I. M. Greedy Mortgage Bank offers you a $60,000, eleven-year term loan at a 5% annual interest rate to help you buy a home. What will your annual loan payment be?
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I. M. Greedy Mortgage Bank offers you a $60,000, eleven-year term loan at a 5% annual interest rate to help you buy a home. What will your annual loan payment be?
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- You plan to use a 15 year mortgage obtained from a local bank to purchase a house worth $124,000.00. The mortgage rate offered to you is 7.75%. You will make a down payment of 20% of the purchase price. a. Calculate your monthly payments on this mortgage. List in a spreadsheet the cash flow the bank expects to receive from you. Submit the spreadsheet with your answers. b. Calculate the amount of interest and principal for the 60th payment. Show your work. c. Calculate the amount of interest and principal to be paid on the 180th payment. Show your work. d. What is the amount of interest paid over the life of this mortgage?I need help solving this on excel 9.You a buying a home for $425,000 and would like to determine the monthly mortgage payment. You can obtain a $340,000 30-year fixed-rate mortgage at 3.5%. What is your monthly payment?Suppose you purchase a house using a 30-year fixed rate mortgage. The APR on the loan is 3.2% and you will be required to make monthly payments of $3,700 what is the price you paid for your home?
- You can afford an $800 per month mortgage payment. You found a 30-year loan at 6% interest. How big of a loan can you afford? How much will you pay the loan company? How much of that money is interest?In the Excel Payment Function file that follows, you are looking to see what your basic mortgage payment will be if you buy a home for $250,000. It will be a 30-year mortgage. The interest your bank will charge will be 7.5%. In cell C5, create a function that determines what your monthly payment will be.You are considering purchasing a new home. You will need to borrow AED 4,000,000 to purchase the home. A mortgage company offers you a 10-year fixed rate mortgage at 12% APR. If you borrow the money from this mortgage company, what is your monthly mortgage payment
- You are considering purchasing a new home. You will need to borrow $280,000 to purchase the home. A mortgage company offers you a 20-year fixed rate mortgage (240 months) at 9% APR (0.75% month). If you borrow the money from this mortgage company, your monthly mortgage payment will be closest to: O A. $2,015 O B. $3,527 O C. $4,030 O D. $2,519Your parents shop around and a different bank is willing to lend them a $750,000 30-year mortgage with payments of $4,865 per month. What is the implied APR of this loan?You can afford a $1300 per month mortgage payment. You've found a 30 year loan at 6% interest.a) How big of a loan can you afford?$b) How much total money will you pay the loan company?$c) How much of that money is interest?
- You plan to purchase a $310,000 house using a 15-year mortgage obtained from your bank. The mortgage rate offered to you is 5.10 percent. You will make a down payment of 20 percent of the purchase price. a. Calculate your monthly payments on this mortgage. b. (1) Construct the amortization schedule for the mortgage. b. (2) How much total interest is paid on this mortgage?After making payments of $917.10 for 4 years on your 30-year loan at 8.1%, you decide to sell your home. What is the loan payoff?A lender offers you a $125,000, 30 year mortgage with monthly payments of $769.65. What’s the interest rate?