You have $25,000 available for a down payment on your new home. You have determined that youcan afford a monthly mortgage payment of $1,250 for principal and interest. If thirty-year terms (360months) are available for home-financing at 4.0%, what is the highest-valued home you can afford tothe nearest $1,000 (do not forget your down payment!).O $292,000O $287,000O $262,000O $237,000O $242,000

Down Payment = 25,000 Monthly Payment = 1,250 Rate = 4%/12 per month Time Period (N) = 360 months…

Answered: You have $25,000 available for a down…

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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QUESTION 1 Afamily planning to buy a house can afford a monthly payment of $1650.00. What is the maximum amount of 20 year-long mortgage they can afford taking, given that the bank charges 3.75% per year compounded monthly? Attach File Browse Local Files
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1. You buy a property for $170,000 down and monthly payments of $10, 450 for 5 years. What is the cash price paid if the mortgage is 7.75% compounded semi- annually? 2. How much needs to be invested today at 4.8% compounded semi-annually to provide monthly payments of $500 in perpetuity starting one month from today. NEED ANSWERS ASAP. EVEN WITH NO SOLUTION
You want to buy a house that costs $290,000. You will make a down payment equal to 10 percent of the price of the house and finance the remainder with a loan that has an APR of 5.51 percent compounded monthly. If the loan is for 20 years, what are your monthly mortgage payments? Group of answer choices $1,736.96 $1,886.70 $1,821.54 $1,796.86 $1,788.65
You want to purchase a new company car for employees to visit clients. If you purhcase the car for $60,000 with a loan that has an APR of 12% in which interest accrues monthly, what would you expect the monthly payments to be if the term of the loan is 5 years? $1,683 $572 $1,322 $1,000
Not sure where to start this one Suppose that you purchase a new home that costs $180,000. A local bank offers you a 3% fixed rate mortgage loan for 30 years. Also, you are required to make a 20% down payment immediately. a) Find your monthly payment. b) Find the interest amount and the principal amount in your first monthly payment. c) Find the total interest paid for 30 years.
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Peter has borrowed $8,600 to pay for his new car. The annual interest rate on the loan is 7.4 percent, and the loan needs to be repaid in four payments. What will be his annual payment if he begins his payment today now? (Round to the nearest dollar.) a. $2,850 b. $2,656 c. $2,385 d. $2,448
You bought a house for $400,000 paying 10% down and financing the rest with an 8.5%, 30-year mortgage loan. What monthly payments are required to amortize the loan? O $2,768.09 O $2,718.29 O $2,727.09 O $2,708.09.
You borrow $675,000 to buy a home using a 30-year mortgage with an interest rate of 3.675 percent and monthly payment. Calculate the interest portion of the 20th payment. Disregard property taxes and mortgage insurance. Group of answer choices $2,006 $1,999 $2,002 $1,818 $1,821
d You have decided to buy a car that costs $31,000. Since you do not have a big down payment, the lender offers you a loan with an APR of 6.27 percent compounded monthly for 7 years with the first monthly payment due today. What is the amount of your loan payment? Multiple Choice $294.91 $454.51 $456.89 $374.71 $293.38
You want to buy a house and will need to borrow $250,000. The interest rate on your loan is 5.83 percent compounded monthly and the loan is for 20 years. What are your monthly mortgage payments? Multiple Choice $1,758.10 $1,707.76 $1,766.65 $1,854.98 $1,791.36

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