Question

*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 fixed rate loan has an Annual Percentage Rate (APR) of 3.875%. You will make monthly payments for the life of the loan.

You have made payments for the first year of the loan. How much have you paid in interest for the first year of the loan?

a. $17,000 to $19,000

b. Less than $15,000

c. $15,000 to $17,000

d. $19,000 to $21,000

e. More than $21,000

Question 13

*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 fixed rate loan has an Annual Percentage Rate (APR) of 3.875%. You will make monthly payments for the life of the loan.

You've made mortgage payments for the first year of the loan. How much have you made in principal payments. Stated differently, by how much did you reduce the loan balance?

Select one:

a. $19,000 to $21,000

b. $15,000 to $17,000

c. $17,000 to $19,000

d. More than $21,000

e. Less than $15,000

Answer #1

The next four questions are 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 fixed rate loan has an Annual Percentage Rate (APR) of
3.875%. You will make monthly payments for the
life of the loan.
Your effective interest rate is closest to which of the
following?
Select one:
a. 3.875%
b. 3.8078%
c. 4.1446%
d. 3.9446%

The next four questions are 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 fixed rate loan has an Annual Percentage Rate (APR) of
3.875%. You will make monthly payments for the life of the loan.
Your effective interest rate is closest to which of the following?
Select one: a. 3.8078% b. 3.875% c. 3.9446%. d. 4.1446% e....

The next four questions are 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 fixed rate loan has an Annual Percentage Rate (APR) of
3.875%. You will make monthly payments for the
life of the loan.
How much is your monthly mortgage payment?
Select one:
a. $3,000 to $3,500
b. $3,500 to $4,000
c. More than $4,000
d. Less than...

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...

1. You have just purchased your dream house on Hawai’i for
$500,000. You have been charged an interest rate of 9% APR,
compounded monthly, and have entered into a 30-year mortgage with
the bank. What are your monthly payments? 2. What are the second
month's principal payment and ending balance?

Your clients just purchased a new automobile for $28,600. They
put $3,600 as a down payment; the remainder is financed. The terms
of the fully amortized loan follow: 6-year loan, monthly payments
made at the end of month, 6.8% annual percentage rate. How much is
their monthly payment?
a.
$421.44
b.
$423.83
c.
$406.72
d.
$434.38

You have just sold your house for $1,000,000 in cash. Your
mortgage was originally a 30-year mortgage with monthly payments
and an initial balance of $800,000. The mortgage is currently
exactly 18½ years old, and you have just made a payment. If the
interest rate on the mortgage is 5.25% (APR), how much cash will
you have from the sale once you pay off the mortgage?
Sale
price
$
1,000,000
Initial balance
$
800,000
Number of years
30
Periods...

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...

You have just purchased a new warehouse. To finance the
purchase, you've arranged for a 30-year mortgage loan for 80
percent of the $2,800,000 purchase price. The monthly payment on
this loan will be $17,000. a. What is the APR on this loan?
b. What is the EAR?

You have found your dream home. The selling price is $300,000.
You will put $60,000 as down payment and obtain a 30-year
fixed-rate mortgage loan at 4.5 percent annual interest rate for
the rest.
a) You are required to make an equal payment every monthfor 360
months to pay off the balance on the loan. Assume that the first
payment begins in one month after you obtained the loan. What will
each monthly payment be?
b) If you want to...

ADVERTISEMENT

Get Answers For Free

Most questions answered within 1 hours.

ADVERTISEMENT

asked 9 minutes ago

asked 35 minutes ago

asked 40 minutes ago

asked 1 hour ago

asked 1 hour ago

asked 1 hour ago

asked 2 hours ago

asked 2 hours ago

asked 2 hours ago

asked 2 hours ago

asked 3 hours ago

asked 3 hours ago