Answered: ristan bought a $225,000.00 house,…

ristan bought a $225,000.00 house, paying 10% down, and financing the rest at 3% interest for 15 years. A. What is the monthly payment? Tristan has a payment of a month.

A First Course in Probability (10th Edition)

10th Edition

ISBN:9780134753119

Author:Sheldon Ross

Publisher:Sheldon Ross

Chapter1: Combinatorial Analysis

Section: Chapter Questions

Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...

See similar textbooks

Related questions

Q: Jeremy gets a 4-year simple interest loan from the local bank. If the loan is for $8,938 and the…

A: Given: Jeremy gets a 4-year simple interest loan from the local bank. The loan amount is $8,938 and…

Q: Miroslava has $100,000 to invest in a saving account. She receives a steady interest rate of 3.75%…

A: option b is correct at the end of 15 years Miroslava have balance $175,500.40 using the formula for…

Q: A woman buys a house for a $210,000. She pays $20,000 down and takes out a mortgage at 5.1% for 20…

Q: Based on the value of the guitar, the pawnbroker loans you $960 One month later, you get the…

A: Effective Annual Interest Rate CalculationFormula:Effective Annual Interest Rate (EAR) = (1 + (i /…

Q: Fernando has $6,600 to invest in a saving account. He receives a steady interest rate of 3.00%…

A: Compound interest formula is used

Q: A bank makes a car loan of $27,700, at 5.3% interest and with a loan period of 3 years. What is the…

Q: You make a payment of $300 at the beginning of each month into an account that earns 3.6% annual…

Q: loan

Q: Joaquin pawns his favorite watch for a loan of $120. After 30 days, he buys his watch back for…

A: Given P = $120, A = $140 and T = 30.

Q: Margo borrows $500, agreeing to pay it back with 8% annual interest after 211 days. How much…

Q: You can afford a $350 per month car payment. You've found a 3 year loan at 7% interest. How big of a…

Q: Montserrat has $100,000 to invest in a saving account. She receives a steady interest rate of 3.75%…

Q: Margo borrows $1900, agreeing to pay it back with 8% annual interest after 17 months. How much…

Q: You have $2,000 on a credit card that charges a 21% interest rate. If you want to pay off the credit…

A: The objective of this question is to calculate the monthly payment required to pay off a credit card…

Q: A loan for a new tractor is to be simple interest. The rate is 7.2% for 6 years on $43,400. How much…

Q: Jessica deposits $2435 at the beginning of each semiannual period for 8 years in an account paying…

Q: You borrowed money and need to pay interest on the loan. You must pay 5% of the $6500 loan to remain…

Question

Tristan bought a $225,000.00 house, paying 10% down, and financing the rest at 3% interest for 15 years. A. What is the monthly payment? Tristan has a payment of a month.

How much interest will be paid over the life of the loan? Tristan will pay in interest over the life of the loan.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1-Writing given data

VIEW

Step 2-Calculation

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Similar questions

The Giordanos by $8000 worth of furnuture for their new home. They pay $4000 down. The store charges 9% add-on intrest. The Giordanos will pay off the furniture in 30 monthly. Payments(2 1/2 years). Find the monthly payment.
Richard invests $298.66 every month into an account. At the end of 30 years, he has a balance of $181,092.15. What interest did he make over 30 years?
A new furniture set costs $ 2400. If you make a down payment of $ 700 and finance the rest at a rate of 6.1% for 12 months, find the monthly payments on your loan. How much will you have paid in interest over the course of the loan? Repayment amount = Interest paid =
Find the annual simple interest rate of a loan, where $600 is borrowed and where $666 is repaid at the end of 15 months.Annual simple interest rate=
Sylvie borrows $550 for a new smartphone. Her 2-year loan has 1.4% annual interest compounded monthly. What is the total cost of Sylvie's loan after she makes all the payments? $599.52 $553.92 $565.61 $558.00
A woman uses a loan program for small businesses to obtain a loan to help expand her vending machine business. The woman borrows $25,000 for 2 years with a simple interest rate of 1.8%. Determine the amount of money the woman must repay after 2 years. The woman must repay S
A man wants to set up a 529 college savings account for his granddaughter. How much would he need to deposit each year into the account in order to have $80,000 saved up for when she goes to college in 17 years, assuming the account earns a 8% return.Annual deposit: $
A couple buys a $180000 home, making a down payment of 20%. The couple finances the purchase with a 15 year mortgage at an annual rate of 2.66%. Find the monthly payment.$ If the couple decides to increase the monthly payment to $1000, find the number of payments
A couple buys a $150000 home, making a down payment of 17%. The couple finances the purchase with a 15 year mortgage at an annual rate of 2.99%. Find the monthly payment.$ If the couple decides to increase the monthly payment to $900, find the number of payments.