Question

You buy a house for $300,000. The mortgage company offers a 30 year loan with an annual interest rate of 10% (but the loan requires monthly payments and the interest will compound monthly). Your monthly house payment is? Show equation please

Answer #1

**EXPLAINED WITH EQUATION, NO EXCEL FUNCTION IS USED. JUST
WRITTEN IN EXCEL.**

You borrow $300,000 to buy a house over a 15-year term. The
loan is structured as an amortized loan with annual payments and an
interest rate of 10%. Find the information for the amortization
schedule for years 1 and 2. Payment ($) Interest in Payment ($)
Principal Repaid ($) Principal Owing at End of Year ($)

You are planning to buy a $200,000 house using a 30-year
mortgage that requires equal monthly payments starting one month
from today. Annual interest rate is 6.6%, compounded monthly.
Calculate your monthly payments.
How much have you paid off the mortgage after 10 years?
Suppose you are planning to refinance this mortgage after 10
years at an annual interest of 4.8%, compounded monthly, for the
remainder of the term. However, you are going to be charged a 10%
prepayment fee....

You decide to buy a house for a total of $242,973. To get a
mortgage loan, you make a 10% down payment, and the bank will lend
you the rest. The interest rate quoted for this loan is 6% APR, and
the loan will be paid (and interest compounded) every month, for
the next 30 years. How much will you pay in INTEREST on your very
first monthly mortgage payment?
Enter your answer in dollars, rounded to the nearest cent.

Suppose you have decided to buy a house. The mortgage is a
30-year mortgage with an interest rate of 7%, compounded monthly.
You borrow a total of $250,000. Given this, by the time you pay off
the loan, how much in total (interest + principal) would the house
cost you?

You are discussing a mortgage with a lender. He offers you
$500,000 for 30 years with a 5% annual interest rate. What is the
monthly payment for this loan? What is the loan balance at the end
of year 10?
show work

You plan to purchase a $300,000 house using either a 30-year
mortgage obtained from your local savings bank with a rate of 7.80
percent, or a 20-year mortgage with a rate of 7.20 percent. You
will make a down payment of 15 percent of the purchase price. a.
Calculate the amount of interest and, separately, principal paid on
each mortgage. What is the difference in interest paid? b.
Calculate your monthly payments on the two mortgages. What is the
difference...

You borrow $185,000 to buy a house. The mortgage interest rate
is 7.5 percent and the loan period is 30 years. Payments are made
monthly. What is your monthly mortgage payment?
$1,293.55
$953.70
$1,083.78
$1,153.70
$1,398.43

Suppose you take out a 30-year mortgage for a house that costs
$496,845. Assume the following:
The annual interest rate on the mortgage is 3.9%.
The bank requires a minimum down payment of 16% at the time of
the loan.
The annual property tax is 2.1% of the cost of the house.
The annual homeowner's insurance is 0.6% of the cost of the
house.
There is no PMI
If you make the minimum down payment, what will your monthly
PITI...

Derek borrows $264,972.00 to buy a house. He has a 30-year
mortgage with a rate of 4.45%. After making 139.00 payments, how
much does he owe on the mortgage?
A bank offers 8.00% on savings accounts. What is the effective
annual rate if interest is compounded continuously?
Please explain

David and Debi Davidson have just signed a 30-year, 4%
fixed-rate mortgage for $360,000 to buy their
house. Find out this couple's monthly mortgage payment
by preparing a loan amortization schedule for the Davidson’s for
the first 2 months; find out how much of their payments applied to
interest; and after 2 payments, how much of their principal will be
reduced. (Please construct a loan amortization schedule and show
your calculations).

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