Question

suppose that 10 years ago you bought a home for $140,000, paying
10% as a down payment, and financing the rest at 9% interest for 30
years.

a. how much money did you pay as your down payment?

b. how much money was your existing mortgage loan for?

c. what is your current monthly payment on your existing
mortgage?

d. how much total interest will you pay over the life of the
existing loan?

Answer #1

**SEE THE IMAGE. ANY DOUBTS,
FEEL FREE TO ASK. THUMBS UP PLEASE**

**ALL CALCUALTIONS ARE
SHOWN**

**MONTHLY PAYMENT IS ROUNDED
TO 2 DECIMALS**

**AND ROUNDED TO 3 DECIMAL
FIGURE IS TAKEN IN CALCULATING INTEREST.**

suppose that 10
years ago you bought a home for 120,000, paying 10% as a down
payment, and financing the rest at 9% interest for 30 years.
this year (10 years after you first took at the loan) you
check your loan balance. only part of your payments have been going
to pay fown the loan; the rest has been going towards interest. you
see that you still have 96,584 left to pay on your loan. your house
is now...

Suppose that 10 years ago you bought a home for $120,000, paying
10% as a down payment, and financing the rest at 7% interest for 30
years.
This year (10 years after you first took out the loan), you check
your loan balance. Only part of your payments have been going to
pay down the loan; the rest has been going towards interest. You
see that you still have $92,678 left to pay on your loan. Your
house is now...

Lynn bought a $300,000 house, paying 10% down, and financing the
rest at 6.5% interest for 30 years.
a. What are the monthly payments?
b. How much interest will she pay over the life of the loan?
c. What percentage of your total payment was the interest?
((Can the work be done in excel? Please?))

Consumer finance:
Four years ago you bought a home using a 15-year mortgage. The
mortgage had an interest rate of 6% (or 0.50% per month) and the
original loan amount was $230,000. Your monthly payments (ignoring
escrow payments) are $1,940.87. Today you have 132 monthly payments
remaining. You got a bonus at work (or a gift or something) so in
addition to you next monthly payment you will send in $6,000 to
reduce the principal on the loan.
A. What...

A person purchased a $130 314 home 10 years ago by paying 15%
down and signing a 30-year home mortgage at 8.7% compounded
monthly. Interest rates have dropped and the owner wants to
refinance the unpaid balance by signing a new 20-year mortgage at
6.6% compounded monthly. How much interest will refinancing save?
Money Saved: $_____ (Round to the nearest cent as needed.)

A person purchased a $222,342 home 10 years ago by
paying 15% down and signing a 30-year mortgage at 10.8% compounded
monthly. Interest rates have dropped and the owner wants to
refinance the unpaid balance by signing a new 20-year mortgage at
5.4% compounded monthly. How much interest will refinancing
save?

6 years ago fraser family financed their new home with a 4.15
percent fixed rate 30-year mortgage. The house they bought cost
$450,000 and they made a 20% down payment on the house.
1. How much did they borrow 6 years ago?
2. What is their monthly mortgage payment?
3. If they keep making these payments for the full loan term how
much total interest will they pay on the loan?
4. What is their current loan balance?

Using the Mortgage Payment Formula, calculate a monthly mortgage
payment for a home with the price of $405,000 using pencil and
paper. Your down payment is 10% of your own money apart from the
loan. Calculate the total paid for your home after paying the
monthly payment for 30 years factoring in the rate of 2.990%. You
can use arithmetic. How much money will you pay in interest over 30
years? All Calculations must be shown.

Using the Mortgage Payment Formula, calculate a monthly mortgage
payment for a home with the price of $405,000 using pencil and
paper. Your down payment is 10% of your own money apart from the
loan. Calculate the total paid for your home after paying the
monthly payment for 15 years factoring in the rate of 2.500% and
APR of 2.556%. You can use arithmetic. How much money will you pay
in interest over 15 years? All Calculations must be shown.

You want to buy a $203,000 home. You plan to pay 15% as a down
payment, and take out a 30 year loan at 4.3% annual interest
compounded monthly for the rest.
a) How much is the loan amount going to be?
$
b) What will your monthly payments be?
$
c) How much total interest do you pay?
$
d) Suppose you want to pay off the loan in 15 years rather than 30.
What will your monthly payment...

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