Question

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 pay off the remaining principal on your mortgage
loan after 10 years (i.e., 120 months), how much will you have to
pay? Assume that you have never missed your payments during the
first ten years after you obtained the loan. The bank that you
obtained the loan from imposes no charges for early payoff of the
loan.

Answer #1

Please refer to below spreadsheet for calculation and answer. Cell reference also provided.

Cell reference -

You and your spouse have found your dream home. The
selling price is $220,000; you will put $50,000 down and obtain a
30-year fixed-rate mortgage at 7.5%.
PART A- Assume that monthly payments begin in one month.
What will each payment be?
a. $ 901.52
b. $1,188.66
c. $1,359.74
d. $1,563.01
e. $1,722.80
PART B- How much interest will you pay (in dollars) over
the lifetime of the loan? (Assume you make each of the required 360
payments on time.) ...

You have found your dream home. The selling price is OMR
220,000; you will put OMR 50,000 down and obtain a 30-year
fixed-rate mortgage at 7.5% APR compounded monthly for the balance.
Assume that monthly payments begin in one month. What will each
payment be?

You have just found your dream home. The selling price is
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mortgage at 7.25% compounded monthly for the rest.
Assume that monthly payments begin in one month. What will each
payment be (rounded to the nearest dollar)?
$819
$725
$682
$511
$401

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purchase price of $254800$254800.
Down Payment: Assume that you are going to make a
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Down Payment=$Down Payment=$
Loan Amount=$Loan Amount=$
Monthly Payment: Calculate the monthly payment for
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4. A. What would be your mortgage payment if you pay for a
$250,000 home by making a 20% down payment and then taking out a
3.74% thirty year fixed rate mortgage loan to cover the remaining
balance. All work must be shown justifying the following
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Mortgage payment = _______________
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