Beth buys a home for $314,561 and puts 20% down.  How much is the monthly payment on her thirty-year mortgage given 3.24% interest?

Q: 7. John and Yuki want to buy a three-bedroom semi-detached house that currently sells for $725900.…

A: Given: Cost of house = $725,900 Property taxes = $3,500 Down payment rate = 12%

Q: (a) How much does she need for the down payment? How much money does Maria need to borrow? (b) What…

A: Loan (mortgage) amortization schedule refers to a schedule which is prepared to shows the periodic…

Q: Delilah is paying $0.40 per $100 on her $210,000 home in homeowners' insurance annually. If her…

A: A mortgage is a type of loan that is taken for the purchase of a home or any other real estate…

Q: A couple buys a $190000 home, making a down payment of 17%. The couple finances the purchase with a…

A: Loans are paid by the equal monthly payments that are paid by the equal monthly installments and…

Q: Charisma is able to pay $1250 a month for a 25-year mortgage with end of month payments. Because of…

A: It is a case of loan amortization where the monthly payment is given with a 20% down payment done…

Q: Jeronica and Sandy have decided to purchase a cooperative apartment together. They have received a…

A: Given: Monthly payment = $592.40 Years = 30 Interest rate = 16.2% Loan amount = $42,500

Q: 5. Erin borrowed $200,000 fixed-rate 30-yr mortgage when mortgage rate was 4.5%. How much total…

A: Amortization refers to the systematic and regular repayment of loan and interest spread over the…

Q: What will the remaining balance on their mortgage be after 5 years?

A: Mortgage: It is referred to as credit or loan used by the borrower to buy a house, land, or other…

Q: Brad and Sam take a 30-year mortgage for a house that costs $126,601. Assume the following:   The…

A: PITI stands for principal, interest, tax and insurance - PITI is the sum component of all four…

Q: Chelsea and Bill are buying a house on a 30-year mortgage.  They can afford a $1200 per month…

A: Using excel PV function, to calculate purchase price of a house

Q: Tina decided to buy her first home. She found a house for $153,650. She will need to finance…

A: Time value tells that money received today is of more value than that of receiving the exact value…

Q: Diego is getting a mortgage for $320,000 at a rate of 4.5% for 30 years. What is his monthly payment…

A: Monthly Payment is the payment that is to be paid monthly for a specific period of time to repay the…

Q: Fatimah pays monthly rent of $520 for her townhouse. If she bought the property, the mortgage loan,…

A: When a series of deposits or payments are made of equal amounts at equal intervals of time, it is…

Q: Larry and his wife Cuke have a mortgage of $200,000 at a rate of 3.25 % (annual) for 30 years. How…

A: Amortization of loan refers to the regular and equal repayments of the loan along with the interest…

Q: Kobe has a mortgage for $798,337.00. The term of the mortgage is 4 years, and the amortization…

A: Loan amortization is the process of making equal payments over the life of the loan. These regular…

Q: Tabitha had to pay her friend $1,200, 3 months ago and he has to pay $510 in 4 months. If her friend…

A: Present value:A financial concept known as "present value" emphasises the time value of money by…

Q: Mariam is currently renting an apartment for R.O.725 per month and paying R.O.275 annually for…

A: Lease- Lease agreements are contracts or instruments that transfer property from one person to…

Q: Pedro buys a condo for $629,000, with a down payment of $40,000. He takes out a 30-year mortgage for…

A: Loan amount (P) = $589,000 Monthly interest rate (r) = 0.0025 (i.e. 0.03 / 12) Monthly period of…

Q: 15 years ago, Tammy borrowed $350,000 to buy a house. She has a 30 year, 10% fixed rate mortgage.…

A: Mortgage is a secured loan and in this home is collateral and this is paid by equal monthly…

Q: A woman buys a house for $265,000. She pays $70,000 down and takes out a mortgage at 6.6% on the…

A: Mortgage amortization refers to a schedule which is prepared to shows the periodic loan payments,…

Q: What house value can Betty afford? Betty's annual income is $90,000 and she has monthly credit…

A: Here, To Find: Value of the house =?

