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O CONSUMER MATHEMATICS Finding the monthly payment, total payment, and interest for a... When Laura bought her house, she got her mortgage through a bank. The mortgage was a personal, amortized loan for $99,500, at an interest rate of 3.75%, with monthly payments for a term of 40 years. For each part, do not round any intermediate computations and round your final answers to the nearest cent. If necessary, refer to the list of financial formulas. (a) Find Laura's monthly payment. (b) If Laura pays the monthly payment each month for the full term, find her total amount to repay the loan. $0 (c) If Laura pays the monthly payment each month for the full term, find the total amount of interest she will pay. $0 X Monthly Payment Formula M= P r 12 r 1- ( 1 + 12 ) - 12t

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Anna is buying a house that is selling for $265,000. To obtain a mortgage, she is required to make a 10% down payment. a. Determine the amount of the down payment. O A. $0 В. $10 O C. $2650 D. $26,500 b. Determine the amount of the mortgage. O A. $26,500 В. $265,000 C. $2650 O D. $238,500

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Which of the following is a reason a borrower may want to refinance? O A. The borrower's house value declines O B. Lender's demand lower DTIS O C. Lender's demand lower LTVS O D. The borrower's credit score rises QUESTION 15 Jim has an annual income of $300,000. Jim is looking to buy a house with monthly property taxes of $1,200 and monthly homeowner's insurance of $300. Apple bank has a maximum front end DTI limit of 28%. Considering only the front end DTI limit, what is the most they will allow Jim to spend on a monthly mortgage payment? O A. $82,500.00 O B. $84,000.00 OC. $5,500.00 O D. $7,000.00 Click Save and Submit to save and submit. Click Save All Answers to save all answers. GZED

11. Can I afford this home? - Part 1 Can Valerie and Shen afford this home using the monthly income loan criterion? Next week, your friends Valerie and Shen want to apply to the Tenth National Bank for a mortgage loan. They are considering the purchase of a home that is expected to cost $155,000. Given your knowledge of personal finance, they've asked for your help in completing the Home Affordability Worksheet that follows. To assist in the preparation of the worksheet, Valerie and Shen also collected the following information: • Their financial records report a combined gross before-tax annual income of $85,000 and current (premortgage) installment loan, credit card, and car loan debt of $1,240 per month. • Their property taxes and homeowner's insurance policy are expected to cost $3,488 per year. • Their best estimate of the interest rate on their mortgage is 7.5%, and they are interested in obtaining a 15-year loan. They have accumulated savings of $38,500 that can be used to…

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You plan to purchase a house with the following information. Calculate the interest on the 127th payment. Price Years Down Payment Rate Payment Interest in 127th Payment Year Price Rate Down Payment $100,000.00 You plan to purchase a house using the following information. What is the dollar difference between the total interest paid for both mortgage options? Total Interest Difference 30 20% 4.5% 30 $200,000 6.25% $40,000 15 $200,000 4.00% $40,000

Sherry Smart is buying a $350,000 home and will pay the mortgage monthly for 30 years. She has a good credit score and has qualified for a 5.125% loan interest. How much will she be paying monthly for the home? Question 2Answer a. $1,318.69 b. $2,013.67 c. $975.88 d. $1,572.72

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