Question

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%?

Answer #1

a

Loan amount = 186000 * (1-15%) = 158,100

b

Monthly payment | = | [P × R × (1+R)^N ] / [(1+R)^N -1] | |

Using the formula: | |||

Loan amount | P | $ 158,100 | |

Rate of interest per period: | |||

Annual rate of interest | 5.000% | ||

Frequency of payment | = | Once in 1 month period | |

Numer of payments in a year | = | 12/1 = | 12 |

Rate of interest per period | R | 0.05 /12 = | 0.4167% |

Total number of payments: | |||

Frequency of payment | = | Once in 1 month period | |

Number of years of loan repayment | = | 30 | |

Total number of payments | N | 30 × 12 = | 360 |

Period payment using the formula | = | [ 158100 × 0.00417 × (1+0.00417)^360] / [(1+0.00417 ^360 -1] | |

Monthly payment | = | $ 848.71 |

Monthly payment at 5% is $848.71

Monthly payment | = | [P × R × (1+R)^N ] / [(1+R)^N -1] | |

Using the formula: | |||

Loan amount | P | $ 158,100 | |

Rate of interest per period: | |||

Annual rate of interest | 6.000% | ||

Frequency of payment | = | Once in 1 month period | |

Numer of payments in a year | = | 12/1 = | 12 |

Rate of interest per period | R | 0.06 /12 = | 0.5000% |

Total number of payments: | |||

Frequency of payment | = | Once in 1 month period | |

Number of years of loan repayment | = | 30 | |

Total number of payments | N | 30 × 12 = | 360 |

Period payment using the formula | = | [ 158100 × 0.005 × (1+0.005)^360] / [(1+0.005 ^360 -1] | |

Monthly payment | = | $ 947.89 |

Monthly payment at 6% is $947.89

please rate.

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