Q2. You plan to purchase a house for $195,000 using a 30-year mortgage obtained from your local bank. You will make a down payment of 20% of the purchase price and monthly payment. You will not pay off the mortgage early. Your bank offers you the following three options the payment: Option 1: Mortgage rate of 5.5% and zero points. Option 2: Mortgage rate of 5.35% and 1 point Option 3: Mortgage rate of 5.35 % and 1.5 points

Q: Use the following to solve questions a. and b. with excel  A house with price of $250,000 20% down…

A: To solve these questions, we would typically use Excel's financial functions to calculate the total…

Q: Explain which is the better option.

A: Information Provided: House costs = $100,000 Down payment = $25,000 Option A = 3% APR for 20 years…

Q: You take out a 28-year mortgage loan for $757000. The annual interest rate of the loan that you pay…

A: Mortgage loan is a type of loan where a person puts his asset on Collateral to the lender to get a…

Q: You are approved for a $200 000 mortgage to purchase a house. You are given two options, both with…

A: Two loans are identical except that one is paid bi-weekly (in every 2 weeks, hence 2 times in a…

Q: please step by step solution.

A: PART A: PART B: PART C:  PART D:

Q: Use the following to solve questions a. and b. and please buid an excel spreadsheet and please show…

A: Both choices result in the same monthly payment.The total cost over 5 years would be the same, as…

Q: Suppose a bank offers you an 6 25% interest rate on a 30-year mortgage to be paid back with monthly…

A: Monthly payment (C) = $1700 Monthly interest rate (r) = 0.00520833333333333 (i.e. 0.0625 / 12)…

Q: Enter your search term You want to buy a $165,000 home. You plan to pay 20% as a down payment, and…

A: As per the time value of money, a dollar is worth more today than the same dollar in the future.…

Q: Suppose you want to purchase a $301,000 home, and you have the required $55,000 down payment in…

A: A mortgage refers to a covered loan that is borrowed for purchasing a property with the property…

Q: P LIC Use PMT= to determine the regular payment amount, rounded to the nearest dollar. The price of…

A: A mortgage is a type of loan that is linked to real estate. It is a form of a secured loan on the…

Q: You plan to purchase a $200,000 house using a 15-year mortgage obtained from your local credit…

A:

Q: Use the following to solve questions a. and b. with an excel spreadsheet and please show the…

A: Solving for Mortgage Payments with Excel FormulasHere's how you can solve this problem using an…

Q: You plan to purchase a $290,000 house using a 30-year mortgage obtained from your local credit…

A: formula in the below table : Cell reference  ABCDEFGH11 B C D E F G H 22 INTEREST RATE =7.25%/12…

Q: What will be your monthly payment on a $500,000.15 and 30 year mortgage if the rate is 7.15% for…

A: Monthly payment is the amount calculated for the repayment against the loan or mortgage created for…

Q: 19. You borrow $1,500,000 to purchase a small apartment building. The lender charges you a 2%…

A: Present value of annuity Annuity is a series of equal payment at equal interval. With annuity (PMT),…

Q: You plan to purchase a $240,000 house using a 30-year mortgage obtained from your local credit…

A: Loan amortization is the process of repaying a loan over time with regular payments that cover both…

Q: your bank in which you will pay 3 points on a $300,000 mortgage.  What is the dollar amount you will…

A: In mortgage there are points to be paid which reduce the yield on the loans.

Q: Use a banker's year described above to answer this question. To complete the sale of a house, the…

A: Simple Interest: It is the interest charged on loan/savings account . Calculation: Daily interest is…

Q: 6. You purchase a house for $250,000 by getting a mortgage for $200,000 and paying a $50,000 down…

A: Monthly Mortgage Payments Monthly mortgage payment is the repayment of a mortgage loan by paying…

Q: Please correct answer and don't use hend raiting

A: If you find this answer good please rate it helpful. If any query then raise it.Thank You!

Q: You plan to purchase a $240,000 house using a 30-year mortgage obtained from your local credit…

A: A mortgage is a loan borrowed for property purchase which is covered by the property itself. It is…

Q: 1. you want to buy a $250,000 house and you will use a conventional mortgage. What is the minimum…

A: We will answer the first question since the exact one was not specified. Please submit a new…

Q: Use PMT= to determine the regular payment amount, rounded to the nearest dollar. The price of a home…

A: “Hi There, thanks for posting the question. But as per Q&A guidelines, we must answer the first…

Q: Use the following to solve questions a. and b. with an excel spreadsheet  A house with price of…

A: See the answer in the explanation field.Explanation:Answer information:Step 1:Provided:It is assumed…

Q: What are your monthly payments if the mortgage is for 30 years and the nominal annual mortgage…

A: Information provided: Principal amount = $150,000 Term = 30 years Interest rate = 5.50%

Q: ay you need to take out a loan for $1,500. There are two options for repayment: Option A:…

A: Amortized loans refer to equal payments containing  both principal and interest; in which, first of…

Q: Suppose you are buying your first home for $144,000, and you have $17,000 for your down payment. You…

A: purchasing price = $144,000 down payment = $17,000 loan amount = $144,000 - 17,000…

Q: Jason is buying a home with a $150,000 mortgage using a 6 percent, 15-year loan. How much of the…

A: Loan amortization schedule represents the amount of periodic payments composed of the interest…

Q: A homeowner can obtain a $250,000, 30-year fixed-rate mortgage at a rate of 6.0% with zero points or…

A: When the lender lends a loan to the borrower, he charges a rate of interest on the borrowed amount.…

Q: A. Calculate the total amount paid for Mortgage A. B. Calculate the total interest paid for Mortgage…

A: Loan re-payments are done through periodic fixed amounts or sums. The periodic payments include both…

Q: John wants to buy a property for $127,500 and wants an 80 percent loan for $102,000. A lender…

A: The mortgage loans are the secured loans and these loans are paid by the monthly payments that carry…

Q: ou have agreed to loan some money to a friend at a simple interest rate of 62% your friend needs a…

A: Rate = 62% Principal = $1470 Maturity Value =$3200 Interest = $3200 -$1470 Interest = $1730

Q: Use an online loan calculator to determine the regular payment amount, rounded to the nearest…

A: The long-term loan that was obtained from the lender is being repaid in monthly mortgage…

Q: Consider the following options for a $153,000 mortgage. Calculate the monthly payment and total…

A: Data given: Mortgage = $153,000 Option 1: N= 30 years Rate = 4.3% Closing cost  = $1500 and no point…

Q: ou are going to purchase a house which costs $330,000. your annual income is currently $72,000. the…

A: The loans are given on the basis of ability to pay debt on time and that is determined on the basis…

Q: You purchase a home costing $480,000 with a 20% down payment. After shopping around for a mortgage,…

A: Thus, Monthly Payment in option 1 is $1583.32 and in Option 2 is $1586.07

Q: Let’s assume that you plan to purchase a house which is selling for $350,000 today. You will make a…

A: Formulas that are used:-

Q: You would like to buy a house. Assume that given your income, you can afford to pay $12,000 a year…

A: The amount that you can borrow today based on your ability to pay will be the present value of all…