Jose has a 15-year mortgage of $250,000 from his bank. The mortgage calls for equal monthly repayments and carries an annual percentage rate (APR) of 3%. Right after Jose makes his first repayment, how much in principal does Jose still owe the bank? A) $248,274 B) $249,899 C) $248,899 D) $249,274
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- Derek borrows $318,449.00 to buy a house. He has a 30-yearmonthly payment mortgage with a rate of 5.70% p.a. Assuming he makes all the required monthly payments on time, what is the remaining balance on Derek's loan immediately after he makes the 99th payment? 1) $297,424.72 2) $276,149.51 3 ) None of the answers in this list is within $ 1.00 of the correct answer . 4 ) $289,563.23 5 ) $ 269,665.60 6 ) $ 281,983.11Anna is buying a house selling for $235,000. To obtain the mortgage, Anna is required to make a 15% down payment. Anna obtains a 25-year mortgage with an interest rate of 5%. a) Determine the amount of the required down payment. b) Determine the amount of the mortgage. c) Determine the monthly payment for principal and interest Number of Years Rate_% 10 15 20 25 303.0 $9.65067 $6.90582 $5.54598 $4.74211 $4.216043.5 9.88859 7.14883 5.79960 5.00624 4.490454.0 10.12451 7.39688 6.05980 5.27837 4.774154.5 10.36384 7.64993 6.32649 5.55832 5.066855.0 10.60655 7.90794 6.59956 5.84590 5.368225.5 10.85263 8.17083 6.87887 6.14087 5.677896.0 11.10205 8.43857 7.16431 6.44301 5.995516.5 11.35480 8.71107 7.45573 6.75207 6.320687.0 11.61085 8.98828 7.75299 7.06779 6.653027.5 11.87018 9.27012 8.05593 7.38991 6.992158.0 12.13276 9.55652 8.36440 7.71816 7.337658.5 12.39857 9.84740 8.67823 8.05227 7.689139.0 12.66758 10.14267 8.99726 8.39196 8.046239.5…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
- Felix is purchasing a brownstone townhouse for $2,800,000. To obtain the mortgage, Felix is required to make a 17% down payment. Felix obtains a 25-year mortgage with an interest rate of 7.5%. LOADING... Click the icon to view the table of monthly payments. a) Determine the amount of the required down payment. b) Determine the amount of the mortgage. c) Determine the monthly payment for principal and interest. Rate % 10 15 20 25 303.0 $9.65067 $6.90582 $5.54598 $4.74211 $4.216043.5 9.88859 7.14883 5.79960 5.00624 4.490454.0 10.12451 7.39688 6.05980 5.27837 4.774154.5 10.36384 7.64993 6.32649 5.55832 5.066855.0 10.60655 7.90794 6.59956 5.84590 5.368225.5 10.85263 8.17083 6.87887 6.14087 5.677896.0 11.10205 8.43857 7.16431 6.44301 5.995516.5 11.35480 8.71107 7.45573 6.75207 6.320687.0 11.61085 8.98828 7.75299 7.06779 6.653027.5 11.87018 9.27012 8.05593 7.38991 6.992158.0 12.13276 9.55652 8.36440 7.71816 7.337658.5 12.39857 9.84740 8.67823 8.05227 7.689139.0 12.66758…K Bill and Kim Johnson are purchasing a house for $309,000. Their bank requires them to pay a 10% down payment. The current mortgage rate is 8%, and they are required to pay one point at the time of closing. Determine the total amount Bill and Kim will pay for their house, including principal, interest, down payment, and points (do not include taxes and homeowners' insurance) for the following lengths of their mortgage. a) 10 years b) 20 years c) 30 years CATNate bought a home for $143,000 with a down payment of $15,000. Nate's rate of interest is 6.75% for 20 years. Calculate his: A. Monthly payment Note: Round your answer to the nearest cent. B. First payment broken down into interest and principal Note: Round your "Principal" answer to the nearest cent. C. Balance of mortgage at end of month Note: Round your answer to the nearest cent.
- Noor is buying a home with a $200,000 mortgage using a 5.5 percent, 30-year loan. How much of the first month's payment will go toward the principal if the payment per $1000 on this loan is $5.6779? O a. $917 O b. $219 O c. $0 O d. $538Felix is purchasing a brownstone townhouse for $2,800,000. To obtain the mortgage, Felix is required to make a 17% down payment. Felix obtains a 25-year mortgage with an interest rate of 6.5%. LOADING... Click the icon to view the table of monthly payments. a) Determine the amount of the required down payment. b) Determine the amount of the mortgage. c) Determine the monthly payment for principal and interest. a) Determine the amount of the required down payment. Stephen has just purchased a home for $125,000. A mortgage company has approved his loan application for a 30-year fixed-rate loan at 5.00%. Stephen has agreed to pay 25% of the purchase price as a down payment. Find the total interest Stephen will pay if he pays the loan on schedule. E Click the icon to view the table of the monthly payment of principal and interest per $1,000 of the amount financed. The total interest is S. (Round to the nearest cent as needed.)
- Greg borrows $881,000 to buy a house. His mortgage requireds 22 years of monthly payments, with the first payment due one month after the purchase date, and an annualized interest rate of 5.4%. If Greg decides to completely pay off the loan as soon as he makes payment #36, how much does he owe the bank? Assume he has made all payments on time leading up to this point. Enter your answer as a positive number, and round to the nearest dollar.Will has a 30-year mortgage on a $100,000 loan for his house in Florida. The interest rate on the loan is 6% per year (nominal interest), payable monthly at 0.5% per month. Solve, a. What is Will’s monthly payment? b. If Will doubles his payment from Part (a), when will the loan be completely repaid?Jimmy buys a piece of property worth $90454, Jimmy makes a down payment of $17541, and pays the remaining portion of the debt with a mortgage consisting of year end payments for the next 18 years. If interest on the mortgage is 5.6% compounded yearly, then in what amount are the payments? Answer: