Ben Brown bought a home for $225,000. He put down 20%. The mortgage is at 6 1/2% for 30 years. Using the table in the handbook, his monthly payment is: Multiple Choice 2 01:04:25 O $1,216.80 O $1,319.04 None of these $1,319.40

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A: EMI or monthly mortgage payments are the fixed amount paid by the borrower to the lender that…

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A: The main concept of the question is to calculate the maximum initial mortgage balance for Munawar, a…

Q: Daniel paid $825 simple interest on a $1400 loan for five years . What was the interest rate?

A: Given: Simple Interest =$825Principal amount =$1400Time =5 years

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Q: On April 1, year 1, Mary borrowed $140,000 to refinance the original mortgage on her principal…

A: A home mortgage loan is nothing but the loan secured against a residential propertyIt can be…

Q: nna is buying a house selling for ​$235,000. To obtain the​ mortgage, Anna is required to make a…

A: The monthly payment is the amount that has to pay each and every month until the loan matures or…

Q: You plan to purchase a $200,000 house using a 15-year mortgage obtained from your local credit…

A:

Q: A couple take a 30-year home mortgage of $120,000 at 7.8% compounded monthly. They make their…

A: Hi! Thank you for the question, As per the honor code, we are allowed to answer three sub-parts at a…

Q: Mr. and Mrs. Smith have taken out a mortgage loan of $250,000.00 from a bank at 6% APR for a fixed…

A: The mortgage loans are secured loans and they are the main source of finance in the real estate and…

Q: None

A: To calculate the interest paid in the third year of the mortgage, first need to calculate the…

Q: You plan to purchase a $240,000 house using a 30-year mortgage obtained from your local credit…

A: A mortgage is a loan borrowed for property purchase which is covered by the property itself. It is…

Q: everly Frost bought a home for $190,000 with a down payment of $19,000 at 7% for 25 years. Since…

A: Monthly payment = [P x R x (1+R)N]/[(1+R)N-1],   Here,  P = loan amount or principal = 190000 -…

Q: Heather recently purchased a $650,000.00 house in Barrie, Ontario. She puts a 25% down deposit and…

A: A fixed rate mortgage is a type of mortgage in which interest rate does not vary and remains…

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A: Prepaid Interest Expenses is that Expenses which is paid in advance before the Expenses due it will…

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A: Mortgages are a typical method used by both people and businesses to finance the acquisition of a…

Q: Elaine borrows $1,000.00 from a credit card company at 19% annually for two years. Determine…

A: Loan amount (PV) = $ 1000 Interest rate = 19% Monthly interest rate (r) = 19%/12 = 1.58333333333333%…

Q: Jake just got a ​$96000 mortgage in order to buy a new​ home, and he was able to get a 30 year loan…

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Q: Bill and Kim Johnson are purchasing a house for $252,000. Their Bank requires them to pay a 20% down…

A: Amortization refers to the regular and equal repayment of loan amount over a term of the loan. This…

Q: Darlene Ramirez bought a home for $140,000. She put 20% down and financed the rest with a 20 year…

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Q: John Lee bought a home in Des Moines, lowa, for $65,000. He put down 15% and obtained a mortgage for…

A:

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A: Annuity is a contract under which one party agrees to pay to the other party, a fixed sum, at a…

Q: Gert needs to borrow $415,000 to purchase a home. He is able to obtain a thirty year mortage with a…

A: Data given: Loan amount = $415,000 N=30 year Rate=3% Monthly payment =?   Working Note #1 PV=$415000…

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Q: Shelley purchased a home in Maryland Heights, MO, for $204,000. Her down payment was 20% of the cash…

A: The monthly payment is the payment made per month on the mortgage amount taken. The monthly payment…