Question

Jen purchased a condo in Naples, Florida, for $699,000. She put 20% down and financed the...

Jen purchased a condo in Naples, Florida, for $699,000. She put 20% down and financed the rest at 5% for 30 years. She made monthly payments. What are Jen's total finance charges?

Homework Answers

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
Jamie purchased a condo for $89,900 with a down payment of 20%. She qualified for a...
Jamie purchased a condo for $89,900 with a down payment of 20%. She qualified for a 5% 15 year mortgage. What is Jamie’s monthly payment? (Round your answer to the nearest cent.)
Mariam bought a condo for RM 600,000. She made a 10% down payment and financed the...
Mariam bought a condo for RM 600,000. She made a 10% down payment and financed the balance through a bank for 35 years. (a) If the interest rate was 7% compounded monthly, find the monthly payment that Mariam made to settle the loan. (b) How much was the total interest charged? (c) Suppose Mariam missed the first four payments. How much should be paid on the fifth month if she wanted to settle the outstanding arrears? (d) Immediately after paying...
20. You just purchased a $300,000 condo in New York City and have made a down...
20. You just purchased a $300,000 condo in New York City and have made a down payment of $60,000. You can amortize the balance at 3% per annual compounded monthly for 30 years. What are your monthly payments on the loan? A. $1000.64 B. $1011.85 C. $1264.81 D. $1317.23 ANSWER: B 21. From the previous question #20, what is the balance after the first payment? A. $223,659.50 B. $239,588.15 C. $364,266.00 D. None of above * HAVE THE ANSWER FOR...
Kim bought a new car for $28,000. She paid a 20% down payment and financed the...
Kim bought a new car for $28,000. She paid a 20% down payment and financed the remaining balance for 36 months with an APR of 4.8%. Assuming she made monthly payments, determine the total cost of Kim's car. Round your answer to the nearest cent, if necessary
You just purchased a $300,000 condo in New York City and have made a down payment...
You just purchased a $300,000 condo in New York City and have made a down payment of $60,000. You can amortize the balance at 3% per annual compounded monthly for 30 years. What are your monthly payments on the loan? A. $1000.64 B. $1011.85 C. $1264.81 D. $1317.23 From the previous question #20, what is the balance after the first payment? A. $223,659.50 B. $239,588.15 C. $364,266.00 D. None of above
Kenneth Clark bought a Honda Civic for $17,345. He put down $6,000 and financed the rest...
Kenneth Clark bought a Honda Civic for $17,345. He put down $6,000 and financed the rest through the dealer at an APR of 9.7 percent for four years. What is the effective annual interest rate (EAR) if the loan payments are made monthly? (Round answer to 2 decimal places e.g. 15.25%.)
Dave has owned his condo for 10 years. He paid $200,000 for the condo, and put...
Dave has owned his condo for 10 years. He paid $200,000 for the condo, and put down 20%. The interest rate was 4% for a 30-year mortgage loan. What is his loan payoff amount in 2020?
Sarah would like to purchase a condo in Vancouver. She currently rents an apartment for $4,500...
Sarah would like to purchase a condo in Vancouver. She currently rents an apartment for $4,500 per month. The condo she is looking at costs $1,600,000. She intends to put $300,000 down. The condo has monthly condo fees of $300/month, property taxes of $200/month and repairs of $100/month. She can obtain a 30-year mortgage for 3% per year compounded monthly. There are the following closing costs at purchase: Land transfer tax $20,000 Legal fees $1,500 There are the following closing...
You have purchased a freehold house (i.e., no condo fee) for $300,000 with 20% down payment...
You have purchased a freehold house (i.e., no condo fee) for $300,000 with 20% down payment and the rest borrowed from your local bank as a 30-year mortgage loan at 6% (APR with monthly compounding). The mortgage can be paid off any time without penalty, i.e., it allows prepayment.      (a) (1 point) What is your loan to value (LTV) ratio?      (b) (2 points) What is your monthly payment?      (c) (1 point) If your gross annual income is...
Your clients just purchased a new automobile for $28,600. They put $3,600 as a down payment;...
Your clients just purchased a new automobile for $28,600. They put $3,600 as a down payment; the remainder is financed. The terms of the fully amortized loan follow: 6-year loan, monthly payments made at the end of month, 6.8% annual percentage rate. How much is their monthly payment? a. $421.44 b. $423.83 c. $406.72 d. $434.38