J. D. Homeowner has just bought a house with a 20-year, 9%, $70,000 mortgage on which he is paying $629.81 per month (a.)If J. D. sells the house after 10 years, how much must he pay the bank to completely pay off the mortgage at the time of the 120th payment? (b)How much of the first $629.81 payment on the loan is interest?

Q: 3) Jennifer buys a $300,000 house and pays $100,000 down. The loan is for 30 years and is at 4%…

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

Q: What is the difference in interest cost if he had obtained a mortgage rate of 5 1/2 %

A: First we need to determine the loan amount. This can be determined with the formula below:In the…

Q: (b) What is the total amount of interest EACH loan? Show your work. (c) Overall, how much more…

A: we have to find out monthly payment under each option and calculate interest under each option.

Q: Tom borrowed $80,000 at a rate of 6.5% from bank for his new house. This is a 30 year monthly paid…

A: Given, Tom borrowed = $80,000 Rate= 6.5% Time period= 30 year

Q: Vipula De Silva has just bought a boat by taking an unconventional 13 year, $82,884 mortgage from…

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

Q: 4. J.D. Homeowner has just bou ght a house with a 20-year, 9%, $70,000 mortgage on which his is…

A: The PMT function is a type of financial function which helps to determine the total monthly payment…

Q: Greg borrows $881,000 to buy a house. His mortgage requireds 22 years of monthly payments, with the…

A: The scenario requires identifying the amount required to be paid after the 36th monthly payment. It…

Q: Brad and Sam take a 30-year mortgage for a house that costs $126,601. Assume the following:   The…

A: PITI stands for principal, interest, tax and insurance - PITI is the sum component of all four…

Q: Dan buys a property for $280,000. He is offered a 25-year loan by the bank, at an interest rate of…

A: Loan amortization is the systematic process of gradually reducing the outstanding balance on a loan…

Q: semiannual payments over the next 9 years.

A: Amortization is an accounting method that lowers the book value of the loan or intangible asset…

Q: Suresh buys a house for $794,357.30 with a down payment of $72,214.30 and a mortgage for the…

A: Amortization is the period of repayment of the loan. It is the period in which you repay your loan.…

Q: An individual wishes to purchase a house that is selling for $200,000. The person has $50,000 they…

A: Mortgage loan have some down payment and remaining are to be paid monthly over the long period of…

Q: Kobe has a mortgage for $798,337.00. The term of the mortgage is 4 years, and the amortization…

A: Loan amortization is the process of making equal payments over the life of the loan. These regular…

Q: Beth buys a home for $314,561 and puts 20% down.  How much is the monthly payment on her thirty-year…

A: Loan amortization refers to the systematic repayment of principal and interest amount spread over…

Q: Gary purchased a house and obtained a 30 - year loan of $250,000 at an annual interest rate of 6.75%…

A: Using excel PMT and PV function

Q: What is the cost of two points on the mortgage?

A: Information Provided: Selling Price = $125,000 Downpayment = 20% or $25,000 Loan amount = $100,000…

Q: A borrower purchased a $250,000 house with 5 percent down payment taking a mortgage loan for the…

A: Value of Mortgage Loan =$250000×(100-5)%=$237500Coverage of Private Mortgage Insurance Cover =6% of…

Q: To go on a summer trip, Bob borrows s700. He makes no payments until the end of 4 years, when he…

A: The total interest to be paid is calculated as simple interest amount for 4 years whereas total…

Q: Joe Levi bought a home in Arlington, Texas, for $148,000. He put down 30% and obtained a mortgage…

A: Mortgage:A mortgage is a legal agreement in which a person borrows money from a bank or a financial…

Q: A couple buys a $200000 home, making a down payment of 19%. The couple finances the purchase with a…

A: Solution:- Given, A Couple buys a $200,000 home, making a down payment of 19% The couple finances…

Q: Afamily has a $110,662, 15-year mortgage at 6% compounded monthly (A) Find the monthly payment and…

A: A mortgage is a type of covered loan provided for the purchase or maintenance of the real estate.…

Q: Jino sold his house. In addition to cash, he took a mortgage on the house. The mortgage will be paid…

A: Present value is also known as a present discounted value, in which the future value of cash inflows…

Q: How much does she still owe when there is 1 year left on the loan?

A: Interest is charged by the lender on the amount of loan taken. At the initiation of loan repayment,…

Q: Donald and Barbara have 30-year $155,000 mortgage at 7.68% compounded monthly.     (a) What was…

A: Mortgaage loan = $155000 Time(n)              = 30 year interest (r)           = 7.68%p.a

Q: f Brian wants to buy a house that cost $100000 the bank agreed to give him 80% of cost at 0.07…

A: Installment is the amount of periodic payments a borrower has to make to its lender in order to pay…

Q: A woman buys a house for $265,000. She pays $70,000 down and takes out a mortgage at 6.6% on the…

A: Mortgage amortization refers to a schedule which is prepared to shows the periodic loan payments,…

Q: Jen Logan bought a home in Iowa for $110,000. She put down 20% and obtained a mortgage for 30 years…

A: Here, Particulars Values Price of a house   $ 110,000.00 Down payment (20%*$110,000)  $…

Q: (6) Marian has just purchased a house. She has a $400,000, 20-year mortgage with interest at an…

A: Loan Amount = 400,000 Time Period = 20 years or 240 months Rate = 4.5% Continuous Compounding

Q: 14. Francisco Lindor borrows $73,000 at 12 percent interest toward the purchase of a mortgage is for…

A: Annual payments are periodic fixed payments that include the payment for interest and payment for…

Q: he Nicols are buying a house selling for ​$435,000. They pay a down payment of ​$35,000 from the…

A: Data given: Cost of house = $435,000 Down payment= $35,000   Required: Amount of the​ mortgage= ?

Q: After owning his home for 4 years, Braxton wants to refinance his mortgage interest rate from 5% to…

A: Monthly mortgage payment $        2,336.72Period (years)20Period lapsed (years)4Interest rate5.00%

Q: a. What is the monthly payment of the mortgage? b. What is the outstanding balance of this mortgage…

A: We can determine the monthly payment by inputting the following values in a financial calculator. N…

Q: Candace borrows $4000 from Nick due in 10 years with simple interest at 8% monthly. Two years after…

A: The concept of TVM refers to the inherent ability of money to earn interest which makes money earned…

Q: A couple buys $160000 home, making a down payment of 17%. The couple finances the purchase with a 15…

A: Here, Particulars Values Purchase value   $ 160,000 Down payment 17.00% Number of years…

Q: The Darbys are buying a house for$492,000. They make adown payment $104,000 and obtain a 15-year…

A: The mortgage refers to the funds borrowed from the financial institutions and the lenders at a…

Q: Alex has just obtained a 7-year fixed-rate mortgage to buy her first condo. The mortgage is…

A: Adjustable rate mortgage:-The interest rate on an adjustable-rate mortgage (ARM) is variable. An…