Maria and John have found a house that has a selling price of $300,000.  They will make a 20% down payment. It is a 3.125% interest 30-year mortgage   What is the monthly payment? Show the work.

Q: You want to buy a house valued at $200,000.  AFter a down payment, you can finance the house with a…

A: The annual percentage rate is the rate earned on the investment or paid on loan over the period of…

Q: You're going to need a home . You can afford $1400 to put to your mortgage if the loan charges 6%…

A: Future value refers to the value of current assets at some future date based on the interest…

Q: You just found the perfect house. However, 15.50 percent per year to buy the house You need to get a…

A: A written agreement through which a lender gets the right to take the property that is put as a…

Q: When you purchased your house, you took out a 30-year mortgage with an interest rate of 4.8% per…

A: Payoff amount refers to the amount which is required to be paid as principal amount of the loan. The…

Q: You want to buy a $210,000 home. You plan to pay $10500 as a down payment, and take out a 30 year…

A: The loan amount would be the remaining amount after deducting the down payment from the purchase…

Q: You are looking to get a 30 year mortgage at 4%. You can afford $1,000 per month. a) What is the…

A: A mortgage is a type of loan used to purchase a property or real estate. The borrower (homebuyer)…

Q: You found your dream house. It will cost you $300000 and you will put down $45000 as a down payment.…

A: Purchase Price of House= 300,000  Down payment = 45,000  Loan Amount = Purchase Price - Down payment…

Q: You planned to borrow $575,000 for a house at 2.9% interest for 30 years.  You find a house that you…

A: A loan is a sum of money obtained from outside sources such as banks and repaid over time in fixed…

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: Nikul

A: The objective of this question is to calculate the total cost of the loan including the principal,…

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

A: Computation:

Q: Answer the following questions  about your possible future home purchase by filling in  all…

A: As the house price is not given. Let us assume the house price is $350,000.

Q: do you use APR and EAR in finance calculations? I have a question here and unsure how to solve it. I…

A: Loans are paid by monthly payments and these monthly payments carry the payment for interest and…

Q: You are looking to buy a $415,000.00 home in Haverhill. If Bank of America will give them a 15-year…

A: 1)  Loan Amount = 80% of 415,000 = $332,000.

Q: You bought a house with a $378016 mortgage that you will pay off over 26 years.  Given your credit…

A: When buying big ticket items like a house we do not have the financial capability to pay for the…

Q: You have just found the perfect home. However, in order to buy it, you will need to take out a TRL…

A: Monthly mortgage payment is that amount which a mortgage borrower is required to pay to repay the…

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

A: Formula for simple interest  Future value =Principal + interest rate x number of years

Q: You took out a 30 year mortgage of $300,000 for your new apartment. The APR for your loan is 3.5%.…

A: Mortgage period = 30 years Mortgage amount = $300,000 Interest rate = 3.5%

Q: A couple requires a mortgage loan of $182,000. They figure they can afford $1400 a month. If they…

A: A mortgage refers to a covered loan that is taken out for the purchase of a property which itself…

Q: You purchase a home for $350 000. At the time of purchase you make a downpayment of $75 000. The…

A: Loan amount (L) = $350000 - $75000 = $275000 n = 25 years = 300 months Interest rate = 4.3%…

Q: You are looking to buy a $415,000.00 home in Haverhill. If Bank of America will give them a 30-year…

A: For the calculation I have used the above given formula and got the monthly payment to be…

Q: You have just found the perfect home. However, in order to buy it, you will need to take out a TRL…

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

Q: You are purchasing a home and plan to take out a 25 year mortgage loan for $300,000. The interest…

A: The correct option is option “c”.

Q: 14. A couple has decided to purchase in beach condominium as an investment property. The condo has a…

A: Data given: Purchase price= $360,000 Down payment=20% APR=3.6% (with monthly compounding) N=30 years…

Q: You have been shopping for a new home. You have a choice of financing.You can choose either a…

A: Mortgage  A loan to a borrower given by the bank/ financial institution which is helpful to the…

Q: Nikul

A: The objective of this question is to calculate the total cost of the loan including the principal,…

Q: se price of the house, and you are looking at a 20 year loan at 6.12% interest compounded monthly.…

A: Maximum price = Down payment amount + Present value of mortgage payment

Q: Your parents are planning to buy a second house at the price of $400,000 with 20% down payment.…

A: The price of the house is $400,000Down payment of 20%The annual interest rate is 4%The time period…

Q: You found your dream house. It will cost you $300000 and you will put down $45000 as a down payment.…

A: The question is calculation of amortization of mortgage loan at fixed monthly repayments. Formula…

Q: A house costs $185,000. You take out a mortgage loan and put 20 percent down on the house. The…

A: Loans are paid in equal monthly installments that carry the payment of interest and loan payments.

Q: You want to buy a $194,000 home. You plan to pay 20% as a down payment, and take out a 3.3% APR loan…

A: We will only answer the first three subparts for the remaining subparts kindly resumit the whole…

Q: You want to purchase a new condominium that costs $285,000. Your plan is to pay 30 percent down in…

A: A written agreement through which a lender gets the right to take the property that is put as a…

Q: You have decided to purchase a house. The house has a current price of $300,000 and you plan on…

A: A mortgage refers to a loan borrowed for purchasing a property where the property itself is the…

Q: what will your monthly payments be? how much of first month payment is the prindipal

A: Condo price = $ 145000Down payment = $ 15000Loan amount(P) = Condo price-Down 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.