You agree to purchase a home for $150,000 and decide to make a 20% down payment on the home. You finance the rest of the home payment with a 15 year fixed rate mortgage with an annual interest rate of 4.00%. Assuming that you make regular monthly payments, determine your regular monthly payment amount. Provide just a numerical answer rounded to the nearest cent.
Q: You want to buy a house valued at $200,000. AFter a down payment, you can finance the house with a…
A: The annual percentage rate is the rate earned on the investment or paid on loan over the period of…
Q: You agree to purchase a home for $240,000 and decide to make a 20% down payment on the home. You…
A: formula for monthly payment: pmt = principal×rm1-1+rm-m×n where, r = rate of interest n = term of…
Q: Suzan Long is considering buying a home for$350,000.(a) If she makes a down payment of $50,000…
A: In this problem, a person purchases a home for $350,000 and make down payment of $50,000. The…
Q: You purchase a home for $299,000. You make a down payment of 13% and finance the remaining amount…
A: Formulas:
Q: You've decided to buy a house that is valued at $1 million. You have $250,000 to use as a down…
A: Mortgage Payment: It is the payment of mortgage amortization paid by the borrower to the lender.…
Q: Neal plans to buy a car worth $42,000 today. He is required to pay 15 percent as a down payment and…
A: Using Excel PMT function
Q: Ann wants to buy an office building which costs $1,000,000. She obtains a 30 year fully amortizing…
A: Here, To Find: Annualized IRR =?
Q: A lender requires that monthly mortgage payments be no more than one-third of gross monthly income,…
A:
Q: Suppose you purchase a house using a 30-year fixed rate mortgage. The APR on the loan is 3.2% and…
A: The current price of the house is computed by computing the present worth of the house. The formula…
Q: You need a 30-year, fixed-rate mortgage to buy a new home for $250,000. Your mortgage bank will lend…
A: Loan Amount = 250,000 Monthly Interest % = 5.45%/12 = .454% Monthly Payment = 900 Time period =…
Q: You've decided to buy a house that is valued at $1 million. You have $250,000 to use as a down…
A: Since you have asked multiple questions, we will solve the first one for you. If you want any…
Q: An individual wishes to purchase a house that is selling for $200,000. The person has $50,000 they…
A: Mortgage loan have some down payment and remaining are to be paid monthly over the long period of…
Q: You want to purchase a house valued at $200,000. After a downpayment, you can finance the house…
A: Value of the house = $200,000 Number of years of mortgage = 20 Number of periods (n) = 20*12 = 240…
Q: You purchase an RV by making a down payment of 2.56%, compounded monthly, and require you to make 36…
A: Down payment = $10,700 Monthly payment (P) = $1498.75 Interest rate = 2.56% Monthly interest rate…
Q: You are looking to buy a $415,000.00 home in Haverhill. If Bank of America will give them a 15-year…
A: 1) Loan Amount = 80% of 415,000 = $332,000.
Q: Bernie is looking to buy a riding lawn mower for $1320. The store offers a 3-year add-on loan using…
A: Add on loan is a type of loan where the interest is added in the principal amount and divided by…
Q: Your bank offers the Bradys a 30 year mortgage with a rate of 5%. At that rate, the monthly payments…
A: Hi, there, Thanks for posting the question. As per our Q&A honour code, we must answer the first…
Q: Assume you graduate from college with $32,000 in student loans. If your interest rate is fixed at…
A: given, P = $32000 r=4.9% m =12 (monthly compounding) n = 10 year
Q: When you purchase your car, you take out a five-year annual-payment loan with an interest rate of…
A: Here we will first have to determine the amount of loan taken. We are provided with annual payments,…
Q: You need a 30-year, fixed-rate mortgage to buy a new home for $305,000. Your mortgage bank will lend…
A: A written agreement through which a lender gets the right to take the property that is put as a…
Q: Suppose that the seller of a home has accepted your offer of $175,900 to purchase the home.Suppose…
A: A mortgage loan is a loan that is used by an individual to raise funds to purchase a home and other…
Q: Suppose you want to purchase a house. Your take-home pay is $4230 per month, and you wish to stay…
A: Cost of house depends on the monthly payment and down payment you have.
Q: You need a 30-year, fixed-rate mortgage to buy a new home for $240,000. Your mortgage bank will lend…
A: Given, New home $240,000 Money at an APR of 3.25 percent for 360 month loan Balloon monthly payments…
Q: You are looking to buy a $415,000.00 home in Haverhill. If Bank of America will give them a 30-year…
A: For the calculation I have used the above given formula and got the monthly payment to be…
Q: You’ve decided to buy a house that is valued at $1 million. You have $250,000 to use as a down…
A: The question is based on the concept of amortization of loan in equal periodic installment.by…
Q: You are purchasing a home and plan to take out a 25 year mortgage loan for $300,000. The interest…
A: The correct option is option “c”.
