Say that you purchase a house for $174,000 by getting a mortgage for $155,000 and paying a down payment of $19,000. If you get a 15-year mortgage with an interest rate of 6 percent, what are the monthly payments? (Do not round intermediate calculations and round your final answer to 2 decimal places.) PAYMENT? What would the loan balance be in five years? (Use a payment value rounded to 2 decimal places. Round your final answer to 2 decimal places.) LOAN BALANCE? If the house appreciates at 3 percent per year, what will be the value of the house in five years? (Round your final answer to 2 decimal places.) FUTURE BALANCE? How much of this value is your equity? (Use intermediate values rounded to 2 decimal places. Round your final answer to 2 decimal places.) EQUITY?
Q 25
Say that you purchase a house for $174,000 by getting a mortgage for $155,000 and paying a down payment of $19,000. If you get a 15-year mortgage with an interest rate of 6 percent, what are the monthly payments? (Do not round intermediate calculations and round your final answer to 2 decimal places.)
PAYMENT?
What would the loan balance be in five years? (Use a payment value rounded to 2 decimal places. Round your final answer to 2 decimal places.)
LOAN BALANCE?
If the house appreciates at 3 percent per year, what will be the value of the house in five years? (Round your final answer to 2 decimal places.)
FUTURE BALANCE?
How much of this value is your equity? (Use intermediate values rounded to 2 decimal places. Round your final answer to 2 decimal places.)
EQUITY?
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 images
