Jason bought a home in Arlington, Texas, for $127,000. He put down 25% and obtained a mortgage for 30 years at 6%. a. What is Jason’s monthly payment? (Do not round intermediate calculations. Round your answer to the nearest cent.) Monthly payment $ b. What is the total interest cost of the loan? (Use the amortization worksheet on the financial calculator.) Total interest cost $
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9. Jason bought a home in Arlington, Texas, for $127,000. He put down 25% and
obtained a mortgage for 30 years at 6%.
a. What is Jason’s monthly payment? (Do not round intermediate calculations.
Round your answer to the nearest cent.)
Monthly payment $
b.
What is the total interest cost of the loan? (Use the amortization worksheet on the financial calculator.)
Total interest cost $
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- Michael Sanchez purchased a condominium for $97,000. He made a 20% down payment and financed the balance with a 30 year, 5% fixed-rate mortgage. (Round your answers to the nearest cent. Use this table, if necessary.) (a) What is the amount (in $) of the monthly principal and interest portion, PI, of Michael's loan?Joe Levi bought a home in Arlington, Texas, for $147,000. He put down 25% and obtained a mortgage for 30 years at 6%. a. What is Joe’s monthly payment? (Do not round intermediate calculations. Round your answer to the nearest cent.) b. What is the total interest cost of the loan? (Do not round intermediate calculations. Round your answer to the nearest cent.)Joe Levi bought a home in Arlington, Texas, for $132,000. He put down 30% and obtained a mortgage for 30 years at 5.00%. (Use Table 15.1.) a. What is Joe's monthly payment? (Round your intermediate values and final answer to the nearest cent.) Monthly payment b. What is the total interest cost of the loan? (Use 360 days a year. Round your intermediate values and final answer to the nearest cent.) Total interest cost
- III. Assume compound interest is used to solve the following problems. 1. Stanley borrowed $4500.00 from his credit union to do some home renovations. The loan has an annual interest rate of 5.75% and an amortization period of 3 years. a. What is Stanley's monthly payment? b. Calculate the total amount he will pay over 3 years. G Calculate the finance charge on the loan. 2. Adele wants to buy a used car that costs $2900.00. She has $1100.00 saved up for a down payment. a. How much will Adele have to borrow to buy the car? b. She can get a loan at 6.50% per annum with an amortization period of 2 years. What will be her monthly payment? c. What will be the total she pays for the loan? d. How much will the car cost? 3. Calculate the monthly payment, the total amount paid, and the finance charge for the following loans: a $2000.00 at 8.00% per annum for 3 years; b. $10 000.00 at 6.25% per annum for 5 years; and c. $1500.00 at 3.75% per annum for 2 years. 4. Harley used her credit card to…(ANSWER LETTER C ONLY AT THE BOTTOM OF THE PAGE) Michael Sanchez purchased a condominium for $94,000. He made a 20% down payment and financed the balance with a 30 year, 5% fixed-rate mortgage. (Round your answers to the nearest cent. Use this table, if necessary.) (a) What is the amount (in $) of the monthly principal and interest portion, PI, of Michael's loan? -$403.69 PaymentNumber MonthlyPayment(in $) MonthlyInterest(in $) Portion Usedto ReducePrincipal(in $) LoanBalance(in $) 0 $75200 1 $403.69 $313.33 $90.36 $75,109.64 2 $403.69 $312.96 $90.73 $75,018.91 3 $403.69 $312.58 $91.11 $74,927.80 4 $403.69 $312.20 $91.49 $74,836.31 If the annual property taxes are $1,640 and the hazard insurance premium is $670 per year, what is the total monthly PITI of Michael's loan (in $)?Larry Davis borrows $87,000 at 11 percent interest toward the purchase of a home. His mortgage is for 25 years. a. If Larry decides to make annual payments, how much will they be? (Enter your answer as a positive number rounded to 2 decimal places.) Annual payments b. How much interest will he pay over the life of the loan? (Do not round intermediate calculations. Round your final answer to 2 decimal places.) Total interest
- Jen Logan bought a home in lowa for $110,000. She put down 20% and obtained a mortgage for 30 years at 51%. What are Jen's monthly payment and total interest cost of the loan? (Use Table 15.1.) Note: Round the intermediate calculation and final answers to the nearest cent. Monthly payment Total interest costYou plan to purchase a $320,000 house using a 15-year mortgage obtained from your bank. The mortgage rate offered to you is 5.20 percent. You will make a down payment of 15 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? Answer is not complete. Complete this question by entering your answers in the tabs below. Req A Req B1 Amortization Schedule Month 1 2 3 179 180 Construct the amortization schedule for the mortgage? (Do not round intermediate calculations. Round your answers to 2 decimal places. (e.g., 32.16)) Req 82 Total Interest Amortization Schedule for the 15-Year Mortgage Interest Cumulative Principal Principal 272,000.00 270,999.26 Cumulative Interest Ending BalanceMichael Sanchez purchased a condominium for $89,000. He made a 20% down payment and financed the balance with a 30 year, 5% fixed-rate mortgage. (Round your answers to the nearest cent. Use this table, if necessary.) (a): What is the amount (in $) of the monthly principal and interest portion, PI, of Michael's loan? $ (b): COnstruct an amortization schedule for the first four months of Michael's mortgage. (attached is the chart have to fill out for anwser) (C): If the annual property taxes are $1,640 and the hazard insurance premium is $730 per year, what is the total monthly PITI of Michael's loan (in $)? $
- John bought an expensive $2,740 stereo. He took out an amortized loan for the full amount at 3.12% annual interest compounded monthly and repaid the loan in 4 substantially equal monthly payments. (a) What was the monthly interest rate? % (b) What initial monthly payment was John required to make? $ (c) Fill-in the cells of the amortization schedule for this loan: Amortization Schedule for John's Loan Period Current Balance at start of period Payment Amount Amount Interest Paid Principal Repaid Current Balance after payment 1 $2,740 2 3 4Joe Levi bought a home in Arlington, Texas, for $160,000. He put down 30% and obtained a mortgage for 30 years at 6 1/8 %. What is the difference in interest cost if he had obtained a mortgage rate of 5 1/2 %? (Use Table 15.1.) TABLE 15.1 Amortization table (mortgage principal and interest per $1,000) Rate Interest Only 10 Year 15 Year 20 Year 25 Year 30 Year 40 Year 5.5 0.45833 10.85263 8.17083 6.87887 6.14087 5.67789 5.1577 5.625 0.46875 10.91467 8.23732 6.94966 6.21575 5.75656 5.24302 5.75 0.47917 10.97692 8.3041 7.02084 6.29106 5.83573 5.32888 5.875 0.48958 11.03938 8.37118 7.09238 6.36682 5.91538 5.41525 6 0.5 11.10205 8.43857 7.16431 6.44301 5.99551 5.502141. You plan to buy a $100,000 home using a 30-year mortgage obtained from your local credit union. The mortgage rate offered to you is 8.25 percent. You will make a down payment of 20 percent of the purchase price. 1. Calculate your monthly payments on this mortgage. 2. Calculate the amount of interest and, separately, the principal paid in payment 25. 3. Calculate the amount of interest and, separately, the principal paid in payment 225. 4. Calculate the amount of interest paid over the life of this mortgage.