Question 11The cost of a home you want to purchase is $250,000.00. To qualify for a mortgage, your lender wants a20% down payment. Your mortgage interest rate is 7% for 20 years and you have to pay 3 points.A. How much money do you need for the down payment?for the down payment.I need< >B. How much will your mortgage be?My mortgage amount will beC. How much will you have to pay for the points?I will have to payD. What is the monthly payment?My payment will beE. By the end of the loan what will be the total of all your payments?By the end of the loan, the total of all my payment will beF. What is the total interest you will have paid on your mortgage by the end of the loan?I will have paidin interest by the end of the loan. HintCheck Answerfor the 3 points. Hinta month. HintQuestion Help: Video 1 Video 2 Message instructor

Monthly payment refers to the amount that is paid at every month for the repayment of loan amount…

Answered: The cost of a home you want to purchase…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The Allen's want to purchase a house. They can afford $1,025 a month for 20 years and a $23,000 down payment. They finance the loan with an APR of 5.23% mortgage rate for 20 years. Determine the amount of the Allen's loan using TVM Solver on calculator. N= I%= PV= PMT= FV= P/Y= C/Y=
You are considering purchasing a new home. You will need to borrow $280,000 to purchase the home. A mortgage company offers you a 20-year fixed rate mortgage (240 months) at 9% APR (0.75% month). If you borrow the money from this mortgage company, your monthly mortgage payment will be closest to: O A. $2,015 В. $3,527 C. $4,030 D. $2,519
(please finanas question correct answer) You want to buy a $243.000 home. You plan to pay 10% as a down payment, and take out a 30 year loan for the rest. How much im the loan amount going to be? What will your monthly payments be if the interest rate is 5%? What will be your monthly payments if the interest rate is 6%?
You want to buy a $150,000 home. You plan to pay 5% as a down payment, and take out a 30 year loan at 4.9% interest for the rest. The bank will charge 3 points on the amount financed. a) What is the amount of the down payment? b) How much is the loan amount going to be? c) What will be the amount charged for 3 points? *1 point is 1 % of the mortgage amount d) Find the amount of the monthly payment. (Do not add the cost of the points to the loan amount) Hint: click here Question Help: D Video Message instructor %24
3. You are purchasing a new home and need to borrow $325,000 from a mortgage lender. The mortgage lender quotes you a rate of 6.5% APR for a 30-year fixed rate mortgage (with payments made at the end of each month). The mortgage lender also tells you that if you are willing to pay one point, they can offer you a lower rate of 6.25% APR for a 30-year fixed rate mortgage. One point is equal to 1% of the loan value. So if you take the lower rate and pay the points, you will need to borrow an additional $3,250 to cover points you are paying the lender. Assuming that you do not intend to prepay your mortgage (pay off your mortgage early), are you better off paying the one point and borrowing at 6.25% APR or just taking out the loan at 6.5% without any points?
You need a 30-year, fixed-rate mortgage to buy a new home for $400,000. Your mortgage bank will lend you the money at a 6 percent APR for a 360 month loan. You can only afford a monthly payment of $1000. How much downpayment should you put at the time of purchase? Please show your work using excel formulas.
3. Suppose you decide to purchase a $150000 home for $20000 down. A down payment is subtracted from your home’s value and therefore you owe $130000. Well to pay for this amount you will need a loan, so $130000 is the principal on your loan. Suppose the interest rate on a 30 year mortgage is 4.5%. What will your monthly payment be? Create an amortization table for this loan. How much will you pay on the loan if you pay off the loan as
You are in the market to buy a home. You plan on borrowing $312,627 from the bank. Interest rates are currently 3% for a 30 year mortgage (hypothetically, not actually). How much money will you pay in interest over the lifetime of the loan? Round to the nearest whole number.
You purchase a house for $1.3 million and take a mortgage for $1.05 million which will be amortized over 30 years. Your mortgage interest rate is fixed at 6% compounded monthly for a 5-year term and you will be making monthly payments. How much do you still owe at the end of the 5-year term (within $1000)? Use the method that calculates your mortgage balance based on the payments you have already made (as opposed to the payments you have remaining). OPPO A79 5G Rathod Kishan

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