Darlene Ramirez bought a home for $140,000. She put 20% down and financed the rest with a 20 year 3.5% mortgage. The total of her monthly payments for a year are: Multiple Choice $649.55 $7,794.60 $9,743.28 $9,329.61

Darlene Ramirez bought a home for $140,000. She put 20% down and financed the rest with a 20 year 3.5% mortgage. The total of her monthly payments for a year are: Multiple Choice $649.55 $7,794.60 $9,743.28 $9,329.61

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Sally purchased a home in Georgia for $167,500. She took out a mortgage for 80% of the purchase price at a 7.75% interest rate and put up a 20% down payment. The sale closed on March 16. What is the total dollar amount of the prepaid interest? Select one: a. $452.08 b. $461.55 C. $455.23 d. $576.94
A couple wishes to borrow money using the equity in their home for collateral. A loan company will loan them up to 70% of their equity. They puchased their home 9 years ago for $64,386. The home was financed by paying 10% down and signing a 30-year mortgage at 9.6% on the unpaid balance. Equal monthly payments were made to amortize the loan over the 30-year period. The net market value of the house is now $100,000. After making their 108th payment, they applied to the loan company for the maximum loan. How much (to the nearest dollar) will they receive? Amount of loan: $ (Round to the nearest dollar.)
Jen purchased a condo in Naples, Florida, for $699,000. She put 20% down and financed the rest at 5% for 35 years. What are Jen’s total cost of interest? Multiple Choice $457,425.60 $626,863.20 $626,128.20 $978,600
Sally purchased a home in Georgia for $167,500. She took out a mortgage for 80% of the purchase price at a 7.75% interest rate and put up a 20% down payment. The sale closed on March 16. What is the total dollar amount of the prepaid interest? Select one: a. $452.08 b. $461.55 C. $455.23 d. $576.94
Amy financed the purchase of her living room suite over two years. Her monthly payments are $231.02 and she is charged an interest rate of 19.6% compounded semiannually. What was the purchase price of Amy’s furniture? ____________ b. How much is the cost of financing? _____________
Frankie purchased a house for $185,000 . He put 20% of the purchase down as a down payment. He financed the house for 4.25% for 15 years. The annual taxes are $1250 and the annual insurance is $1056. What is his monthly principal, interest, tax and insurance (PITI) mortgage payment.
Leona purchased a home and obtained a 25 year loan of 437,750$ at an annual interest rate of 6.5%. Find the amount of interest paid on the loan over the 25 years. Round answer to nearest cent.
On March 31, year 1, Mary borrowed $240,000 to buy her principal residence. Mary paid 3 points to reduce her interest rate from 6 percent to 5 percent. The loan is for a 30-year period. What is Mary's year 1 deduction for her points paid? Multiple Choice ___ $60. ___ $180. ___ $5,400. ___ $7,200.
a mother earned $15000.00 from royalties on her cookbook. She set aside 20% of this for a down payment for a new home. The balance will be used for her son's future education. She invested a portion of the money in a bank certificate of a deposit (cd account) that earns 4% and the remainder in a savings bond that earns 7%. IF the total interest earned after one year is $720.00, how much money was invested at each rate?
Ben buys a house. He obtains a $220,000, 30-year mortgage at 5%. Annual property taxes $1,800, property insurance $480 a year, house association fee $220 a month. Based on these items what is the total monthly mortgage payment?
Bob has saved $555 each month for the last 3 years to make a down payment on a house. The account earned an interest rate of .38 percent per month. How much money is in Bob's account? Multiple Choice: $21,367.73 $20,904.94 $20,630.91 $19,980.00 $20,438.70
Jasmine purchased a home in San Francisco near her best friend Sallie. The purchase price of the home was $ 2,000,000. However, Jasmine only financed 80% of the home value as she was able to secure the $400,000 down payment to help lower her monthly payments. What is her monthly payment if she financed at today's rate of 7.55% for a 15-year mortgage?