You want to buy a house that costs $393,000. You will finance the home with a mortgage loan that has an APR of 6.19 percent compounded monthly. If the loan is for 30 years, what will be the amount of your monthly mortgage payment? $24,326.70 O $2,404.45 O $29,133.87 O $14,173.44 $2.392.11
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- You want to invest $8,000 at an annual Interest rate of 8% that compounds annually for 12 years. Which table will help you determine the value of your account at the end of 12 years? A. future value of one dollar ($1) B. present value of one dollar ($1) C. future value of an ordinary annuity D. present value of an ordinary annuityLet’s assume that you plan to purchase a house which is selling for $350,000 today. You will make a monthly payment for the next 30 years, with an annual interest rate of 3%. What will be the amount of your monthly mortgage (i.e., home loan) payment? answer choices $1,890.37 $1,400.01 $1,475.61 $1,228.14You want to buy a house that costs $320,000. You will make a down payment equal to 20 percent of the price of the house and finance the remainder with a loan that has an interest rate of 4.00 percent compounded monthly. If the loan is for 30 years, what are your monthly mortgage payments? Multiple Choice $1,425.85 $14,804.51 $1.52773 $1.222.18 $1,18066 D
- You buy a house and finance the purchase with a $200,000 mortgage. What are your monthly payments if the mortgage is for 30 years and the nominal annual mortgage interest rate is 6.50%? O $1,137.72 $1,011.31 O $1,264.14 $555.56 $1,200.93You 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 $1,788.65Suppose you are buying your first home for $144,000, and you have $17,000 for your down payment. You have arranged to finance the remainder with a 30-year, monthly payment, amortized mortgage at a 6.40% nominal interest rate, with the first payment due in one month. What will your monthly payments be? Group of answer choices $831.93 $857.64 $753.30 $714.27 $794.39
- Explain well with proper step by step Answer.Suppose you are buying your first condo for $280,000, and you will make a $15,000 down payment. You have arranged to finance the remainder with a 30-year, monthly payment, amortized mortgage at a 5.9% nominal interest rate, with the first payment due in one month. What will your monthly payments be? a. $1,571.81 b. $2,039.03 c. $1,652.66 d. $1,660.78 e. $1,564.12You are considering purchasing a new home. You will need to borrow $280,000 to purchase the home. A mortgage company offers you a 20-year fixed rate mortgage (240 months) at 9% APR (0.75% month). If you borrow the money from this mortgage company, your monthly mortgage payment will be closest to: O A. $2,015 В. $3,527 C. $4,030 D. $2,519
- You want to buy a house, and a mortgage company will lend you $265,000. The loan would be fully amortized over 15 years (180 months), and the nominal interest rate would be fixed at 7.25 percent, compounded monthly. What would be the monthly mortgage payment? a. $2,419.09 b. $19,212.56 c. $29,556.68 d. $18,532.56 e. $2,902.90You want to buy a house and will need to borrow $200,000. The interest rate on your loan is 5.23 percent compounded monthly and the loan is for 30 years. What are your monthly mortgage payments? Multiple Choice $1,112.78 $1,097.15 $1,157.03 $1,101.93 $1,065.20Suppose you are buying your first home for $210,000, and you have $15,000 for your down payment. You have arranged to finance the remainder with a 30-year, monthly payment, amortized mortgage at a 6.5% nominal interest rate, with the first payment due in one month. What will your monthly payments be? Select the correct answer. a. $1,231.53 b. $1,233.53 c. $1,232.53 d. $1,234.53 e. $1,230.53
