Question: Sarah is buying a house worth $300,000 and plans to make a down payment of 20%. She gets a 30-year fixed mortgage at an annual interest rate of 4.5%. Calculate her monthly mortgage payment (rounded to nearest dollar).
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- 2. Assume Josephine purchases a home for $180,000 and has a 20% down payment. If she finances the purchase with a 30 year mortgage with a 4% interest rate……what is her monthly payment? If she pays the mortgage through the entire term with no early payment, how much interest will she pay over the life of the loan?(a) What is Diane's current monthly mortgage payment? $ (b) What is Diane's current outstanding balance? $ (c) If Diane decides to refinance her property by securing a 30-year home mortgage loan in the amount of the current outstanding principal at the prevailing interest rate of 5% per year compounded monthly, what will be her monthly mortgage payment? Use the rounded outstanding balance. (d) How much less would Diane's monthly mortgage payment be if she refinances? Use the rounded values from parts (a)-(c). %24 %24Problem: Justin and Hayley are interested in a fixed-rate mortgage for $450,000. They are undecided whether to choose a 15- or 30-year mortgage. The current mortgage rate is 3.5% for the 15-year mortgage, and 3.85% for the 30-year mortgage. (a) What are the monthly principal and interest payments for EACH loan? Show your work. (b) What is the total amount of interest paid on EACH loan? Show your work. (c) Overall, how much more interest is paid by choosing the 30-year mortgage? Show your work.
- Suppose Allison purchases a condominium and secures a loan of $134,000 for 30 years at an annual interest rate of 6.5%. Find the monthly mortgage payment. (answer in whole number)Need Answer for this QuestionA couple take a 30-year home mortgage of $120,000 at 7.8% compounded monthly. They make their regular monthly payments for 5 years, then decide to pay $1000 per month. a. Find their regular monthly payment. b. Findtheunpaidbalancewhentheybeginpayingthe$1000. c. How many payments of $1000 will it take to pay off the loan? Give the answer correct to one decimal place. d. Use your answer to part(c)to find how much interest they save by paying the loan this way.
- Sandra gets a $250,000, 30 year mortgage with annual payments of 4.0% rate. What is the balance of the loan after 20 years? Choose the closest. a) $117,264 b) $83,250 c) $14,458 d) $196,482Anna is buying a house selling for $285,000. To obtain the mortgage, Anna is required to make a 10% down pa Anna obtains a 30-year mortgage with an interest rate of 4%. Click the icon to view the table of monthly payments. a) Determine the amount of the required down payment b) Determine the amount of the mortgage. c) Determine the monthly payment for principal and interest. a) Determine the amount of the required down payment. COBaghiben
- Anna is buying a house selling for $255,000. To obtain the mortgage, Anna is required to make a 15% down payment. Anna obtains a 30-year mortgage with an interest rate of 6%. Click the icon to view the table of monthly payments. a) Determine the amount of the required down payment. b) Determine the amount of the mortgage. c) Determine the monthly payment for principal and interest. a) Determine the amount of the required down payment. $ b) Determine the amount of the mortgage. $ c) Determine the monthly payment for principal and interest. $ (Round to the nearest cent.)Answer in typingYou plan to purchase a $100,000 house using a 30-year mortgage obtained from your local credit union. The mortgage rate offered to you is 8.25 percent. You will make a down payment of 20 percent of the purchase price. a. Calculate your monthly payments on this mortgage. b. Calculate the amount of interest and, separately, principal paid in the 25th payment. (pls show solution)