Find the total monthly payment for a $280,000 mortgage loan at 3.5% for 20'years. The assessed value of the home is $300,000. The annual taxes on the home are 1.25% of the assessed value and the insurance on the home costs $1350 per year. Round your answer to the nearest whole dollar.

Find the total monthly payment for a $280,000 mortgage loan at 3.5% for 20'years. The assessed value of the home is $300,000. The annual taxes on the home are 1.25% of the assessed value and the insurance on the home costs $1350 per year. Round your answer to the nearest whole dollar.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

ChapterM: Time Value Of Money Module

Section: Chapter Questions

Problem 11RE: Samuel Ames owes 20,000 to a friend. He wants to know how much he would have to pay if he paid the...

See similar textbooks

Related questions

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: You want to buy a house valued at $200,000. AFter a down payment, you can finance the house with a…

A: The annual percentage rate is the rate earned on the investment or paid on loan over the period of…

Q: You wish to purchase a home for $500,000. You will make payments of $30,000 at the end of every…

A: A sum borrowed to meet specific personal or business funding needs is recognized as a loan/mortgage.…

Q: a. Calculate the amount of interest and, separately, principal paid on each mortgage. What is the…

Q: You buy a house for $328,000, make a $33,000 down payment, and take out at 15-year mortgage at an…

A: “Since you have posted a question with multiple sub-parts, we will solve the first three sub- parts…

Q: You purchase a home for $299,000. You make a down payment of 13% and finance the remaining amount…

A: Formulas:

Q: You want to buy a house and will need to borrow $210,000 the interest rate in your loan is 5.35…

A: The objective of this question is to calculate the monthly mortgage payments for a loan of $210,000…

Q: You just bought a house for $334, 000 with a 12% down payment. The remainder is financed by a fully…

A: Cost of the house = $334,000Down payment = $334,000 x 12% = $ 40,080Loan amount = cost of the house…

Q: Find the monthly payment for the loan. (Round your answer to the nearest cent.) Finance $859,000…

A: The monthly payment can be calculated with the help of present value of annuity formula

Q: You purchase a cottage for $175,000. You obtain a 25-year, fixed-rate mortgage loan at 12.5% after…

A: A mortgage is a loan arrangement that allows a borrower to purchase a house or other real estate…

Q: You want to take out a $179,000 mortgage (home loan). The interest rate on the loan is 4.1 %, and…

A: After making payments for 15 years, you will still owe approximately $116,143 on your mortgage.…

Q: Find the monthly payment for the loan. (Round your answer to the nearest cent.) Finance $856,000…

A: The monthly payment on the loan can be calculated with the help of present value of annuity function

Q: You are looking to buy a $415,000.00 home in Haverhill. If Bank of America will give them a 15-year…

A: 1) Loan Amount = 80% of 415,000 = $332,000.

Q: You buy a house for $1,200,000 using a 30-year mortgage. The annual interest rate is 3%. Payments…

A: Using excel PV function

Q: You plan to purchase a $200,000 house using either a 30-year mortgage obtained from your local…

A: Let us dissect the computations and provide a more comprehensive explanation. a. Interest and…

Q: calculate the mortgage payment for a home mortgage price costing $ 280,000. Calculate the payment…

A: A mortgage is a kind of loan that a lender or financial institution offers to people or companies to…

Q: You plan to purchase a $200,000 house using either a 30-year mortgage obtained from your local…

A: Let us dissect the computations and provide a more comprehensive explanation. a. Principal and…

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%,…

Q: Find the monthly payment for a 289,500.00 home with 20% down payment. The terms of the mortgage are…

A: The cost of home = 289,500 The down payment = 20% Interest rate on mortgage = 8.5% The time period…

Q: The price of a home is $220,000. The bank requires a 20% down payment and one point at the time of…

A: Here, Price of Home is $220,000 Down Payment is 20% Closing Point is One Point i.e 1% of Loan Amount…

Q: You are looking to buy a $415,000.00 home in Haverhill. If Bank of America will give them a 30-year…

A: For the calculation I have used the above given formula and got the monthly payment to be…

Q: You purchase a home for $438,000 by making a down payment of 15% and financing the remaining amount…

A: Monthly payment refers to the amount that is being paid every month either in the beginning or end…

Q: You have $25,000 available for a down payment on your new home. You have determined that you can…

A: Down Payment = 25,000 Monthly Payment = 1,250 Rate = 4%/12 per month Time Period (N) = 360 months…

Q: You are ready to buy a house and you have $35,000 for a down payment and closing costs. Closing…

A: Excel formula.

Q: A hair stylist obtains a home loan for $411,000 at an annual interest rate of 5.25% compounded…

A: To find the monthly mortgage payment, we can use the formula: M = P [ i(1 + i)^n ] / [ (1 + i)^n –…

Q: You have just purchased a new warehouse. To finance the purchase, you've arranged for a 30-year…

A: Mortgage period = 30 yearsPurchase price = $2,700,000Mortgage amount = 80% of purchase priceMonthly…

Q: You buy a house for $1,200,000 using a 30-year mortgage. The annual interest rate is 3%. Payments…

A: The equivalent annual cost is the periodic payment made towards the acquisition of an asset or…

Q: You can afford to pay $15,000 at the end of each of the next 30 years to repay a home loan. If the…

A: Present value of annuity is the current worth of future annual cash flows over a period of time at a…

Q: You obtain a 30-year loan at a fixed annual 8% on a $100,000 condo where the required down payment…

A: GIVEN, n=30 R=8% PRICE=$100,000 DOWNPAYMENT=$5000 M=12

Q: A house costs $185,000. You take out a mortgage loan and put 20 percent down on the house. The…

A: Loans are paid in equal monthly installments that carry the payment of interest and loan payments.

