The Perrys bought a S241,000 townhome. They made a down payment of $42,000 and took out a mortgage for the rest. Over the course of 30 years they made monthly payments of S1193.12 on their mortgage until it was paid off. (a) What was the total amount they ended up paying for the townhome (including the down payment and monthly payments)? $0 (b) How much interest did they pay on the mortgage? $0 S
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- The Stewarts bought a $366,000 house. They made a down payment of $42,000 and took out a mortgage for the rest. Over the course of 15 years they made monthly payments of $2734.11 on their mortgage until it was paid off. (a) What was the total amount they ended up paying for the house (including the down payment and monthly payments)? $ (b) How much interest did they pay on the mortgage?The Baileys bought a $363,000 townhome. They made a down payment of $44,000 and took out a mortgage for the rest. Over the course of 30 years they made monthly payments of $1912.58 on their mortgage until it was paid off. (a) What was the total amount they ended up paying for the townhome (including the down payment and monthly payments)? (b) How much interest did they pay on the mortgage?The Colemans bought a s234,000 house. They made a down payment of $41,000 and took out a mortgage for the rest. Over the course of 30 years they made monthly payments of $1157.14 On their mortgage until it was paid off. (a) What was the total amount they ended up paying for the house (including the down payment and monthly payments)? (b) How much interest did they pay on the mortgage?
- Tom Burke bought a home in Virginia for $160,000. He puts down 25% and obtains a mortgage for 30 years at 8%. What is Tom's (A) monthly payment, as well as (B) the total interest of the loan?Ms. Tamper bought a house for $180,000. She put 20% down and obtained a mortgage loan for the balance at 4 1/4% for 30 years. a. Find the monthly payment. b. Find the total interest paid.Ken just bought a house. He made a $20,000 down payment and financed the balance with a 25 year homew mortgage loan, with an annual interest rate of 5.4% compounded montrhly. His monthly mortgage payment is $867. What was the selling price of the home?
- Bill and Kim Johnson are purchasing a house for $252,000. Their Bank requires them to pay a 20% down payment. The current mortgage rate is 10%, and they are required to pay one point at the time of closing. Determine the total amount Bill and Kim will pay for their house, including principal, interest, down payment, and points (do not include taxes and homeowners' insurance) for the following lengths of their mortgage. a) 10 years b) 20 years c) 30 yearsAlex and Steve bought their current house 10 years ago for $355,000 and made a down payment of $45,000. They obtained a 25-year mortgage for the remaining amount at 6% APR with quarterly compounding and constant monthly payments. They just sold their house for $550,000. They will now buy a new house. How much of a down payment can they afford to make on their new house? a) $244,012.30 b) $288,000.44 c) $314,187.30 d) $450,000.00 e) $374,562.62Jen Logan bought a home in Iowa for $110,000. She put down 20% and obtained a mortgage for 30 years at 512%512% . What are Jen’s monthly payment and total interest cost of the loan? (Round the intermediate calculation and "monthly payment" to the nearest cent.)
- Eric and Mary bought a house 5 years ago. They took out a 30-year mortgage of $350,000 from Royal Bank at that time. The stated interest rate is 6.8% (APR). a. What is the monthly payment of the mortgage? b. What is the outstanding balance of this mortgage as of today? (Assume they have just made their monthly payment and the next payment is due in a month.) c. What is the interest portion of the 61th payment and what is the principal portion in that payment?A couple purchased a home 20 years ago for $200,000. The home was financed by paying 10% down andsigning a 30-year mortgage at 12% compounded monthly on the unpaid balance. The net market value of thehome is now $2,500,000, and the couple wishes to sell the house.(a) How much was the monthly loan payment?Willie just bought a home and financed his purchase with a $1,000,000 6% 20- year mortgage. (a) What is Willie's monthly mortgage payment? (b) What will be the balance on Willie's mortgage after 12 years? 1. How did you get the monthly mortgage payment of $7,164.31? 2. How did you get the balance of $545,169.90 after 12 years?