Laura and Martin obtain a 30 year, 180,000 conventional mortgage at 10.0% on a house selling for 210,000. Their monthly mortgage payment, including principle and interest, is 1566.00. Determine the total amount they will pay for the house. How much of the cost will be in interest? How much of the first payment on the mortgage is applied to the principal?

Q: (a) How much does she need for the down payment? How much money does Maria need to borrow? (b) What…

A: Loan (mortgage) amortization schedule refers to a schedule which is prepared to shows the periodic…

Q: Roger has found a home to be purchase for $219,626 and has agreed to pay 30% down. Find the amount…

A: Annuity refers to series of annual payment which are paid or received at start or end of specific…

Q: Felix is purchasing a brownstone townhouse for ​$2,400,000. To obtain the​ mortgage, Felix is…

A: Given, Purchase Price of the house = $2,400,000 Down payment = 17% Mortgage period = 25 years…

Q: Mr. and Mrs. Murthy have a totally monthly gross income of $6000.00. They are interested in…

A: GDSR is a metric that measures housing costs as a proportion of the gross income of the borrower.

Q: A couple buys a $190000 home, making a down payment of 17%. The couple finances the purchase with a…

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Q: Jeronica and Sandy have decided to purchase a cooperative apartment together. They have received a…

A: Given: Monthly payment = $592.40 Years = 30 Interest rate = 16.2% Loan amount = $42,500

Q: Daniel and Jan agreed to pay $560,000 for a four-bedroom colonial home in Waltham, Massachusetts,…

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A: Using Excel PMT function

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

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Q: Chelsea and Bill are buying a house on a 30-year mortgage.  They can afford a $1200 per month…

A: Using excel PV function, to calculate purchase price of a house

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A: Mortgage are paid by equal monthly installments and these monthly installments carry payment for…

Q: Maria and John have been renting a small apartment but decide to purchase a house. The one they have…

A: using excel PMT function

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: total interest

A: Mortage is defined as the type of loan wherein the loan is taken between two or more parties.…

Q: Sara purchased a three-bedroom, two-storey house for $209 000 with a 10% down payment. The mortgage…

A: The down payment refers to the money paid by the customer in the early stage of purchasing the…

Q: Ben and Carla Covington plan to buy a condominium. They will obtain a $220,000, 30-year mortgage at…

A: The mortgage refers to the loan that is backed by the property as collateral on which the mortgage…

Q: Remy obtains a 30-year mortgage in the amount of $625,000 for a co-op. She secures a 7/1 ARM at an…

A: ARM is a type of variable interest loan, where the interest amount changes after the initial period.…

Q: Hiram, a real estate professional, is representing a client interested in purchasing a 10-unit…

A: Monthly mortgage refers to an amount that is paid every month for the repayment of a loan amount…

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A: We need to use loan amortization formula to calculate monthly payment. The formula is  PMT…

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A: Price of Home =$114500 Amount Mortgage = 75% of Home Price                                = 75% *…

Q: A couple buys a $190000 home, making a down payment of 23%. The couple finances the purchase with a…

A: Individuals and couples usually take loan when they buy homes because of the fact that houses are…

Q: Hector and Maria purchase their first home for $138,000. They make a 10% down payment and finance…

A: “Since you have asked multiple question, we will solve the first question for you. If you want any…

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A: Amortization of a loan refers to the systematic payment of the loan at regular intervals. These…

Q: Anna is buying a house seling for $265.000. To oblain the morigage Anna la required to make a 10%…

A: 1) Down-payment  = House Price * 10%  = 265,000 * 10% = 26,500   2) Mortgage Loan  = House Price -…

Q: Mrs. R. would like to buy a mobile home. To this end, she takes out a loan of 80,000 euros on…

A: Mortgage refers to the borrowed amount of funds that is taken from financial institutions, such as…

Q: 6. Smith is willing to spend $2,000 per month on her mortgage payment. If Smith obtains a fully…

A: An agreement through which a lender lends the money to the borrower, and has the right to take the…

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A: Mortgages A mortgage is a legal agreement between a lender and a borrower in which the borrower…

Q: Maria takes out a 30-year mortgage at 5.5% to buy a house that costs $280,00. She must have a down…

A: A mortgage is a loan given on a property in which the collateral is the property itself.

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A: We need to find monthly installment and compare that with the salary of 20000 per month. If monthly…

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A: Mortgage loans are secured loans and are paid by equal periodic payments that carry the payment for…

Q: Jane Doe earns $41,400 per year and has applied for a(n) $89,000, 25-year mortgage at 7 percent…

A: Amount available for mortgage payment= Debt Service Ratio * Monthly income -  Monthly Property taxes

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

Q: The Singhs have purchased a S550, 000 home with a 20 - year, S400, 000 mortgage. Their mortgage rate…

A: Here's a detailed calculation for better understanding. Calculate the loan-to-value (LTV)…

Q: Ben and Carla Covington plan to buy a condominium. They will obtain a $224,000, 30-year mortgage at…

A: Given information, 30-year mortgage at 7.0 percent =$224,000 Payment factor at 7%, 30 years is…

Q: Felix is purchasing a brownstone townhouse for ​$2,300,000. To obtain the​ mortgage, Felix is…

A: Downpayment is the amount paid in advance during the purchase of any asset or property. Formula is…

Q: Sonya has a $363,000 mortgage at 3.41% compounded monthly with end of month payments of $3,340.00.…

A: The number of payments period refers to the time for which an investment of any kind or loan payment…

Cost of Credit

The cost of credit is an extra amount that the borrower has to pay besides the loan amount. These credit charges may vary from loan to loan. The cost of credit includes interest charges, maintenance charges, and arrangement charges. Some of the costs are mandatorily collected by the lender based on the loan amount and tenure of the loan. The cost of credit is also called finance charges of the credit.