Question

Your real estate agent mentions that homes in your price range require a payment of $1,200 per month for 30 years at 9% interest compounded monthly. What is the size of the mortgage with these terms?

A loan officer states, "Thousands of dollars can be saved by switching to a 15-year mortgage from a 30-year mortgage." Calculate the difference in payments on a 30-year mortgage at 9% interest versus a 15-year mortgage with 8.5% interest. Both mortgages are for $100,000 and have monthly payments. What is the difference in total dollars that will be paid to the lender under each loan? (Round the monthly payment amounts to 2 decimal places. Both interest rates are compounded monthly.)

How much interest will be earned in the next year on an investment paying 12% compounded annually if $100 was just credited to the account for interest?

Answer #1

Your real estate agent mentions that homes in your
price range require a payment of approximately $1200 per month over
30 years at 9% interest. what is the approximate size of the
mortgage with these terms

Your real estate agent mentions that homes in your price range
require a payment of $2150 per qaurter for 29 years at 1.6%
interest per quarter. What is the size of the mortgage with these
terms?

Your real estate agent mentions that homes in your price range
require a payment of $430 per month for 30 years at 10% annual
percentage rate. What is the size of the mortgage with these
terms?
a.)11,372.23
b.)4,053.57
c.)48,998.85
d.)58,798.62

A loan officer states, "Thousands of dollars can be
saved by switching to a 15-year mortgage from a 30-year mortgage."
Calculate the difference in payments on a 30-year mortgage loan
(APR of 3.5%) vs. a 15-year mortgage (APR of 3.0%). Assume both
mortgages are for $100,000 and require monthly payments. Then,
calculate the total payments over the entire loan period under each
scenario. What is the difference in total loan
payments to the lender between the 2 scenarios? (Round the...

A loan officer states, "Thousands of dollars can be saved by
switching to a 15-year mortgage from a 30-year mortgage." Calculate
the difference in payments on a 30-year mortgage at an interest of
0.75% a month versus a 15-year mortgage with an interest rate of
0.7% a month. Both mortgage are for $100,000 and have monthly
payments.
1) What is the monthly payment committed by the 30-year
mortgage? And the total payment?
2) What is the monthly payment committed by...

loan officer states, "Thousands of dollars can be saved by
switching to a 15-year mortgage from a 30-year mortgage." Calculate
the difference in payments on a 30-year mortgage at an interest of
0.75% a month versus a 15-year mortgage with an interest rate of
0.7% a month. Both mortgage are for $100,000 and have monthly
payments.
1) What is the monthly payment committed by the 30-year
mortgage? And the total payment?
2) What is the monthly payment committed by the...

You plan to purchase a $390,000 house using either a 30-year
mortgage obtained from your local savings bank with a rate of 8.50
percent, or a 15-year mortgage with a rate of 7.55 percent. You
will make a down payment of 20 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...

13. Mortgage payments
Mortgages, loans taken to purchase a property, involve regular
payments at fixed intervals and are treated as reverse annuities.
Mortgages are the reverse of annuities, because you get a lump-sum
amount as a loan in the beginning, and then you make monthly
payments to the lender.
You’ve decided to buy a house that is valued at $1 million. You
have $200,000 to use as a down payment on the house, and want to
take out a mortgage...

15. Mortgage payments
Mortgages, loans taken to purchase a property, involve regular
payments at fixed intervals and are treated as reverse annuities.
Mortgages are the reverse of annuities, because you get a lump-sum
amount as a loan in the beginning, and then you make monthly
payments to the lender.
You’ve decided to buy a house that is valued at $1 million. You
have $250,000 to use as a down payment on the house, and want to
take out a mortgage...

13. Mortgage payments
Mortgages, loans taken to purchase a property, involve regular
payments at fixed intervals and are treated as reverse annuities.
Mortgages are the reverse of annuities, because you get a lump-sum
amount as a loan in the beginning, and then you make monthly
payments to the lender.
You’ve decided to buy a house that is valued at $1 million. You
have $300,000 to use as a down payment on the house, and want to
take out a mortgage...

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