Usent"to determine the regular payment amount, rounded to the nearest dollar. Consider thefollowing pair of mortgage loan options for a $120,000 mortgage. Which mortgage loan has the larger totalcost (closing costs + the amount paid for points + total cost of interest)? By how much?Mortgage A: 15-year fixed at 7.25% with closing costs of $1400 and 1 point.Mortgage B: 15-year fixed at 5.25% with closing costs of $1400 and 3 points.Choose the correct answer below, and fill in the answer box to complete your choice.(Do not round until the final answer. Then round to the nearest dollar as needed.).OA. Mortgage B has a larger total cost than mortgage A by SOB. Mortgage A has a larger total cost than mortgage B by S

Answered: Image /qna-images/answer/e4561bdb-438b-4479-bebb-b277cb4bb83f.jpg

Answered: PA [19] following pair of mortgage loan…

Advanced Engineering Mathematics

10th Edition

ISBN:9780470458365

Author:Erwin Kreyszig

Publisher:Erwin Kreyszig

Chapter2: Second-order Linear Odes

Section: Chapter Questions

Problem 1RQ

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Similar questions

Please answer A B and C
The price of a home is $240,000. The bank requires a 15% down payment. The buyer is offered two mortgage options: 15-year fixed at 6.5% or 30-year fixed at 6.5%. Calculate the amount of interest paid for each option. How much does the buyer save in interest with the 15-year option? Use the following formula to determine the regular payment amount. PMT = - nt 1- 1+ Find the monthly payment for the 15-year option. (Round to the nearest dollar as needed.)
You take out a 7-yr car loan for $25,000 with a 7.5% APR. The fixed monthly payment is $383.46. How much interest do you owe after one month? How much interest do you pay over the life of the loan?
Davida purchased a simple ordinary annuity that earns 2.4% annual interest. She will receive monthly payments of $250 over 10 years. What is the present value of her annuity Jordan purchased a simple ordinary annuity that earns 4% interest. He will receive semiannual payments of $600 over 77 years. What is the present value of his annuity? Teresa wants to calculate the present value of a simple annuity due that she purchased. The annuity earns 1% interest compounded weekly. How many compounding periods are in each year? Adrian purchased a simple annuity due that earns 3.6% annual interest. He will receive $300$300 monthly payments over 12 years. What is the present value of his annuity? Gisela purchased a simple annuity due that earns 2% annual interest. She will receive $2,500 semiannual payments over 1010 years. What is the present value of the annuity?
Your credit card has a balance of 5400 and an annual interest rate of 18%. You decide to pay off the balance over 2 years
You want to save $20,000 for a down payment on a home by making regular monthly deposits over five years. Take the APR to be 4%. How much money do you need to deposit each month?
A family buys a new minivan for $45,000 and makes a down payment of $12,000. They finance the van for 5 years at 8% interest. Calculate the monthly payment if the monthly payment factor is 0.0202764.
You want to buy a $157,000 home. You plan to pay 10% as a down payment, and take out a 30 year loan at 5.55% interest for the rest. what are your monthly payments
You want to buy a car. The loan amount will be $32,000. The company is offering a 3% interest rate for 48 months (4 years). What will your monthly payments be?
Consider the following two loans for P=$2,500. Loan A: 3-year loan, annual interest rate of 15%, monthly repayments of $86.66. Loan B: 5-year loan, annual interest rate of 10%, monthly repayments of $53.12. Calculate the absolute difference between the total interest paid on both loans. Round your answer to the nearest ten dollars.
Sarah is shopping for a car, and she has $2,000 to make a down payment. She finds a car that she likes for $13,500. Her bank is willing to finance the purchase at an interest rate of 7.5 percent per year for a maximum of 5 years. Find the total of her payments (principal and interest) over the term of the loan. (answer in whole number)
Carla borrowed $1,310 from the Royal Bank at 7.9% per annum calculated on the monthly unpaid balance. She agreed to repay the loan in blended payments of $200 per month. Construct a complete repayment schedule treating each month as 1/12 of a year. Do not include the dollar sign in your answers. Do not include the comma usually used to denote thousands. Calculate the sum of the Amount Paid column. Calculate the sum of the Interest Paid column.

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