Q: Ann wants to buy an office building which costs $2,000,000. She obtains a 30 year, Interest Only…
A: Loans are to be paid by the monthly payment that carry the payment of interest and payment for…
Q: Marcus is expected to settle a loan by paying $6,000. What amount should he pay if he decides to…
A: Present Value refers to the discounted value of a single cash flow or multiple cash flows today…
Q: Your uncle will sell you his bicycle shop for $170,000, with "seller financing," at a 6.0% nominal…
A: Loan amount = Monthly Payment * [1-(1+i)^-n]/i + Final Payment/ (1+i)^n 170000 = Monthly Payment *…
Q: You want to buy a car, and a local bank will lend you $15,000. The loan will be fully amortized over…
A: Time value of money (TVM) refers to the concept which proves that the value of money today is higher…
Q: You obtain a 30-year loan at a fixed annual 8% on a $100,000 condo where the required down payment…
A: GIVEN, n=30 R=8% PRICE=$100,000 DOWNPAYMENT=$5000 M=12
Q: Suppose you purchase a car for a total price of $24,790 including taxes and licensee and finance…
A: To find the monthly payment, we will use the present value of annuity formula and adjust it to find…
Q: To buy an $180,000 condominium, you put down $30,000 and take out a mortgage for $150,000 at an APR…
A: The calculation is:
Q: You purchase a home costing $480,000 with a 20% down payment. After shopping around for a mortgage,…
A: Thus, Monthly Payment in option 1 is $1583.32 and in Option 2 is $1586.07
Q: Fernando has the choice of taking out a 25-year loan for $150,000 at 6.6% interest, compounded…
A: Annuity payments refer to the set of fixed periodic payments that an investor or a depositor makes…
Q: Todd Foley is applying for a $290,000 mortgage. He can get a $2,030 monthly payment for principal…
A: Calculation of number of months:Excel spreadsheet for calculation of number of months
Q: You need a 30-year, fixed-rate mortgage to buy a new home for $400,000. Your mortgage bank will lend…
A: Mortgage/ Borrowings Borrowings are the loan which is taken by the individual to meet its financial…
Q: How much is your monthly payment? use monthly compunding formula
A: Answer:
Q: if your bank approves a $300,000 mortagage for your new home, at an annual percentage rate of 4.5 %…
A: Loan amount = $ 300,000 APR = 4.5% Monthly interest rate = 4.5%/12 = 0.375% Monthly payment = $ 1800
Q: You want to buy a $120,000 house, and you apply for a mortgage loan. The bank requires a 20% down…
A: Monthly Payment refers to the payment that is to be paid monthly for a specific period of time to…
Q: Suppose you obtain a 30-year mortgage loan of $195,000 at an annual interest rate of 8.6%. The…
A: Monthly property tax =Annual property tax /12 Monthly property tax = $969/12 Monthly property tax =…
Q: Clark and Lana take a 30-year home mortgage of $123,000 at 7.7%, compounded monthly. They make their…
A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…
Q: ou have a 30-year mortgage loan for $250,000 with an interest rate of 6% which requires you to make…
A: This pertains to time value of money. The concept of time value of money tells us that worth of…
Q: A chiropractic student receives a 10-year PLUS Loan for $50,000 to complete the last 2 years of the…
A: Loan (L) = $50000 n = 10 years = 120 months r = 5.48% per annum = 0.45667% per month Let the monthly…
Q: Bill and Alice have decided to open a 30-year home mortgage loan with a rate of 3.80% monthly. If…
A: A written agreement through which a lender gets the right to take the property that is put as a…
Q: Suppose you want to purchase a house. Your take-home pay is $2830 per month, and you wish to stay…
A: Monthly affordable payment (M) = (1/4) of $2830 = $707.50 r = 3.95% per annum = 0.329167% per month…
Q: You have just taken out a mortgage of $50,000 for 30 years, with monthly payments at 6% interest.…
A: Time value tells that money received today has more value than that of receiving the exact value…
You agree to purchase a home for $150,000 and decide to make a 20% down payment on the home. You finance the rest of the home payment with a 15 year fixed rate mortgage with an annual interest rate of 4.00%. Assuming that you make regular monthly payments, determine your regular monthly payment amount. Provide just a numerical answer rounded to the nearest cent.
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 2 images
- You plan to purchase a $100,000 house using a 30-year mortgage obtained from your local credit union. The mortgage rate offered to you is 8.25 percent. You will make a down payment of 20 percent of the purchase price. a. Calculate your monthly payments on this mortgage. b. Calculate the amount of interest and, separately, principal paid in the 25th payment. (pls show solution)You plan to purchase a $240,000 house using a 30-year mortgage obtained from your local credit union. The mortgage rate offered to you is 8 percent. You will make a down payment of 10 percent of the purchase price. a. Calculate your monthly payments on this mortgage. b Construct the amortization schedule for the first six payments.Suppose you purchase a house using a 30-year fixed rate mortgage. The APR on the loan is 3.2% and you will be required to make monthly payments of $3,700 what is the price you paid for your home?
