The price of a home is ​$210,000. The bank requires a​ 15% down payment. The buyer is offered two mortgage​ options: 15-year fixed at 8​% or​ 30-year fixed at 8​%. Calculate the amount of interest paid for each option. How much does the buyer save in interest with the​ 15-year option? Use the following formula to determine the regular payment amount.

Q: Your friend is going to borrow $150,000 using a 30 year mortgage with a 4.25% APR. Which of the…

A: Monthly mortage payment formula for borrowing amount (M), years of mortage (t) and rate of interest…

Q: Larry purchased a new combine that cost $270,500, minus a rebate of $4,500, a trade-in of $7,500,…

A:

Q: Angela Montery has a five-year car loan for a Jeep Wrangler at an annual interest rate of 5.7% and a…

A: find explanation below

Q: to make a balloon payment (large single payment) of $29,367.71 in 10 years. T on payment, you will…

A:

Q: Toni Torres wants to save $1,200 in the next two years to use as a down payment on a new car. If her…

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Q: Use the formula or a calculator application to find the monthly payment on a home mortgage of…

A: From the given data loan amount (P.V.) = ​$295,298rate of interest  = 4.908 % = Monthly interest…

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

A:

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: What is the monthly payment on a 25 year loan of $67,800 if the annual interest rate is 5%?

A: We have Principal loan amount, P = $67,800 Annual interest rate r = 5% = 0.05 Number of monthly…

Q: To buy the home you love, you will need to take out a $615,000 loan with a 4.1% fixed interest rate…

A: Here we will use EMI on loan formula

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: 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: You purchased your house through a contract for deed.  In addition to regular monthly payments, you…

A: Ballon payment (FV)=29367.71 Number of years n=10Annual payment (r)=3% =0.03The formula for…

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: Alan decides to buy a home. He takes out a mortgage of $400,000 with an interest rate of 4.6%.…

A:

Q: The house you find that would accommodate your growing family costs $295,000. You obtain a 30-year…

A: Loan amountinterest rate per month, number of periods in 30 years,

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

A:

Q: Sandra buys a new car for $18,600. She puts 15% down and obtains a simple interest amortized loan…

A: Here, Car price= $18,600 Down payment=0.15 Annual rate= 6.25% Number of months= 5*12= 60 months

Q: find the monthly mortgage loan payment for a $174,000 loan at 2.2% for 30 years.

A: The objective of this question is to calculate the monthly mortgage payment for a loan of $174,000…