If you took out a 30-year loan to buy a house for $1 million at an interest rate of 5%, how much would you need to pay monthly to amortize your loan at the end of 30 years?
Q: you wish to purchase real property. the lender will give you a 250000 fixed rate 30 year mortgage at…
A: Mortgage amount = $250000Mortgage term = 30 YearsRate of interest = 3.5% per annumwe are required to…
Q: Suppose you purchase a house using a 30-year fixed rate mortgage. The APR on the loan is 3.2% and…
A: The current price of the house is computed by computing the present worth of the house. The formula…
Q: Suppose you want to purchase a home for $525,000 with a 30-year mortgage at 5.44% interest. Suppose…
A: Note: No intermediate rounding is done for successive parts as well. Value of house = $525,000…
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Q: You want to purchase a house valued at $200,000. After a downpayment, you can finance the house…
A: Value of the house = $200,000 Number of years of mortgage = 20 Number of periods (n) = 20*12 = 240…
Q: a. What is your annual payment on the loan? b. Construct a mortgage amortization. c. What fraction…
A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…
Q: Suppose that 10 years ago you bought a home for $150,000, paying 10% as a down payment, and…
A: A mortgage is a property loan given by banks to their customers for purchasing a house or other real…
Q: Suppose you take a 30-year fixed-rate mortgage loan for $600,000 with a mortgage rate of 6%.
A: in this we have to calculate annual payment and than find out how much is paid and how much is…
Q: After making payments of $901.10 for 6 years on your 30-year loan at 8.9%, you decide to sell your…
A: Monthly payment (C) = $901.10 Monthly interest rate (r) = 0.00741666666666667 (i.e. 0.089 / 12)…
Q: Suppose you take out a 30 year mortgage for $ 250000 at 6.75% interest. The monthly payments on this…
A: GIVEN, PMT = $1621.50 LOAN AMOUNT (P) =$ 250,000 N = 30 YEARS R = 6.75% IF YOU PAY 40% EXTRA YOUR…
Q: Suppose you intend to purchase a house worth $239,900 with a 30-year fixed rate mortgage. You have a…
A: Solution: When an amount is borrowed, it can either be repaid as a lump sum payment or in…
Q: Suppose you want to purchase a home for $525,000 with a 30-year mortgage at 4.64% interest. Suppose…
A: given, price = $525000 n = 30 years r = 4.64% m = 12 down payment =30%
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A: Present value of annuity is the current worth of future annual cash flows over a period of time at a…
Q: You take out a 30-year mortgage for $70,000 at 9.45%, to be paid off monthly. Construct an…
A: First we need to determine the monthly payment using the formula below: Monthly payment = loan…
Q: you want to purchase a home for $475,000 with a 30-year mortgage at 5.84% interest. Suppose also…
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Q: A borrower takes out a 30-year loan for a house worth $250,000. If the annual interest rate is 6%.…
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Q: Suppose you want to purchase a home for $525,000 with a 30-year mortgage at 4.84% interest. Suppose…
A: Price of Home = $525000 Inetest Rate(r) = 4.84%/12 = 0.4033% Downpayment = 30% Amount financed…
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A: Loan / Mortgage amount = 250000APR for 30 Years = 4.16%APR for 15 Years = 3.22%
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Q: the price of a house is $400,000. Then, you make a down payment of $130,000 and take a 30-year…
A: Price = $ 400,000 Down payment = $ 130,000 Period = 30 Years Number of monthly payments = 30*12 =…
Q: Suppose you take out a 30 year mortgage for $ 250000 at 4% interest. The monthly payments on this…
A: Mortgage a is long-term loan contract which requires the borrower to pay periodic payments with…
Q: After making payments of $901.10 for 8 years on your 30 year loan at 8.3%, you decide to sell your…
A: The person has made a payment (PMT) of $901.10 for 96 months ( 8*12). Number of months (U) remaining…
If you took out a 30-year loan to buy a house for $1 million at an interest rate of 5%, how much would you need to pay monthly to amortize your loan at the end of 30 years?
