Use PMT =to determine the regular payment amount, rounded to the nearest dollar. The price of a home is $160,000. The bank requires a 20%- nt1-1·down payment and three points at the time of closing. The cost of the home is financed with a 30-year fixed-rate mortgage at 9.5%. Complete parts (a) through (e)below......a. Find the required down payment.

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Answered: Use PMT = to determine the regular…

Advanced Engineering Mathematics

10th Edition

ISBN:9780470458365

Author:Erwin Kreyszig

Publisher:Erwin Kreyszig

Chapter2: Second-order Linear Odes

Section: Chapter Questions

Problem 1RQ

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Compare the monthly payments and total loan costs for the following pairs of loan options. Assume that both loans are fixed rate and have the same closing costs. You need a $190,000 loan. Option 1: a 30-year loan at an APR of 7.5%. Option 2: a 15-year loan at an APR of 7%. Find the monthly payment for each option. The monthly payment for option 1 is $ The monthly payment for option 2 is $ (Do not round until the final answer. Then round to the nearest cent as needed.) Find the total amount paid for each option. The total payment for option 1 is $ The total payment for option 2 is $ (Use the answers from the previous step to find this answer. Round to the nearest cent as needed.)
You purchased a car on January 1, 2022 with a 10,000 dollar loan. Your loan carries an interest rate of 6% per year convertible monthly. You will pay 1150 per month starting February 1, 2022, plus an additional 2200 on August 1, 2022. The last payment will be a partial payment. Determine for how many months you will be making loan payments, including the last partial payment
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Use nt" to determine the regular payment amount, rounded to the nearest dollar. Consider the following pair of mortgage loan options for a $120,000 mortgage. Which mortgage loan has the larger total cost (closing costs + the amount paid for points + total cost of interest)? By how much? Mortgage A: 15-year fixed at 7.25% with closing costs of $1400 and 1 point. Mortgage B: 15-year fixed at 5.25% with closing costs of $1400 and 3 points. Choose the correct answer below, and fill in the answer box to complete your choice. (Do not round until the final answer. Then round to the nearest dollar as needed.). OA. Mortgage B has a larger total cost than mortgage A by S OB. Mortgage A has a larger total cost than mortgage B by S
Use PMT= to determine the regular payment amount, rounded to the nearest cent. The cost of a home is financed with a $200,000 40-year fixed-rate mortgage at 4% HOT a. Find the monthly payments and the total interest for the loan. b. Prepare a loan amortization schedule for the first three months of the mortgage. a. The monthly payment is $835.9 (Do not round until the final answer. Then round to the nearest cent as needed.) The total interest for the loan is is $201232 (Use the answer from part a to find this answer, Round to the nearest cent as needed.) b. Fill out the loan amortization schedule for the first three months of the mortgage below. Interest Principal Payment Number 1 2 3 (Use the answer from part a to find these answers, Round to the nearest cent as needed.) $ Loan Balance
Kalani Canfield purchases a deluxe hot tub for $6575. The sales tax is 6.25% of thepurchase price.a. What is the total cost, including sales tax?b. If Kalani makes a down payment of 20% of the total cost, find the down payment.c. Assuming Kalani finances the remaining cost at an annual interest rate of 7.8%for 3 years, find the monthly payment.
A loan of $1,544 at 10.75% interest compounded semi-annually is to be repaid in four years in equal semi-annual payments. Complete an amortization schedule for the loan. Adjust the final payment so the balance is zero. Fill out the amortization schedule below. (Round to the nearest cent as needed. Do not include the $ symbol in your answers.) Payment Amount of Interest Applied to Balance Number Payment Payment Principal $1,544 1 2 3 4 5 6 7 8 $ $ JUL S $ $ $ S UL SA $ S $ $ $
Businesses that offer repayment plans for purchases are required by law to disclose the interest rate. But that doesent mean they go out of there way to let you know what it is. you have to read all the paper work. Find the interest rate for the following purchase. For a 312 square-foot family room, you choose carpert that costs $1.43 per square foot. The tax rate is 6.1%, and your offered 24 payments of 27.19. round to one decimal place, if necessary.
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