Louisa is purchasing a 125000 home and her bank is offering her a 30-year mortgage at a 475% interest rate In order to lower her monthly payment ,Louisa will make a 20% down payment and will purchase 2 points What will her monthly mortgage payment be?

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: Mary is buying a town house priced at $360,000.00. Mortgage A calls for her to make equal monthly…

A: Option b: This option is correct. Step 1:We have to calculate the monthly payments with the first…

Q: Frank and Fatima decide they will buy a two-bedroom garden-suite, with a 5750,000 mortgage from…

A: Principal (p)= $750,000 Rate (r)= 2.7% Time (t)= 5 years

Q: Suzan Long is considering buying a home for$350,000.(a) If she makes a down payment of $50,000…

A: In this problem, a person purchases a home for $350,000 and make down payment of $50,000. 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: Shaun and Kelsey decide they will buy a three-bedroom condo, with a $1,150,000 mortgage from Royal…

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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

Q: Roger and Susan are negotiating a mortgage on a new home. They have decided that the maximum…

A: Mortgage loans are secured loan and payble by easy monthly installments that carry the payment for…

Q: Please provide working to the solution for the question below: Anna and Bob have decided to buy an…

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

Q: Please solve correctly and Ill rate well thanks need to do right. Olivia plans to secure a 5-year…

A: Present value is the estimation of the current value of future cash value which is likely to be…

Q: Maria and John decide to shop for furnishings for the new house.  They choose items that amount to…

A: Computation:

Q: Katie and Axel are taking out a $250,000 mortgage at 3.5% compounded semi-annually. Axel wants to…

A: Loan amount =250000 interest rate =3.5% compounding semiannual  semiannual interest =1.75% Period…

Q: Maria and John have found a house that has a selling price of $300,000.  They will make a 20% down…

A: Mortgage payments are the monthly payments of the loan amount borrowed for a certain period of time.…

Q: Angelina is buying a home for $208,000. She has a $37,000 down payment and the bank b offered her a…

A: Loans are paid by the monthly payments and these are equal monthly installments and these carry the…

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: The McDaniel family is purchasing a home, and their mortgage. The home costs $156,000 and they have…

A: First we need to use loanbsp;loan amotorization formula below to calculate monthly payment.  where…

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

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

A: Given information: Selling price: $300,000 Down payment : 20% Annual interest rate: 3.125% Time…

Q: Maria takes out a 30-year fixed rate mortgage at 5% to buy a house that costs $450,000. To avoid…

A: Given: Years = 30 Fixed interest rate = 5% Cost = $450,000 Down payment = 20%

Q: . Ji-Hoon wants to get a $500,000 3% 30-year mortgage in order to buy his first home. How much…

A: Loan amount (PV) = $500,000 Interest rate = 3% Monthly interest rate (r) = 3%/12 = 0.25% Period = 30…

Q: offered her a 30-year fixed rate mortgage at 5.83%. What will be Angelina's monthly mortgage…

A: Information Provided: Home cost = $417,000 Down payment = $26,000 Interest rate = 5.83% Years = 30…

Q: Nick has just signed a 30-year, fixed-rate mortgage for $180,000 with a nominal annual rate of 7.6%.…

A: We need to use PMT and NPER function to calculate monthly payment and number of periods to pay off…

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…

Q: Josh and Samantha have been renting a small apartment and have now decided that they are ready to…

A:

Q: Rose believes that she can afford a monthly mortgage payment of $1,450.00. At a mortgage rate of…

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Q: Anna and Bob have decided to buy an apartment. The cost of the apartment is RM150,000. They can get…

A: Monthly mortgage payment will depend on the amount of loan, interest rate and the payment period.…

Q: Ann is looking for a fully amortizing 30 year Fixed Rate Mortgage with a mortgage amount of $4,500…

A: Mortgage:A mortgage represents a financial arrangement where an individual or entity borrows funds…

Q: Aziza is taking out a $3439 mortgage with a 30-year, fixed rate, fully amortizing loan and with 6.8%…

A: Loan amount (P) = $3439Monthly interest rate (r) = 0.00566666666666667 (i.e. 0.068/12)Number of…

Q: Bridgette can afford to make monthly payments of $800 towards a mortgage, and wants to fully own her…

A: Present value is an estimate of the present value of future cash values ​​that may be received at a…

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A: Since more than one question are posted at a time the answer for first question is only provided as…

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A: The down payment is the initial payment made by the buyer when anything is bought on credit.

Q: 6) Susan is looking to purchase her first home five years from today. The house costs $1,550,000.…

A: A concept that implies the future worth of the money is lower than its current value due to several…

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Q: Arthur is planning on buying a house and needs to take out mortgage for $200,000 . He has two…

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Q: 5. Hussein is purchasing a home for OMR200000. Me is making a 20% down payment and will sign a…

A: Given information The Purchase amount of Home = OMR 2,00,000 Down Payment = 20% ,Remaining Amount of…

Q: A couple buys a $180000 home, making a down payment of 20%. The couple finances the purchase with a…

A: The monthly payment that the couple will make will remain fixed or the same throughout the loan…

Q: Angie wants to obtain a $500,000 mortgage, amortized over 25 years. Interest rates are currently 8%,…

A: The amortization is the systematic and regular repayment of loan and interest amount. Each payment…

Q: Todd Foley is applying for a $290,000 mortgage. He can get a $2,030 monthly payment for principal…

A: Calculation of number of months:Excel spreadsheet for calculation of number of months

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.