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- Suppose you take out a $117,000, 20-year mortgage loan to buy a condo. The interest rate on the loan is 5%. To keep things simple, we will assume you make payments on the loan annually at the end of each year. a. What is your annual payment on the loan? b. Construct a mortgage amortization. c. What fraction of your initial loan payment is interest? d. What fraction of your initial loan payment is amortization? e. What is the total of the loan amount paid off after 10 years (halfway through the life of the loan)? f. If the inflation rate is 3%, what is the real value of the first (year-end) payment? g. If the inflation rate is 3%, what is the real value of the last (year-end) payment? h. Now assume the inflation rate is 6% and the real interest rate on the loan is unchanged. What must be the new nominal interest rate? i-1. Recompute the amortization table. i-2. What is the real value of the first (year-end) payment in this high-inflation scenario? j. What is the real value of the last…Suppose you intend to purchase a house worth $239,900 with a 30-year fixed rate mortgage. You have a down payment of 15%. (a) How much are you planning to finance? (b) Find the monthly payment needed to amortize the loan, at a rate of 2.4% compounded monthly. (c) Approximately how much of the loan will remain after 12 years?Suppose you take a 30-year fixed-rate mortgage loan for $600,000 with a mortgage rate of 6%. How much do you still owe on the loan after 15 years?
- you wish to purchase real property. the lender will give you a 250000 fixed rate 30 year mortgage at 3.5% per annum. suppose that before you can make any payments you receive a pay raise so you can pay an extra 200 per month with your normal payment. how many payments are required to fully amortize the loan assuming the extra 200 is paid each month?A borrower takes out a 30-year loan for a house worth $250,000. If the annual interest rate is 6%. if the borrower chooses to pay $40,000 at the end of year 12, what will the new payments be assuming the loan maturity will not be reduced?After making payments of $901.10 for 6 years on your 30-year loan at 8.9%, you decide to sell your home. What is the loan payoff?
- Suppose you take out a 30 year mortgage for $ 250000 at 4% interest. The monthly payments on this loan are $ 1193.54. If you pay an extra 40% per month on your mortgage, how soon will you pay off the loan? How much will you save in interest by making the extra payments? If you put $ 1193.54 per month into an annuity earning 7.25% interest compounded monthly for the remaining time on your original loan, how much money will you have at the end of the original 30 years?the price of a house is $400,000. Then, you make a down payment of $130,000 and take a 30-year mortgage for the balance. (a) what is your down payment? (b) what is your mortgage ? (c) what is the total interest charged over the life of the loan if your monthly payment is 1350 dollars?We suggest the use of a spreadsheet to create the amortization tables. You take out a 30-year mortgage for $70,000 at 9.45%, to be paid off monthly. Construct an amortization table showing how much you will pay in interest each year for the first 15 years and how much goes toward paying off the principal. If you sell your house after 15 years, how much will you still owe on the mortgage according to the amortization table? HINT [See Example 8.] (Round your answer to the nearest cent.) $
- You want to purchase a house valued at $200,000. After a downpayment, you can finance the house with a 20 year mortgage at 4.2% APR, compounded monthly. What percentage of the house will you need to finance in order to have monthly payments of $1,000? Round to two decimal places. What is the downpayment?You need a loan of 250000 to buy your first home. The bank offers a 30 year fixed-rate mortgage with an APR of 4.16% or a 15 year fixed-rate mortgage with an APR of 3.22%.What will your monthly payments be for the 30-year mortgage? How much will the total interest be for the 30-year mortgage? What will your monthly payments be for the 15-year mortgage? How much will the total interest be for the 15-year mortgage?Suppose you take out a 30 year mortgage for $ 250000 at 6.75% interest. The monthly payments on this loan are $ 1621.50. If you pay an extra 40% per month on your mortgage, how soon will you pay off the loan? How much will you save in interest by making the extra payments?