payments be if the annual interest rate
is 6%?

$

c) What will your monthly payments be if the annual interest rate
is 7%?

$

Answer #1

a.Information provided:

Price of the loan= $230,000

Down payment= 5%* $230,000= $11,500

Loan amount= Price of the loan - Down payment

= $230,000 - $11,500

= $218,500.

b.Interest rate= 6%/12= 0.50% per month

Time= 30 years*12= 360 months

The monthly mortgage payment is calculated by entering the below in a financial calculator:

PV= -218,500

N= 360

I/Y= 0.50

Press the CPT key and PMT to compute the monthly payment.

The value obtained is 1,310.02.

Therefore, the monthly payment is
**$1,310.02.**

c.Interest rate= 7%/12= 0.5833% per month

Time= 30 years*12= 360 months

The monthly mortgage payment is calculated by entering the below in a financial calculator:

PV= -218,500

N= 360

I/Y= 0.5833

Press the CPT key and PMT to compute the monthly payment.

The value obtained is 1,453.69.

Therefore, the monthly payment is
**$1,453.69.**

You want to buy a $209,000 home. You plan to pay 5% as a down
payment, and take out a 30 year loan for the rest.
a) How much is the loan amount going to be?
b) What will your monthly payments be if the interest rate is
6%?
c) What will your monthly payments be if the interest rate is
7%?

You want to buy a $247,000 home. You plan to pay 5% as a down
payment, and take out a 30 year loan for the rest.
a) How much is the loan amount going to be?
$
b) What will your monthly payments be if the interest rate is
6%?
$
c) What will your monthly payments be if the interest rate is
7%?

You want to buy a $247,000 home. You plan to pay 5% as a down
payment, and take out a 30 year loan for the rest.
a) How much is the loan amount going to be?
$
b) What will your monthly payments be if the interest rate is
6%?
$
c) What will your monthly payments be if the interest rate is
7%?
$

You want to buy a $183,000 home. You plan to pay 15% as a down
payment, and take out a 30 year loan for the rest.
a) How much is the loan amount going to be?
$
b) What will your monthly payments be if the annual interest rate
is 6%?
$
c) What will your monthly payments be if the annual interest rate
is 7%?
$

You want to buy a $258,000 home. You plan to pay 10% as a down
payment, and take out a 30 year loan for the rest.
a) How much is the loan amount going to?
b) What will your monthly payments be if the interest rate is
6%?
c) What will your monthly payments be if the interest rate is
7%?

You want to buy a $231,000 home. You plan to pay 20% as a down
payment, and take out a 30 year loan for the rest.
a) How much is the loan amount going to be? $
b) What will your monthly payments be if the interest rate is
5%? $
c) What will your monthly payments be if the interest rate is
6%? $

You want to buy a $213,000 home. You plan to pay 20% as a down
payment, and take out a 30 year loan for the rest. a) How much is
the loan amount going to be? $ b) What will your monthly payments
be if the interest rate is 5%? $ c) What will your monthly payments
be if the interest rate is 6%?

You want to buy a $186,000 home. You plan to pay 15% as a down
payment, and take out a 30 year loan for the rest.
a) How much is the loan amount going to be? $ b) What will your
monthly payments be if the interest rate is 5%? $ c) What will your
monthly payments be if the interest rate is 6%?

You want to buy a $245,000 home. You plan to pay 10% as a down
payment, and take out a 30 year loan for the rest.
a) How much is the loan amount going to be?
$
b) What will your monthly payments be if the interest rate is
5%?
$
c) What will your monthly payments be if the interest rate is
6%?
$

You want to buy a $205,000 home. You plan to pay 10% as a down
payment, and take out a 30 year loan for the rest.
a) How much is the loan amount going to be?
$
b) What will your monthly payments be if the interest rate is
5%?
$
c) What will your monthly payments be if the interest rate is
6%?
$

ADVERTISEMENT

Get Answers For Free

Most questions answered within 1 hours.

ADVERTISEMENT

asked 2 minutes ago

asked 6 minutes ago

asked 12 minutes ago

asked 24 minutes ago

asked 27 minutes ago

asked 39 minutes ago

asked 41 minutes ago

asked 46 minutes ago

asked 50 minutes ago

asked 56 minutes ago

asked 1 hour ago

asked 1 hour ago