Question

3) Find a vacation home that you would like to own on the internet. a) Paste a picture or screen shot in the box below using the "mountain" button to add the picture. The picture should include the following:
i) Picture of the vacation home.
ii) Sale price of the vacation home.

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Insert

Formats

p

b) Sale price of the vacation home = $
DO NOT TYPE COMMAS OR ANSWERS WILL BE MARKED INCORRECT

c) If the loan agency requires a down payment of 20%, what will your down payment be? Remember to use the sale price from Part b.
Down payment = $.
DO NOT TYPE COMMAS OR ANSWERS WILL BE MARKED INCORRECT. Round your answer to 2 decimal places as needed.

d) If you plan to finance the rest of the sale price, how much would the loan amount be?
Loan amount = $.
DO NOT TYPE COMMAS OR ANSWERS WILL BE MARKED INCORRECT. Round your answer to 2 decimal places as needed.

e) What would the monthly mortgage payment be if your loan was a 2% 30 year fixed mortgage?
Monthly mortgage payment = $.
DO NOT TYPE COMMAS OR ANSWERS WILL BE MARKED INCORRECT. Round your answer to 2 decimal places as needed.

f) How much will you actually pay for the home over 30 years including the down payment?
Hint: Don't forget about the down payment!
Total amount paid for vacation home = $.
DO NOT TYPE COMMAS OR ANSWERS WILL BE MARKED INCORRECT. Round your answer to 2 decimal places as needed.

g) How much of what you paid was interest?
Amount of interest paid = $.

Answer 1

As per rules I am answering the first 4 sub parts of this question

b.Sale price= $295000

c.Down payment = 20%*295000 = 59000

d.Loan amount= 295000 – 59000 = $236000