Q: Jen Logan bought a home in Iowa for $110,000. She put down 20% and obtained a mortgage for 30 years…

A: Here, Particulars Values Price of a house   $ 110,000.00 Down payment (20%*$110,000)  $…

Q: b) that his monthly house and property tax payment should not exceed 35% of his disposable monthly…

A: As per our policy, we only answer one question when many different questions are provided. The first…

Q: (6) Marian has just purchased a house. She has a $400,000, 20-year mortgage with interest at an…

A: Loan Amount = 400,000 Time Period = 20 years or 240 months Rate = 4.5% Continuous Compounding

Q: Jennifer buys a $300,000 house and pays $100,000 down. The loan is for 30 years and is at 4%…

A: Monthly payments is calculated by present value of annuity formula. r is interest rate and n is…

Q: A couple buys $160000 home, making a down payment of 17%. The couple finances the purchase with a 15…

A: Here, Particulars Values Purchase value   $ 160,000 Down payment 17.00% Number of years…

Q: Maria takes out a 30-year fixed rate mortgage at 5% to buy a house that costs $450,000. To avoid…

A: Given: Years = 30 Fixed interest rate = 5% Cost = $450,000 Down payment = 20%

Q: John estimates he can afford a total of $8000 a year in rent. What can he afford as a monthly…

A: Maximum affordable monthly Rental Payment = Maximum Affordable Annual Rental Payment/ 12

Q: A couple buys a $190,000 home, making down payment of 16%. The couple finances the purchase with a…

A: Price of the home = $190,000 Down payment = 16% Loan amount (PV) = 190,000*(1-0.16) = $159,600…

Q: Bill and Susan bought a home for $190,000 and made a 20% down payment. They got a fixed mortgage at…

A: Computation as follows: Hence, the monthly payment is $881.54.

Q: Lucky Louie wants to buy a car that costs $26,750. The interest rate on his loan is 5.33 percent…

A: Car cost = 26750 Interest on loan = 5.33% Years = 7 Compounded = Monthly  PMT find out using Excel:…

Q: Maria takes out a 30-year mortgage at 5.5% to buy a house that costs $280,00. She must have a down…

A: A mortgage is a loan given on a property in which the collateral is the property itself.

Q: Bridgette can afford to make monthly payments of $800 towards a mortgage, and wants to fully own her…

A: Present value is an estimate of the present value of future cash values ​​that may be received at a…

Q: Anthony planned to buy a house but could afford to pay only $9,000 at the end of every 6 months for…

A: Here,Down Payment $   30,000.00Semi Annual Payment $     9,000.00Interest Rate5.70%Time Period in…

Q: Jane Doe earns $41,400 per year and has applied for a(n) $89,000, 25-year mortgage at 7 percent…

A: Amount available for mortgage payment= Debt Service Ratio * Monthly income -  Monthly Property taxes

Q: Klipling wants to have $43257 for a down payment on a house ten years from now. She can either…

A: Future value refers to the value of a current asset at some future date affected by the interest…

Q: arnie and beth litner recently bought a house for $425,000. They put 10% down as a down payment and…

A: The answer to the given question has been provided below in a detailed manner along with all the…

Q: 6. Jake and Archie are looking for places to live. Jake decides to rent a house for $1400 Archie…

A: Interest is the periodic obligation of the borrower to pay towards the sum borrowed. The monthly…

Q: Angie wants to obtain a $500,000 mortgage, amortized over 25 years. Interest rates are currently 8%,…

A: The amortization is the systematic and regular repayment of loan and interest amount. Each payment…

Q: Todd Foley is applying for a $290,000 mortgage. He can get a $2,030 monthly payment for principal…

A: Calculation of number of months:Excel spreadsheet for calculation of number of months

Q: A couple wants to purchase a new house and feel that they can afford a mortgage payment of $600 a…

A: Here,MonthlyPayment is $600Interest Rate is 7.4%Time Period of Loan is 30 yearsCompounding Period is…

Q: Bill and Susan bought a home for $190,000 and made a 20% down payment. They got a fixed rate…

A: Computation:

Cost of Credit

The cost of credit is an extra amount that the borrower has to pay besides the loan amount. These credit charges may vary from loan to loan. The cost of credit includes interest charges, maintenance charges, and arrangement charges. Some of the costs are mandatorily collected by the lender based on the loan amount and tenure of the loan. The cost of credit is also called finance charges of the credit.