Marie and Danny Would like to buy a house for $220,000. The down payment for the mortgage is 30% of the price of the house. To earn the down payment, they invest $2500 a quarter at 6.2% compounded quarterly. They take a 30-year home mortgage for the rest of the price of the house at 7.3% compounded monthly. They make their regular monthly payments for 5 years, then decide to pay $2000 per month. pls answer sub parts.   How much is the down payment? How long will it take Marie and Danny to earn the down payment if they invest $2500 a quarter at 6.2% compounded quarterly? How much is the loan for the mortgage? What is the regular monthly payment? What is the unpaid balance when they begin paying the $2000?

Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
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Marie and Danny Would like to buy a house for $220,000. The down payment for the mortgage is 30% of the price of the house. To earn the down payment, they invest $2500 a quarter at 6.2% compounded quarterly.

They take a 30-year home mortgage for the rest of the price of the house at 7.3% compounded monthly. They make their regular monthly payments for 5 years, then decide to pay $2000 per month.

pls answer sub parts.

 

  1. How much is the down payment?
  2. How long will it take Marie and Danny to earn the down payment if they invest $2500 a quarter at 6.2% compounded quarterly?
  3. How much is the loan for the mortgage?
  4. What is the regular monthly payment?
  5. What is the unpaid balance when they begin paying the $2000?
  6. How many payments of $2000 will it take to pay off the loan? Give the answer correct to wo decimal places.
  7. How much interest will they save by paying the loan this way? Use your answer from #6 to find.
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