QUESTION 1 A man buys a house for $360,000 He makes a $150.000 down payment and amortizes the rest of the purchase price with monthly payments over the next 15 years. The interest rate on the debt is 4%, compounded monthly Match the question with the corect answer, there are more answers than questions What is the size the of loan? What is the size of each payment? What was the total of these payments? What is the total amount paid in for the house? What is the total interest paid over the the of the loan? A$ 279,601 20 8.$ 153,602.04 C.$ 429.002.04 D$1,553 34 E360,602 04 F. $ 300,000 G$210.000 H$3.002.04 $853.34
QUESTION 1 A man buys a house for $360,000 He makes a $150.000 down payment and amortizes the rest of the purchase price with monthly payments over the next 15 years. The interest rate on the debt is 4%, compounded monthly Match the question with the corect answer, there are more answers than questions What is the size the of loan? What is the size of each payment? What was the total of these payments? What is the total amount paid in for the house? What is the total interest paid over the the of the loan? A$ 279,601 20 8.$ 153,602.04 C.$ 429.002.04 D$1,553 34 E360,602 04 F. $ 300,000 G$210.000 H$3.002.04 $853.34
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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(Pls answer all ) QUESTION 1 A man buys a house for $360,000. He makes a $150,000 down payment and amortizes the rest of the purchase price with monthly payments over the next 15 years. The interest rate on the debt is 4%, compounded monthly. Match the question with the correct answer, there are more answers than questions. What is the size the of loan? What is the size of each payment? What was the total of these payments? What is the total amount paid in for the house? What is the total interest paid over the life of the loan? A. $ 279,601.20 B. $ 153,602.04 C. $ 429,602.04 D. $1,553.34 E. $ 69,602.04 F. $360,000 G. $ 210,000 H. $ 3,602.04 1. $ 853.34
Transcribed Image Text:QUESTION 1
A man buys a house for $360,000. He makes a $150,000 down payment and amortizes the rest of the purchase price with monthly payments over the next 15 years. The interest
rate on the debt is 4%, compounded monthly
Match the question with the correct answer, there are more answers than questions.
What is the size the of loan?
What is the size of each payment?
What was the total of these payments?
What is the total amount paid in for the house?
What is the total interest paid over the life of the loan?
A $ 279,601.20
8. $153,602.04
C. $ 429.002.04
D$1,553.34
E$ 60,002 01
F $300,000
G$210.000
H.$3.002.04
15853.34
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Step 1: Introduce the problem and present initial data
VIEWStep 2: 1. Calculate size of the loan
VIEWStep 3: 2. Calculate the size of each payment
VIEWStep 4: Calculate total of these pyments
VIEWStep 5: Calculate total amount paid for the house
VIEWStep 6: Calculate the total interest paid over the life of the repayment plan
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