The house you find that would accommodate your growing family costs $295,000. You obtain a 30-year conventional mortgage at 6.75% after paying a down payment of 25% of the purchase price. Of the first month’s payment, how much is interest and how much is applied to principal?

Q: You have agreed to pay off an $8,000 car loan with 24 monthly payments of $400 each. Use the simple…

A: Formula used: To find the interest rate in simple interest:…

Q: You want to buy a $24,000 car. The company is offering a 2% interest rate for 36 months (3 years).…

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Q: cost of a home is $175,000. The bank requires a 5% down payment and three points at closing. The…

A: “Since you have posted a question with multiple sub parts, we will provide the solution only to the…

Q: Steve borrowed $300 for 2 months at a simple interest rate of 6% per annum. How much interest does…

A: Simple interest =( principal × rate × time)/100

Q: Suppose you have budgeted $ 1130 a month towards a mortgage. If you are offered a 30 year mortgage…

A: Given that, the monthly payment towards a mortgage is $1130, the number of years is 30 years and the…

Q: Your parents are buying a house for $187,500. They have a good credit rating, are making a 20% down…

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Q: You want to buy a $21,000 car. The company is offering a 3% interest rate for 60 months (5 years).…

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Q: Lewis figured out that the difference in cost between renting an apartment for 30 years at a fixed…

A: The objective of this question is to find out the difference in the monthly cost of renting versus…

Q: The monthly interest rate on this loan is 0.5%. The amount of the first month’s payment ($1918.56)…

A: Monthly interest rate  = 0.5 % yearly interest rate  = 005*12 =6 %Loan amount = 320,000 $monthly…

Q: Calculate the simple interest due (in dollars) on a 60-day loan of $1,600 if the annual interest…

A: Given

Q: Elon has misplaced the sales contract for his car and cannot remember the amount he originally…

A: Elon has misplaced the sales contract for his car and cannot remember the amount he originally…

Q: Steven wants to buy a new couch priced at $705 and agrees to pay for it over two years with a…

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Q: For a loan of $24,000 at a fixed APR of 8% for 15 years, find the monthly payment.

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Q: Trevor plans on getting a $166,000 loan for 30 years to purchase a home. Lender A offers him a 5%…

A: The objective of this question is to calculate the difference in monthly payments for a home loan…

Q: Ellen is looking to purchase a car.  She determines that she can afford a monthly payment of $325.…

A: To determine the cost of car that Marie can afford.

Q: Suppose you obtain a 30-year mortgage loan of $194,000 at an annual interest rate of 7.9%. The…

A: We have to find out answer of given question....

Q: You have the option to take out a 30 year mortgage with an APR of 4.9% what will your monthly…

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Q: Suppose you make a down payment of 6% of $27,600 and finance the rest at 1.5% compounded monthly for…

A: The down payment is 6% of $27,600, which is: 0.06 x $27,600 = $1,656   So you are financing the…

Q: You buy a house for $280,000 and pay $25,000 down.  The rest is financed for 30 years at 6.5%…

A: Here, Value of House is $280,000 Down Payment is $25,000 Loan Amount (PV) is: Interest Rate (Rate)…

Q: You decide to buy a 2020 blue Rolls-Royce Phantom for $455,000. Use the simple interest formula to…

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