- You plan to purchase a $200,000 house using either a 30-year mortgage obtained from your local savings bank with a rate of 7.25 percent, or a 15-year mortgage with a rate of 6.50 percent. You will make a down payment of 20 percent of the purchase price. a. Calculate the amount of interest and, separately, principal paid on each mortgage. What is the difference in interest paid? b. Calculate your monthly payments on the two mortgages. What is the difference in the monthly payment on the two mortgages?You plan to purchase a $390,000 house using either a 30-year mortgage obtained from your local savings bank with a rate of 8.50 percent, or a 15-year mortgage with a rate of 7.55 percent. You will make a down payment of 20 percent of the purchase price. a. Calculate the amount of interest and, separately, principal paid on each mortgage. What is the difference in interest paid? b. Calculate your monthly payments on the two mortgages. What is the difference in the monthly payment on the two mortgages? (For all requirements, do not round intermediate calculations. Round your answers to 2 decimal places. (e.g., 32.16)) a. Interest under 15-year mortgage Interest under 30-year mortgage Difference in interest paid b. Monthly payment under 15-year mortgage Monthly payment under 30-year mortgage Difference in monthly paymentFind the monthly house payment necessary to amortize the following loan. 9) In order to purchase a home, a family borrows $121,000 at 3.0% for 30 yr. What is their monthly payment? Round the answer to the nearest cent.
- You plan to purchase a $160,000 house using a 15-year mortgage obtained from your local credit union. The mortgage rate offered to you is 6.75 percent. You will make a down payment of 20 percent of the purchase price. a. Calculate your monthly payments on this mortgage. b. Calculate the amount of interest and, separately, principal paid in the 20th payment c. Calculate the amount of interest and, separately, principal paid in the 150th payment d. Calculate the amount of interest paid over the life of this mortgage. (For all requirements, do not round intermediate calculations. Round your answers to 2 decimal places. (e.g., 32.16)) a. Monthly payment b. Amount of interest Amount of principal C. Amount of interest Amount of principal d. Amount of interest paid AmountYou plan to purchase a $320,000 house using a 15-year mortgage obtained from your bank. The mortgage rate offered to you is 5.20 percent. You will make a down payment of 15 percent of the purchase price. a. Calculate your monthly payments on this mortgage. b. (1) Construct the amortization schedule for the mortgage. b. (2) How much total interest is paid on this mortgage? Answer is not complete. Complete this question by entering your answers in the tabs below. Req A Req B1 Amortization Schedule Month 1 2 3 179 180 Construct the amortization schedule for the mortgage? (Do not round intermediate calculations. Round your answers to 2 decimal places. (e.g., 32.16)) Req 82 Total Interest Amortization Schedule for the 15-Year Mortgage Interest Cumulative Principal Principal 272,000.00 270,999.26 Cumulative Interest Ending BalanceYou plan to purchase a $350,000 house using a 15-year mortgage obtained from your bank. The mortgage rate offered to you is 5.50 percent. You will make a down payment of 20 percent of the purchase price. a. Calculate your monthly payments on this mortgage. b. Construct the amortization schedule for the mortgage. How much total interest is paid on this mortgage? (Do not round intermediate calculations. Round your answer to 2 decimal places. (e.g., 32.16))
- You plan to purchase a $160,000 house using a 15-year mortgage obtained from your local credit union. The mortgage rate offered to you is 6.5 percent. You will make a down payment of 15 percent of the purchase price. a. Calculate your monthly payments on this mortgage. b. Calculate the amount of interest and, separately, principal paid in the 25th payment. c. Calculate the amount of interest and, separately, principal paid in the 80th payment. d. Calculate the amount of interest paid over the life of this mortgage. (For all requirements, do not round intermediate calculations. Round your answers to 2 decimal places. (e.g., 32.16)) a. Monthly payment b. Amount of interest Amount of principal Amount of interest Amount of principal d. Amount of interest paid C. Amountyou are buying a house and will borrow $225,000 on a 30-year fixed reate mortgage with monthly payments to finance the purchase. your loan officer has offered you a mortgage with an APR of 4.3%. Alternatively, she tells you that you can “ buy down ” the interest rate to 4.05% if you pay points up front on the loan is 1 % ( one percentage point) of the loan value. you believe that you will live in the house for only eight years before selling the house and buying another house. this means that in eight years, you will pay off the remaining balance of the original mortgage. how many points, at most, would you be willing to pay to buy down the interest rate? Question) maximum points?You are considering an option to purchase or rent a single residential property. You can rent it for $2,000 per month and the owner would be responsible for maintenance, property insurance, and property taxes. Alternatively, you can purchase this property for $200,000 and finance it with an 80 percent mortgage loan at 4 percent fixed-rate interest that will fully amortize over a 30-year period. The loan requires monthly payments. The loan can be prepaid at any time with no penalty. You have done research in the market area and found that (1) properties have historically appreciated at an annual rate of 2 percent per year, and rents on similar properties have also increased at 2 percent annually; (2) maintenance and insurance are currently $1,500.00 each per year and they have been increasing at a rate of 3 percent per year; (3) you are in a 24 percent marginal tax rate and plan to occupy the property as your principal residence for at least four years; (4) the capital gains exclusion…