Q: You want to buy a house and will need to borrow $295,000. The interest rate on your loan is 6.37…

A: Here, Borrowed Amount (PV) is $295,000 Interest Rate (r) is 6.37% Compounding Period (m) is Monthly…

Q: The price of a home is $260,000. The bank requires a 20% down payment and one point at the time of…

A: Explanation:Step 1: Calculate the down payment.The home price is $260,000, and the bank requires a…

Question

**Applied Mathematics: Fourth Edition**

4. Find the total monthly payment for a $280,000 mortgage loan at 3.5% for 20 years. The assessed value of the home is $300,000. The annual taxes on the home are 1.25% of the assessed value and the insurance on the home costs $1350 per year. Round your answer to the nearest whole dollar.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Given:

VIEW

Calculation of Monthly Payment:

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps with 1 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, finance and related others by exploring similar questions and additional content below.

Similar questions

The amount that is borrowed on your house mortgage was $175,000 dollars to be repayed through monthly payments for 25 years at 5.6% APR. a. Find the amount of the monthly payment that would amortize this loan. b. Suppose you have been making your payments for the last 7 years and would like to apply for a home equity loan to put an in ground pool in your yard. Calculate what remains to be paid on your mortgage. c. Calculate the equity you have in your home if your home is currently worth $205,000.
please help
Find the monthly payment for the loan indicated. (Round your final answer to two decimal places. See Example 5.) To purchase a home, a family borrowed $99,000 at an annual interest rate of 6.3% for 20 years.
To pay for your education, you've taken out $24 comma 00024,000 in student loans. If you make monthly payments over 1212 years at 66 percent compounded monthly, how much are your monthly student loan payments? Question content area bottom Part 1 Your monthly student loan payments are $enter your response here. (Round to the nearest cent.)
Simple Interest: Solve for the following
A couple purchase a home and sign a mortgage contract for $150000 to be paid monthly over 25 years. The interest rate is 8% annually. The Bank has the following policy: Charge $650 processing fees, and loan initiation charge 1.5 point, and stipulate a penalty equal to three times one month payment a. What is the monthly payment b. Build a 3 rows of amortization table c. What is the real cost of the Mortgage d. After 5 years BP announced that ha offered a mortgage at 7%. Should the couple switch to BP
Godo
Create an amortization table in Excel for a new car loan for 30,000 for six years at 5%. Determine the total amount of interest you will pay on this loan. Copy the table from Step 1, make an extra principal payment of $2,000 on the first day of year two. How does this change the total interest you will pay on this loan? Create an amortization table in Excel for a new car loan for 30,000 for three years at 5%. Determine the total amount of interest you will pay on this loan. Copy the table from Step 3, change the interest rate to 2%. How does this change the total interest that you will pay on the loan? What is the total amount you will pay for the car (principal and interest) in each of the steps 1, 2, 3 and 4.
You decide to borrow $250,000 to build a new home. The bank charges an interest rate of 8% compounded monthly. If you pay back the loan over 30 years, what will your monthly payments be ( rounded to the nearest dollar)? a. $1, 123 b. $ 1, 237 c. $1, 687 d. $1, 834
solving problem involving business and consumer loans: Mrs. tan got a business loan worth 800,000. she promised to pay the loan semi- annually in 5 years. the semi-annual payment is 103,603.66 if money is worth 10% converted semi-annually. how much is the outstanding balance after the third payments
You decide to purchase a house for $260,000. You have saved money so you are able to do a down payment of $20,000. You are able to finance your house by getting a 25 year mortgage with an interest rate of 7%. What are the monthly payments? (Do not round intermediate calculations and round your final answer to 2 decimal places.) Part 2 - Six years later, you decide to calculate your loan balance? (Use a payment value rounded to 2 decimal places. Round your final answer to 2 decimal places.) (Hint. Use the remaining years for “N”). Part 3 - If the house appreciates at 3.12 percent per year, what will be the value of the house in eight years? (Round your final answer to 2 decimal places.) NOTE: Provide a format and show your work (example: N = 6, PV = XXX, I = X%, etc.)
PA Use PMT= to determine the regular payment amount, rounded to the nearest dollar. The price of a home is $217,000. The bank requires a 20% down payment and three points at the time of closing. The cost of the home is financed with a 30-year fixed-rate mortgage at 7%. Complete parts (a) through (e) below. a. Find the required down payment. $ b. Find the amount of the mortgage. c. How much must be paid for the three points at closing? S (Round to the nearest dollar as needed.) d. Find the monthly payment (excluding escrowed taxes and insurance). S (Round to the nearest dollar as needed.) e. Find the total cost of interest over 30 years. (Round to the nearest dollar as needed.)