Question

Nancy Brock is buying her first home. It costs $85,000, and she will make a down...

Nancy Brock is buying her first home. It costs $85,000, and she will make a down payment of $15,000. She is planning on a 30-year loan at 8% interest.

a. What is the exact monthly payment she will pay to the mortgage company?

b. If Nancy is transferred to a new job in another city after owning the home for six years, what is the balance due the loan company when she sells the house?

Homework Answers

Answer #1

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

As nothing was mentioned excel is used. If you need with formula, let me know, will do that also. Thank you.

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Nancy Karnes bought a home for $143,000 with a down payment of $15,000. Her rate of...
Nancy Karnes bought a home for $143,000 with a down payment of $15,000. Her rate of interest is 9% for 35 years. Calculate her: A. Monthly payment B. First payment broken down into interest and principal (Round your answers to the nearest cent.) C. Balance of mortgage at end of month A. Monthly payment B. First payment: interest principal C. Balance of mortgage
Pam is buying a townhome that costs $145,000. She is making a down payment of $15,000...
Pam is buying a townhome that costs $145,000. She is making a down payment of $15,000 and getting a 30-year mortgage with a 6.25% APR for the rest. Calculate Pam's loan amount: $145,000 - $15,000 = $130,000 Now use the PMT formula in Excel to calculate Pam's monthly payment on her mortgage. Determine the payment, interest, principle, and balance for months 1 and 16.
Suppose you are buying your first home for $145,000, and you have $15,000 for your down...
Suppose you are buying your first home for $145,000, and you have $15,000 for your down payment. You have arranged to finance the remainder with a 30-year, monthly payment, amortized mortgage at a 6.5% nominal interest rate, with the first payment due in one month. What will your monthly payments be? Group of answer choices $741.57 $862.77 $821.69 $780.60 $905.91
Suppose you are buying your first home for $100,000, and you have $15,000 for your down...
Suppose you are buying your first home for $100,000, and you have $15,000 for your down payment. You have arranged to finance the remainder with a 30-year, monthly payment, amortized mortgage at a 6.5% nominal interest rate, with the first payment due in one month. What will your monthly payments be? Select the correct answer. a. $535.76 b. $540.26 c. $534.26 d. $537.26 e. $538.76
1. Sarah is planning to purchase her own home as her first real estate investment. The...
1. Sarah is planning to purchase her own home as her first real estate investment. The home is selling for $200,000 and she needs a 20% down payment. The loan will be for 30 years at 3.5% interest. What is Sarah’s monthly payment? How much money would Sarah save over the life of the loan if she obtained a 15-year loan at the same rate? If Sarah did not have the down payment and could save $850 per month at...
Steve is buying home that costs $500,000. You have been offered a 30-year mortgage that requires...
Steve is buying home that costs $500,000. You have been offered a 30-year mortgage that requires a 20% down payment for the house. The loan is to be repaid in equal monthly installments. The APR of the mortgage is 4%. Compute the EAR and the amount of your monthly payment on the mortgage. Show all calculations. you need to find the amount of the monthly payment in two different ways: 1) using the built-in Excel function 2) using the annuity...
suppose you are buying your first condo for 145,000 and you will make $15,000 down payment....
suppose you are buying your first condo for 145,000 and you will make $15,000 down payment. you have arranged to finnace the remainder with a 30 year monthly payment amortized mortgage at a 55 nominal interest rate with first payment due in one month what will your monthly payments be? how much of first month payment is the prindipal
A​ 22-year old college graduate just got a job in Nashville. She is considering buying a...
A​ 22-year old college graduate just got a job in Nashville. She is considering buying a house with a $150,000 mortgage. The APR is 14% compounded monthly for her monthly mortgage payments on a 32-year fixed rate loan. If she can get her FICO score up to​ 750, the APR drops to 13.6%. How much in interest cost will she save over the life of the loan assuming she can increase her FICO score to​ 750? so using the information...
you are buying a home for 200,000 with no down payment what will be your monthly...
you are buying a home for 200,000 with no down payment what will be your monthly payment on a 30 year fixed mortgage at 6%? how much must be invested today in order to generate a six-year annuity of $2,000 per year with first payment one year from today, at an interest rate of 10%
Suppose you are buying your first condo for $145,000, and you will make a $15,000 down...
Suppose you are buying your first condo for $145,000, and you will make a $15,000 down payment. You have arranged to finance the remainder with a 30-year, monthly payment, amortized mortgage at a 6.5% nominal interest rate, with the first payment due in one month. What will your monthly payments be? a. $741.57 b. $780.60 c. $821.69 d. $862.77 e. $905.91 Record all functions necessary to solve the problem with a financial calculator. (Why is "C" the correct answer?)