Use PMT=to determine the regular payment amount, rounded to the nearest dollar. The price of a home is $230,000. The bank requires a 20% down payment and three points atthe time of closing. The cost of the home is financed with a 30-year foxed-rate mortgage at 6.5%. Complete parts (a) through (e) below.a. Find the required down payment.$ 46,000b. Find the amount of the mortgage.

Mortgage loans are secured loans for buying homes and mostly used by the buyers of home. In the…

PMT to determine the regular payment amount, rounded to the nearest dollar. The price of a home is $230,000. The bank requires a 20% e time of closing. The cost of the home is financed with a 30-year fixed-rate mortgage at 6.5%. Complete parts (a) through (e) below Find the required down payment. b. Find the amount of the mortgage

PMT to determine the regular payment amount, rounded to the nearest dollar. The price of a home is $230,000. The bank requires a 20% e time of closing. The cost of the home is financed with a 30-year fixed-rate mortgage at 6.5%. Complete parts (a) through (e) below Find the required down payment. b. Find the amount of the mortgage

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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Estimate the affordable monthly mortgage payment, the affordable mortgage amount, and the affordable home purchase price for the following situation. Use Exhibit 7-6, Exhibit 7-7. Note: Round your intermediate and final answers to the nearest whole dollar. Monthly gross income $ 4,850 Other debt (monthly payment) $260 20-year loan at 5 percent Down payment to be made (percent of purchase price ) 10 percent Monthly estimate for property taxes and insurance $ 385
A house is to be purchased by financing $ 341,998 with a mortgage. A conventional 30-year loan is used at 4%. What will be the principal portion on the first monthly payment? plz show work
Use the formulas presented in the lectures to CALCULATE the answers to the following items. Round the annuity factor to 4 decimal places and the mortgage payment to the penny. Suppose the current price of a home is $320,000. The amount of the loan is $ if the down payment is 10%. The annuity factor for a 30-year mortgage is if the mortgage rate is 7.2%. The mortgage payment is $ when a 10% down payment is made to purchase a $320,000 given and the mortgage rate is 7.2%.
On a $529,000 home, on a 30-year fixed mortgage, with an interest rate of 5.29, find: a. The down payment amount (15 % )b. Amount borrowed from bank (price of home - down payment) c. The monthly payment d. Total paid back to bank (principal + interest)
The price of a home is ₺ 195,000. The bank requires a 10% down payment and two points at the time of closing. The cost of the home is financed with 30-year fixed-rate mortgage at 7.5%. a. Find the required down payment. b. Find the amount of the mortgage. c. How much must be paid for the two points at the closing? d. Find the total interest paid over 30 years.
also find the monthly payment
$240,000. The bank requires a 20% down payment and three points at the time of closing. The cost of Use PMT = to determine the regular payment amount, rounded to the nearest dollar. The price of a home - nt the home is financed with a 30-year fixed-rate mortgage at 10%. Complete parts (a) through (e) below. a. Find the required down payment. b. Find the amount of the mortgage. c. How much must be paid for the three points at closing? $ (Round to the nearest dollar as needed.) d. Find the monthly payment (excluding escrowed taxes and insurance). (Round to the nearest dollar as needed.) e. Find the total cost of interest over 30 years. $(Round to the nearest dollar as needed.) O Time Remaining: 01:23:24 Next MacBook Air esc F2 * F6. #3 $ & 2 3 4 5 7 8. 9. %3D delete Q W E R Y S D F G H. K
Estimate the affordable monthly mortgage payment, the affordable mortgage amount, and the affordable home purchase price for the following situation. (Refer to the images) Note: Round time value factor to 2 decimal places, intermediate and final answers to the nearest whole number. Mortgage Monthly gross income $ 4,700 Down payment to be made (percent of purchase price) 20% Other debt (monthly payment) $ 260 Monthly estimate for property taxes and insurance $ 490 30-year loan 8.0% 1.) What is the affordable monthly mortgage payment? 2.) What is the affordable mortgage amount? 3.) What is the affordable house purchase price?
The price of a condominium is $187,000. The bank requires a 5% down payment and one point at the time of closing. The cost of the condominium is financed with a 30-year fixed-rate mortgage at 6.5%. Use the following formula to determine the regular payment amount. Complete parts (a) through (e) below. PMT = a. Find the required down payment. $9350 b. Find the amount of the mortgage. $177650 c. How much must be paid for the one point at closing? $1776 (Round to the nearest dollar as needed.) d. Find the monthly payment (excluding escrowed taxes and insurance). More Enter your answer in each of the answer boxes. 11:12 PM O Type here to search 81°F Mostly cloudy 22 99+ 6/30/2021 DELL F3 F4 FS F6 F7 F8 F9 F10 F11 F12 PrtScr Insert Delete కలnn Home Num $4 %24 & Backspace 8. R T K Enter (凸)
Investigate the effect of the term on simple interest amortized auto loans by finding the monthly payment and the total interest for a loan of $16,000 at 9 7/8% interest if the term is the following. (Round your answers to the nearest cent.) (a) three years payment total interest (b) four years payment $ total interest $ (c) five years payment $ total interest $
A house sells for $155,000 and a 20% down payment is made. A mortgage was secured at 3% for 30 years. Round to the nearest cent, if necessary. Part: 0 / 4 0 of 4 Parts Complete Part 1 of 4 Find the down payment. The down payment is $ . (b) Find the amont of the mortgage. (c) Find the monthly payment ( d) Find the total interest paid

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