You want to buy a $191,000 home. You plan to pay 20% as a down payment, and take out a 30 year loan at 4.55% interest for the rest. a) How much is the loan amount going to be? $152,800 b) What will your monthly payments be? $780 c) How much total interest do you pay? $ d) Suppose you want to pay off the loan in 15 years rather than 30. What will your monthly payment be? Enter an integer or decimal number [more..] e) How much money in interest will you save if you finance for 15 years instead of 30 years?
You want to buy a $191,000 home. You plan to pay 20% as a down payment, and take out a 30 year loan at 4.55% interest for the rest. a) How much is the loan amount going to be? $152,800 b) What will your monthly payments be? $780 c) How much total interest do you pay? $ d) Suppose you want to pay off the loan in 15 years rather than 30. What will your monthly payment be? Enter an integer or decimal number [more..] e) How much money in interest will you save if you finance for 15 years instead of 30 years?
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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![You want to buy a $191,000 home. You plan to pay 20% as a down payment, and take out a 30 year
loan at 4.55% interest for the rest.
a) How much is the loan amount going to be?
$152,800
b) What will your monthly payments be?
$780
c) How much total interest do you pay?
$
d) Suppose you want to pay off the loan in 15 years rather than 30. What will your monthly payment
be?
Enter an integer or decimal number [more..]
e) How much money in interest will you save if you finance for 15 years instead of 30 years?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F48620e7d-3a8c-4fcf-b21d-710ec1e340d5%2F15921bd8-95b7-4fe0-bd5d-f1994938d412%2Fjcd9cai_processed.jpeg&w=3840&q=75)
Transcribed Image Text:You want to buy a $191,000 home. You plan to pay 20% as a down payment, and take out a 30 year
loan at 4.55% interest for the rest.
a) How much is the loan amount going to be?
$152,800
b) What will your monthly payments be?
$780
c) How much total interest do you pay?
$
d) Suppose you want to pay off the loan in 15 years rather than 30. What will your monthly payment
be?
Enter an integer or decimal number [more..]
e) How much money in interest will you save if you finance for 15 years instead of 30 years?
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