Question

Danyel wants to buy a house for which he needs to borrow $200,000. If he takes...

Danyel wants to buy a house for which he needs to borrow $200,000. If he takes out a 25-year mortgage loan at (4.5%,2), what will be the value of his monthly payments? Round your answer to the nearest cent.

Business   Finance   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Calculation for monthly payment is shown below:

Working is given below:

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
Loan amortization​) To buy a new house you must borrow $ 165,000 To do this you...
Loan amortization​) To buy a new house you must borrow $ 165,000 To do this you take out a $ 165,000 30-year, 12 percent mortgage. Your mortgage​ payments, which are made at the end of each year​ (one payment each​ year), include both principal and 12 percent interest on the declining balance. How large will your annual payments​ be? The amount of your annual payments will be ​$nothing . ​(Round to the nearest cent)
Jake wants to buy a house for 150,000. He is considering applying for a mortgage. The...
Jake wants to buy a house for 150,000. He is considering applying for a mortgage. The lending value of the house assessed by the banker is 140,000. (a) Suppose Jake can take out an 80% conventional mortgage, what would be his required down payment? (b) What would be the down payment if Jake takes out a 90% high-ratio insured mortgage? (c) Given that Jake chooses (b) and decides to add the mortgage insurance fees (MIF) onto the mortgage loan, what...
You want to buy a house and will need to borrow $250,000. The interest rate on...
You want to buy a house and will need to borrow $250,000. The interest rate on your loan is 5.83 percent compounded monthly and the loan is for 20 years. What are your monthly mortgage payments?
You want to buy a house and will need to borrow $220,000. The interest rate on...
You want to buy a house and will need to borrow $220,000. The interest rate on your loan is 5.47 percent compounded monthly and the loan is for 20 years. What are your monthly mortgage payments? $1,502.78 $1,459.31 $1,585.11 $1,509.63 $1,530.30
You are about to buy a house for $420,000. If you pay 5% down and borrow...
You are about to buy a house for $420,000. If you pay 5% down and borrow the rest at a 5.0% rate for 30 years, what will be your monthly payments? Round to the nearest cent.
Dave takes out a 29-year mortgage of 240000 dollars for his new house. Dave gets an...
Dave takes out a 29-year mortgage of 240000 dollars for his new house. Dave gets an interest rate of 13.2 percent compounded monthly. He agrees to make equal monthly payments, the first coming in one month. After making the 65th payment, Dave wants to buy a boat, so he wants to refinance his house to reduce his monthly payment by 700 dollars, and to get a better interest rate. In particular, he negotiates a new rate of 7.2 percent compounded...
You borrow $185,000 to buy a house. The mortgage interest rate is 7.5 percent and the...
You borrow $185,000 to buy a house. The mortgage interest rate is 7.5 percent and the loan period is 30 years. Payments are made monthly. What is your monthly mortgage payment? $1,293.55 $953.70 $1,083.78 $1,153.70 $1,398.43
Sarah Fields wants to borrow $ 132, 000 at​ 6.5% to buy a house. How much...
Sarah Fields wants to borrow $ 132, 000 at​ 6.5% to buy a house. How much interest would she save by going with a​ 15-year mortgage over a​ 25-year mortgage?
Frodo is going to buy a new house for $304,000. The bank will offer a loan...
Frodo is going to buy a new house for $304,000. The bank will offer a loan for the total value of the house at 7.6% APR for 20 years. What will be the monthly payment for this mortgage? To answer this question which calculator will you use? Systematic Savings - Find total saved with a monthly deposit Systematic Savings - Find monthly deposit to achieve a savings goal Loan - Find monthly payment for a loan Loan - Find loan...
You want to buy a house that costs $210,000. You have $21,000 for a down payment,...
You want to buy a house that costs $210,000. You have $21,000 for a down payment, but your credit is such that mortgage companies will not lend you the required $189,000. However, the realtor persuades the seller to take a $189,000 mortgage (called a seller take-back mortgage) at a rate of 5%, provided the loan is paid off in full in 3 years. You expect to inherit $210,000 in 3 years, but right now all you have is $21,000, and...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT