Pat Lavoie bought a home for $180,000 with a down payment of $10,000. Her rate of interest is 6% for 30 years. (Round your answer to the nearest cent.) a. Calculate her monthly payment. b. By how much will her loan principal decrease after she makes her first monthly payment? c. Calculate her balance of mortgage at the end of the month.

Pat Lavoie bought a home for $180,000 with a down payment of $10,000. Her rate of interest is 6% for 30 years. (Round your answer to the nearest cent.) a. Calculate her monthly payment. b. By how much will her loan principal decrease after she makes her first monthly payment? c. Calculate her balance of mortgage at the end of the month.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Liz buys a new car for $18,600. She puts 15% down and obtains a simple interest amortized loan for the balance at 6. 25% for 5 years. Find her monthly payment and the total interest paid.
Ms. Tamper bought a house for $180,000. She put 20% down and obtained a mortgage loan for the balance at 4 1/4% for 30 years. a. Find the monthly payment. b. Find the total interest paid.
Nikul
The Brown family recently bought a house. The house has a 30 year, $165,000 mortgage with a nominal interest rate of 8 percent. Payments are made at the end of each month. How much will be paid to interest in month 37?
1. Renalda has purchased a condominium and received a mortgage loan in the amount of $50,000 for 25 years. Her monthly payments on this loan are $510.55. In the first three months of this mortgage, how much of this payment goes to interest and how much to principal? The interest rate on this loan is 11.9% per year.
Lauren deposited $10,000 today. He plans to withdraw $700 every year. For how long can she withdraw from the account starting 1 year from now if interest is 6.9% compounded annually? State your answer in years and months (from 0 to 11 months). She can make withdrawals for year(s) and month(s)
Dana has made a down payment of $100,000 on a recent home purchase for $300,000. She was able to obtain bank financing and pays a fixed annual rate of 6 percent on her 30-year mortgage. If she makes steady, fixed monthly payments, what loan balance will remain after the 47th payment?
Jordan purchased an annuity that had an interest rate of 4.00% compounded semi-annually. It provided her with payments of $1,000 at the end of every month for 6 years. If the first withdrawal is to be made in 4 years and 1 month, how much did she pay for it? * Explain in full detail.
Theodora received an 8-year PLUS Loan of $15,000 to attend law school for her last 2 years. If the current interest rate is 8.38% and she starts her repayments 1 year after graduation, what are her monthly payments? Round to the nearest cent.
Devin received a 15 year loan of $305,000 to purchase a house. The interest rate on the loan was 4.10% compounded semi-annually. a. What is the size of the monthly loan payment? Round to the nearest cent b. What is the balance of the loan at the end of year 4? Round to the nearest cent
Shelley purchased a home in Maryland Heights, MO, for $204,000. Her down payment was 20% of the cash price, and she obtained a mortgage for 20 years at 7%. What are Shelley's monthly payment and total interest cost? (Round your answers to the nearest cent.) a)Monthly payment b) Total interest cost
4-30. Last week Evelyn moved into the new house she purchased, and she is already making plans to pay off the mortgage early. To purchase the house, she borrowed $280,000 with terms that require her to make monthly payments for 15 years and pay interest equal to 5.4 percent, compounded monthly. (a) What is Evelyn's monthly mortgage payment? (b) How much will Evelyn owe on the mortgage after she has made payments for five years; that is, when there are 10 years of monthly payments remaining? 001.6)