Eight years ago you financed a new $135,000 house with an 8% down payment and a 30-year mortgage on the rest with annual interest at 6.15% compounded monthly. How much total interest money would you save by refinancing the unpaid balance now for the remaining 22 years at a 5.625% annual rate?

Q: You have just taken out a 30-year mortgage on your new home for $120,000. This mortgage is to be…

A: Use financial calculator:The present value of mortgage = 120,000The future value when all the loan…

Q: $5000 that you have to pay in 7 annual installments of $1100 each, the first one at the end of the…

A: The given problem relates to RATE function in excel. RATE function computes interest rate for no. of…

Q: The original amount that was borrowed for your home mortgage was 175,000 dollars, to be repaid…

A: Monthly payment (EMI) is calculated by present value of annuity formula. where r is APR and n is…

Q: Consider borrowing $250,000 to purchase a house at a 4% annual interest rate to be paid in full in…

A: The debt amortization schedule refers to the table that showcases the interest and principal…

Q: Please help me,  I need fast solution please .

A: The objective of this question is to determine the new duration it would take to pay off a mortgage…

Q: When you purchased your house, you took out a 30-year mortgage with an interest rate of 4.8% per…

A: Payoff amount refers to the amount which is required to be paid as principal amount of the loan. The…

Q: You bought a house worth $324,000. You paid 25% of the purchase price in cash and arranged a…

A: The worth of House is $324,000 The down payment is 25% The time period of the mortgage is 25 years…

Q: Hepl me please

A: The objective of this question is to determine the new duration it would take to pay off a mortgage…

Q: You buy a house for $800,000.  It is a 20 Year mortgage where the payments are made quarterly and at…

A: Borrowings are the liability of the company which is used to finance the requirement of the funds.…

Q: You are buying a house for $150,000.00 with a downpayment of $30,000.00. The loan will be paid back…

A: Mortgage loans make home buying quite easy because paid by equal fixed monthly payments that are…

Q: suppose that 10 years ago you bought a home for $150,000, paying 10% as a down payment, and…

A: When a buyer buys goods from a seller and is not able to pay the entire amount at the time of…

Q: Six years ago you took out a loan of $180, 000 to finance the purchase of ahome $220, 000. The loan…

A: The problem is asking us to calculate the new monthly payment after refinancing a home loan. The…

Q: A $100,000 mortgage is amortized over 20 years with monthly payments at an interest rate of 8%…

A: The objective of the question is to determine the new duration it would take to pay off the mortgage…

Q: How much money was your existing mortgage loan for? suppose that 10 years ago you bought a home for…

A: Given information: Mortgage bought for $150,000 Down payment is 10% Interest rate is 9% Number of…

Q: A $385,000 house is to be purchased for 25% down and monthly payments of $1200 for as long as…

A: Calculate effective annual rate = (1+nominal rate/no. of compounding)^ no. of compounding -1…

Q: You buy a house for $250,000 and pay $50,000 down.  The loan is for 25 years at 6% monthly. What is…

A: Interest: it is a finance cost that charged on borrowed value for specific period.

Q: a. Payment on old loan b. Current balance c. Monthly payment $ 1,199.10

A: We can determine the monthly payment using the formula below:Once we have determine the monthly…

Q: You bought a house worth ​$326,000. You paid​ 25% of the purchase price in cash and arranged a ​30…

A: A mortgage loan is a type of secured loan that you can avail of by keeping an immovable asset as a…

Q: You buy a house for $800,000.  It is a 20 Year mortgage where the payments are made monthly.  If the…

A: Amount of Loan = $800000 Years = 20 Terms(n1)=20*12 =240 Terms Remaining After 17 years = (20-17)*12…

Q: You bought a home for $150,000 and put down 10% and got a mortagage at an interest rate of 4.35% per…

A: We will make use of the PMT function in Microsoft Excel to determine the monthly payment on the…

Q: What is the cash value of a property with a mortgage that requires payments of $1200 per month for…

A: To determine : Cash value of property  Monthly Payment = pmt = $1200 Term =  25 years Number of…

Q: A worker is considering a loan of $97000 over 20 years at an interest rate of 7.9% p.a. with monthly…

A: The difficulty of distributing limited resources among numerous initiatives or investments is one…

Q: Five years ago you borrowed $200,000 to finance the purchase of a $240,000 house. The interest rate…

A: Hi There, thanks for posting the question. But as per Q&A guidelines, we must answer the first…

Q: You are looking to purchase a house for $196,000. If you put 20% down and finance the rest, what…

A: Monthly payments are fixed periodic payments that are made by borrower to the lender.

Q: If I will loan a house and lot worth P6.3M cash and with a little discussion and transaction with…

A: In this question the monthly payment needs to be calculated and the future worth of the overall…

Q: Suppose you purchased a house 7 years ago and took out a mortgage for $400,000 with a 5.6% interest…

A: Here,

Q: You purchase a home for $350 000. At the time of purchase you make a downpayment of $75 000. The…

A: Loan amount (L) = $350000 - $75000 = $275000 n = 25 years = 300 months Interest rate = 4.3%…

Q: You would like to buy a house for $850,000. You put $180,000 down, and then get the rest at 7.5%,…

A:

Q: Our home loan, based on a rate of 3.24% APR compounded monthly, required 30 years of monthly…

A: Solution:- When an amount is borrowed, it can either be repaid as a lump sum payment or in…

Q: You buy a $225,000 house and take out a loan that covers that amount which charges 4.5%, compounded…

A: Given data; Loan amount = $225,000 interest rate = 4.5% frequency of compounding = monthly Life of…

Q: You borrow a 20 year mortgage loan to buy a house worth $150,000. The bank charges you 6% annual…

A: Here, Mortgage Loan is $150,000 Annual Interest Rate (r) is 6% Time Period (n) is 20 years…

Q: The Leonardo Family's got $500,000 mortgage has an amortization period of 25 years. Let's assume…

A: Mortgage refers to the amount borrowed against the purchase of the real estate. Amortization of the…

Q: You purchase a house for $188,938.00. You made a down payment of 20,000 and the remainder of the…

A: Mortgage amount refers to an amount that is being borrowed by the borrower from the lender at…

Q: A house’s mortgage is $300,000. It will be repaid over the course of 25 years at 5% interest in…

A:

Q: You are buying a house for $120,000.00 with a downpayment of $12,000.00. The loan will be paid back…

A: An amortized loan refers to a type of loan that is repaid over a set period through regular…

Q: You buy a $250,000 house and pay $50,000 down.  The loan is for 25 years at 6% monthly. If you pay…

A: Using the PMT and NPER function in excel

Q: You were buying a House for $190,000 with a down payment of $57,000. The loan will be paid back over…

A: A study that proves that the future worth of the money is lower than its current value due to…

Q: To buy an $180,000 condominium, you put down $30,000 and take out a mortgage for $150,000 at an APR…

A: The calculation is:

Q: You want to borrow $30,000. For the loan to you must repay $1100 every quarter (4 times per year)…

A: Borrowed amount = $30,000Quarterly payment = $1,100Number of years = 8 yearsAmount at the end of 8th…

Q: ow $ 150,000 for a house with 10% down payment at 8% compound annual interest rate for 30 years,…

A: The given problem can be solved using PMT function in excel. PMT function computes installment…

Q: You purchase a condominium for $125,000. The bank requires a 20% down payment. You borrow the…

A: Mortgage loans are paid by equal monthly installments that carry payment for interest and payment…