Question

14. Brooke bought a lakeside cottage for 30% down and monthly mortgage payments of $1224.51 at...

14. Brooke bought a lakeside cottage for 30% down and monthly mortgage payments of $1224.51 at the end of each month for 20 years. Interest is 4.4% compounded semi-annually. What is the purchase price of the property?

A) $194 378

B) $195 881

C) $278 878

D) $279 831

Business   Finance   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
A ​$85,000 mortgage is to be amortized by making monthly payments for 15 years. Interest is...
A ​$85,000 mortgage is to be amortized by making monthly payments for 15 years. Interest is 3.3% compounded semi-annually for a seven-year term. ​(a) Compute the size of the monthly payment. ​(b) Determine the balance at the end of the seven-year term. ​(c) If the mortgage is renewed for a seven-year term at 3% compounded semi-annually, what is the size of the monthly payment for the renewal term
A property worth $48,000 is purchased for 10% down and monthly payments of $365 for 14...
A property worth $48,000 is purchased for 10% down and monthly payments of $365 for 14 years. What is the effective annual rate of interest if interest is compounded annually?
A 30 year fixed rate mortgage has monthly payments of $ 1,500 per month and a...
A 30 year fixed rate mortgage has monthly payments of $ 1,500 per month and a mortgage interest rate of 9 % per year compounded monthly. If a buyer purchases a home with the cash proceeds of the mortgage loan plus an additional 20 % down, what is the purchase price of the home?
Pey Soon has taken out a 20 year $150 000 mortgage with monthly payments ( Made...
Pey Soon has taken out a 20 year $150 000 mortgage with monthly payments ( Made at the end of each month) at a stated mortgage rate of 6.8 % per year compounded semi annually. If she makes each payment on time, what will be the mortgage principal remaining after 10 years?
A 25-year, $420,000 mortgage at 3.90% compounded semi-annually is repaid with monthly payments. a. What is...
A 25-year, $420,000 mortgage at 3.90% compounded semi-annually is repaid with monthly payments. a. What is the size of the monthly payments? Round to the nearest cent. b. Find the balance of the mortgage at the end of 5 years? Round to the nearest cent. c. By how much did the amortization period shorten by if the monthly payments are increased by $125 at the end of year five? years months Express the answer in years and months, rounded to...
A ​$95,000 a mortgage is to be amortized by making monthly payments for 20 years. Interest...
A ​$95,000 a mortgage is to be amortized by making monthly payments for 20 years. Interest is 7.4% compounded semi-annually for a five​-year term. ​(a) Compute the size of the monthly payment. ​(b) Determine the balance at the end of the five​-year term. ​(c) If the mortgage is renewed for a five​-year term at 7​% compounded semi-annually, what is the size of the monthly payment for the renewal​ term? ​(a) The size of the monthly payment is ​$__. ​(Round the...
A car was purchased for ​$3100 down and payments of ​$299 at the end of each...
A car was purchased for ​$3100 down and payments of ​$299 at the end of each month for six years. Interest is 8​% compounded semi-annually. What was the purchase price of the​ car? How much interest will be​ paid?
You take out a $25,000 30 years mortgage with monthly payments and a rate of 3.5%,...
You take out a $25,000 30 years mortgage with monthly payments and a rate of 3.5%, monthly compounded. What is your monthly mortgage payment? You take out a $25,000 30 years mortgage with monthly payments and a rate of 3.5%, monthly compounded. What is the loan balance by the end of year 15? Calculate the future value at the end of year 4 of an investment fund earning 7% annual interest and funded with the following end-of-year deposits: $1,500 in...
Consider a 30‐year mortgage on at $400,000 house that requires monthly payments and has an interest...
Consider a 30‐year mortgage on at $400,000 house that requires monthly payments and has an interest rate (APR) of 8% per year. You have $ 50,000 in cash that you can use as a down payment on the house, but you need to borrow the rest of the purchase price.   a) What will your monthly payments be if you sign up for this mortgage? b) Suppose you sell the house after 10 years. How much will you need to pay...
. A couple bought a house for $200,000 with 5% down and a 30 year mortgage...
. A couple bought a house for $200,000 with 5% down and a 30 year mortgage with an interest rate of 6% a year. What were the monthly payments? 5 points How much interest will be paid on the loan over the first 5 years of the loan? 5 points How much interest will be paid on the loan over the last 5 years of the loan? 5 points Why the difference in the two amounts? 5 points The house...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT