The Alfords purchase a home in 2010 for $150,000. They had no down payment. If they chose the loan to be financed for 15 years at 6.5%, how much was their monthly payment?
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The Alfords purchase a home in 2010 for $150,000. They had no down payment. If they chose the loan to be financed for 15 years at 6.5%, how much was their monthly payment?
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- The MacEacherns wish to buy a new house that costs $279,000. The bank charges 5.25% interest. A) If the MacEacherns take out a 20-year mortgage, what will their monthly payment be? B) How much total interest will the MacEacherns pay if they only paid the minimum monthly payment found int part A and paid for the entire 20 years? C) If the home insurance premium for the year will be $1,224 and they will need to pay an annual property tax amount of $2,136, what is the PITI? D) What is the finance charge for the first payment? E) How much of the first monthly payment will go toward the balance/principal? F) What is the new balance on the loan?The Dexter’s decided to purchase a new home. The purchase price of their new home was $345,990. The Dexter’s had a down payment of 20% due to the equity in their first home. They financed the rest at a fixed rate of 3.85% for 15 years. What is their monthly payment?Your parents buy a new house to downsize. They pay $250,000 and are planning on paying it off in a 15 year loan with equal annual payments of $19,167. What interest rate do you evaluate them to be paying on the loan?
- Kelsey planned to buy a house but could afford to pay only $12,500 at the end of every 6 months for a mortgage with an interest rate of 5.40% compounded semi-annually for 20 years. He paid $27,750 as a down payment. a. What was the maximum amount he could afford to pay for a house? Round to the nearest cent b. What was his total amount spent for the house through the mortgage period including the downpayment (not taking the time-value of money into account)? Round to the nearest cent c. What was the total amount of interest paid through the mortgage period?Jenny and Leo plan to purchase a new house and the couple is able to obtain a 25-year 3.6% (per annum, compounded monthly) amortised loan but they must put down 20% deposit. The loan requires end-of-month repayments of $2,500 where the first payment is due a month after the loan is taken. Assuming that the couple has enough savings for the down payment, what is the cost of the house that they want to purchase? a. 494,068.50 b. 2,470,342.49 c. 750,000 Od. 617,585.62Susanna wants to purchase a house costing $212,286. She plans to put $51,874 toward a down payment and finance the rest at 2.9% payable monthly for 30 years. If she stays with this payment schedule for the entire 30 years, how much will she actually pay for the house including down payment and interest?
- Jenelle bought a home for $370,000, paying 18% as a down payment, and financing the rest at 4.6% interest for 30 years. Round your answers to the nearest cent. How much money did Jenelle pay as a down payment? $ What was the original amount financed? $ What is her monthly payment? $ If Jenelle makes these payments every month for thirty years, determine the total amount of money she will spend on this home. Include the down payment in your answer. $Anthony planned to buy a house but could afford to pay only $9,000 at the end of every 6 months for a mortgage with an interest rate of 5.70% compounded semi-annually for 25 years. She paid $30,000 as a down payment. a. What was the maximum amount she could afford to pay for a house? b. What was her total amount spent for the house through the mortgage period including the down payment (not taking the time-value of money into account)? c. What was the total amount of interest paid through the mortgage period?Mia Sato purchased a new condominium for $225,000. The bank required a $40,000 down payment. Assume a rate of 6% on a 30-year mortgage. What is Mia’s monthly payment? What is Mia's total interest cost if she pays each payment as scheduled for 30 years? Explanation of how to determine the solution to the problem and the correct answer, please.
- Brad and Sam take a 30-year mortgage for a house that costs $126,601. Assume the following: The annual interest rate on the mortgage is 4.8%. The bank requires a minimum down payment of 20% of the cost of the house. The annual property tax is 1.8% of the cost of the house. The annual homeowner's insurance is $524. There is no PMI. If they make the minimum down payment, what will their monthly PITI be?Liz borrowed $52,500 to purchase a home. The bank offered her an APR of 3.49% for a term length of 15 years. Excel calculates the monthly payment to be $375.06. If she were to pay only the minimum payment for the lifetime of the loan, how much will Liz be paying in interest?Garrett and Erin are borrowing $170,000 to purchase a new home. They have been approved for a 30-year loan with an interest rate of 5.75%. What will be their monthly payment?
