Susan just purchased her first house valued at $200000. She paid a down payment of $20000, and took out a fixed rate mortgage loan for the balance from the bank. The loan is payable in monthly installments over a 15 year period at interest rate 6% per year. How much is her monthly mortgage payment?
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- Susan just purchased her first house valued at $200000. She paid a down payment of $20000, and took out a fixed rate mortgage loan for the balance from the bank. The loan is payable in monthly installments over a 15 year period at interest rate 6% per year. How much is her monthly mortgage payment?Need Answer for this QuestionNeed help
- Tara has just bought a house for $930,000 with a 30% down payment and a 70% mortgage loan for 20 years at the interest rate of 2.19%, compounded monthly. She is scheduled to repay interest and principal every month over the loan period unless she sells the house at some point and fully pay off the loan. Question A Display here the formulae for calculating the Periodic (Annuity) Loan Payment, Interest Expense, Principal Repayment and Outstanding Loan Balance.Mr. and Mrs. Jones have taken out a mortgage loan of $195,000.00 from a bank at 5.5% APR for a fixed 15 years. How much will their monthly payment be? Show your work.A borrower has a 30-year mortgage loan for $200,000 with an interest rate of 6% APR compounded monthly and level monthly payments. At the end of year 10, she unexpectedly won a lottery and received an after-tax cash of $10,000. She used that cash to pay down the principal of her mortgage loan and will keep paying the same monthly payment till she pays off the mortgage loan. How many more months will she has to pay
- Jessica purchases a house for $323,000 and takes a mortgage for the full amount. Her mortgage charges 6.75% per year and interest is compounded monthly. She will repay the loan over 25 years with equal monthly payments. a) What is her monthly payment amount? b) How much of the 8th payment would be applied toward interest? c) How much would be the payoff amount if the mortgage is to be paid at the end of year 2 (i.e., before the 24th payment is made)?A family needs to take out a 15-year home mortgage loan of $170,000 through a local bank. Annual interest rates for 15-year mortgages at the bank are 3.5% compounded monthly. (a) Compute the family's monthly mortgage payment under this loan. (b) How much interest will the family pay over the life of the loan?The Wade family is interested in buying a home. The family is applying for a $200,000 30-year mortgage. Under the terms of the mortgage, they will receive $200,000 today to help purchase their home. The loan will be fully amortized over the next 30 years. Current mortgage rates are 7.5%. Interest is compounded monthly and all payments are due at the end of the month. What is the monthly mortgage payment? $989.66 $1,047.50 $1,111.25 $1,398.43 $1,563.97
- Jane took out a loan from the bank today for X. She plans to repay this loan by making payments of $520.00 per month for a certain amount of time. If the interest rate on the loan is 1.12 percent per month, she makes her first $520.00 payment later today, and she makes her final monthly payment of $520.00 in 7 months, then what is X, the amount of the loan? O An amount less than $3,501.00 or an anmount greater than $4,238.00 O An amount equal to or greater than $3,501.00 but less than $3,739.00 O An amount equal to or greater than $3,739.00 but less than $3,980.00 O An amount equal to or greater than $3,980.00 but less than $4,081.00 O An amount equal to or greater than $4,081.00 but less than $4,238.00Tara has just bought a house for $930,000 with a 30% down payment and a 70% mortgage loan for 20 years at the interest rate of 2.19%, compounded monthly. She is scheduled to repay interest and principal every month over the loan period unless she sells the house at some point and fully pay off the loan. Question Describe and explain the trend of amount of periodic (annuity) loan payment, interest expense and principal repayment and outstanding loan balance over time. Are the interest expense and principal repayment increasing or decreasing over time? State and interpret the final outstanding loan balance at the end of the entire loan period.Pat bought a home for $165,000 and made a $25,000 down payment. She got a fixed rate mortgage at 5% for 30 years. What will her payments be? What is the total interest over the life of the loan?
