You are buying a house for $290,000.00 with a downpayment of $29,000.00. The loan will be paid back over 20 years with monthly payments of $1,609.25. If the interest rate is 4.2% compounded monthly, what would the unpaid balance be immediately after the eleventh payment? What is the equity after the eleventh payment? The unpaid balance would be $ The equity would be $

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: Suppose you take out a 30 year mortgage for $ 200000 at 8.5% interest. The monthly payments on this…

A: Here,

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Q: Suppose you are buying your first condo for $180,000, and you will make a $15,000 down payment. You…

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A: When a person does not have enough money to buy any assets, he would consider taking a loan. The…

Q: You bought a house for $175,000. The bank requires a 25% down payment; it will provide a 30 year…

A: Given:

Q: You want to buy a $191,000 home. You plan to pay 15% as a down payment, and take out a 30 year loan…

A: Cost of home = $191,000Down payment = 15%Loan terms = 30 yearsInterest rate = 7%

Q: You want to buy a $240,000 home. You plan to pay 20% as a down payment, and take out a 30 year loan…

A: Home value = $240,000 Down payment = $48,000 (i.e. $240,000 * 0.20) Monthly period (n) = 360 (i.e.…

Q: Suppose you want to purchase a home for $425,000 with a 30-year mortgage at 5.14% interest. Suppose…

A: Present value of annuity.PV = A × Where,PV = present value of annuity A = periodic payments r =…

Q: You want to take out a $179,000 mortgage (home loan). The interest rate on the loan is 4.1 %, and…

A: After making payments for 15 years, you will still owe approximately $116,143 on your mortgage.…

Q: You are buying a house for $150,000.00 with a downpayment of $30,000.00. The loan will be paid back…

A: Mortgage loans make home buying quite easy because paid by equal fixed monthly payments that are…

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: a. What is your annual payment on the loan? b. Construct a mortgage amortization. c. What fraction…

A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

Q: You are buying a house for $130,000.00 with a downpayment of $26,000.00. The loan will be paid back…

A: Concluding payment is calculated as under-

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A: A written agreement through which a lender gets the right to take the property that is put as a…

Q: You want to buy a car, and a local bank will lend you $20,000. The loan would be fully amortized…

A: The loan is an agreement between two parties where an amount is forwarded on a promise of repayment…

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Q: 6) You buy a $400,000 house. The loan is for 25 years and is at 4.5% monthly. What is the monthly…

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A: Price = $226000 Down payment = 5% Interest rate = 6.55% Monthly interest rate (r) = 6.55%/12 =…

Q: ou want to buy a $219,000 home. You plan to pay 15% as a down payment, and take out a 30 year loan…

A: a) Hence, the loan amount is $186150.00.

Q: Suppose you take out a 30 year mortgage for $ 150000 at 4% interest. The monthly payments on this…

A: Here, Mortgage Amount is $150,000 Time Period of Mortgage is 30 years Interest Rate is 4% Monthly…

Q: Suppose you take out a 30 year mortgage for $ 250000 at 6.75% interest. The monthly payments on this…

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A: Solution: When an amount is borrowed, it can either be repaid as a lump sum payment or in…

Q: Suppose you want to buy a house today that costs $139022. The bank requires you to make a 20% down…

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Q: You want to buy a house. The loan amount will be $285,000.00. A bank is offering a 5% interest rate…

A: Monthly Payment: A borrower pays down portion of the remaining sum together with the interest on the…

Q: Suppose you take out a 30 year mortgage for $ 200000 at 7.75% interest. The monthly payments on this…

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A: The monthly payment will depend upon the interest rates, the time period and the amount of loan.

Q: Suppose you take out a 30-year mortgage for $ 225000 at 8.5% interest. The monthly payments on this…

A: Mortgage is a loan contact used to buy capital assets such as houses. In Mortgages, title of asset…

Q: you are taking out a $100,000 mortgage loan to be repaid over 25 years in 300 monthly payments. a.…

A: Mortgage are secured loans against property and they act as collateral for building and they are…

Q: You want to buy a $205,000 home. You plan to pay 10% as a down payment, and take out a 30 year loan…

A: Home value = $205,000 Down payment = 0.10 (10%) Monthly interest rate (r) = 0.00345833333333333…

Q: If you took a home mortgage loan of $150,000 for 30 years at 8.4%, compounded monthly your monthly…

A: Given: Total numbers of years = 30 Total number of periods = 12*30 = 360 since monthly payments i =…

Q: a. What are the monthly payments on the original loan? $ (Round to the nearest cent as needed.) b. A…

A: Information Provided: Mortgage amount = $175,000 APR = 6% Period = 40 years

Q: 13) You take out a loan for $75,000 for 12 years at 6% monthly. What is the payment? a) how much…

A: A study that proves that the future worth of the money is lower than its current value due to…

Q: Suppose you take out a 30 year mortgage for $ 250000 at 4% interest. The monthly payments on this…

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Q: You are buying a house for $200,000.00 with a downpayment of $40,000.00. The loan will be paid back…

A: An amortization table is a table that helps to compute the periodic payment, interest paid,…

Q: You want to buy a $162,000 home. You plan to pay 20% as a down payment, and take out a 30 year loan…

A: Loan amortization is the process of amortizing a loan through periodic payments towards the loan…

Cost of Credit

The cost of credit is an extra amount that the borrower has to pay besides the loan amount. These credit charges may vary from loan to loan. The cost of credit includes interest charges, maintenance charges, and arrangement charges. Some of the costs are mandatorily collected by the lender based on the loan amount and tenure of the loan. The cost of credit is also called finance charges of the credit.