You want to take out a $217,000 mortgage (home loan). The interest rate on the loan is 4.5%, and the loan is for 30 years. Your monthly payments are $1,099.51. How much will still be owed after making payments for 20 years? Round your answer to the nearest dollar. Roberto bought a $410,000 house, paying 10% down, and financing the rest at 6.4% interest for 30 years. His monthly payments are $2308.12. How much will he really pay for his $410,000 house? Roberto will pay a total of $ for the house.

Q: Amna has a housing loan of $50,000 over 15 years with a 6% interest rate. According to the Bank he…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: When you purchased your house, you took out a 30-year mortgage with an interest rate of 4.8% per…

A: Payoff amount refers to the amount which is required to be paid as principal amount of the loan. The…

Q: you are buying a house and will borrow $225,000 on a 30-year fixed reate mortgage with monthly…

A: Monthly payment refers to an amount that is paid at every month for the repayment of loan amount by…

Q: JOSH WANTS TO BUY A HOUSE AND WOULD NEED A $200,000 LOAN. HE WILL AMORTIZE THE LOAN FOR OVER 15…

A: Solution Firstly lets calculate the annual installment Annual installment          = loan amount/…

Q: Chuck Wells is planning to buy a Winnebago motor home. The listed price is $175,000. Chuck can get a…

A: Loans are contracts between two parties where one party forwards the money to the other on the…

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: Stephen has just purchased a home for $153,200. A mortgage company has approved his loan application…

A: The future value of the loan is the accumulated amount of money at present with some interest rate.…

Q: You are a loan officer trying to structure a 5/25 ARM mortgage. The interest rate in the first 5…

A: A mortgage refers to a loan used for the purchase of real estate. The loan is covered by the real…

Q: Joe Levi bought a home in Arlington, Texas, for $132,000. He put down 30% and obtained a mortgage…

A: Using the table above given, For a $1000 loan amount of Monthly Payment at 5% for 30 years is $5.37.…

Q: Martin is buying a house for $325,000 and he has 15% for a down payment. Find the monthly payment…

A: Given:  Price of house = $325,000  Down payment = 15%  Interest rate = 5.75%  Term =30 years    The…

Q: Theo wants to take out a loan. He takes out a loan for 15000 dollars at 3,7% quarterly interest,…

A: Given information,Loan amount: Interest rate: Payment per period: Total years: To calculate,Amount…

Q: Jonathon wishes to buy a used Chevy Malibu for $12,500. He only has $1,000 for a down payment so the…

A: Computation as follows: Therefore, the payment amount and total interests are $286.18 per month and…

Q: You are thinking of purchasing a house. The house costs $200,000. You have $29,000 in cash that you…

A: The value for mortgage would be considered as the agreement between the bank and individual party…

Q: You are thinking of purchasing a house. The house costs S 431,000. You have $ 45,000 in cash that…

A: Loan installment is that which is paid by the borrower to lender for a specified period of time.…

Q: The MacEacherns wish to buy a new house that costs $279,000. The bank charges 5.25% interest. A)…

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

Q: You want to take out a $304,000 mortgage (home loan). The interest rate on the loan is 4%, and the…

A: An amortized loan refers to a type of loan that is repaid over a set period through regular…

Q: When you purchased your house, you took out a 30-year mortgage with an interest rate of 4.8% per…

A: The entire amount needed to fully satisfy a debt or other financial obligation is called the payoff…

Q: John Lloyd and Izan want to buy a $138,000 home. They plan to pay 20% as a down payment, and take…

A: Price of house  $ 1,38,000.00 Down payment 20% Interest rate 4.15% Time period 30 years To…

Q: You are thinking of purchasing a house. The house costs $300,000. You have $43,000 in cash that you…

A: We need to use loan amortization formula to calculate annual payment Annual payment(PMT)…

Q: Chuck Wells is planning to buy a Winnebago motor home. The listed price is $175,000. Chuck can get a…

A: Loan rules can vary depending on the type of loan and the lender. The interest rate is the cost of…

Q: To buy a new house, you must borrow $140, 000. To do this, you take out a $ 140,000, 30-year, 9…

A: The annuity can be referred to as the amount paid each year as an installment on the amount of loan…

Q: Manuel and Aponi want to buy a $221,000 home. They plan to pay 20% as a down payment, and take out a…

A: A mortgage is a loan that is taken out with the intent to purchase a property. The property in…

Q: Evan and Emmanuel want to buy a $250,000 home. They plan to pay 15% as a down payment, and take out…

A: Cost of House is $250,000 Down payment is 15% Term of loan is 30 years Interest rate is 4.9% To…

Q: Jim Thorpe borrows $70,000 toward the purchase of a home at 12 percent interest. His mortgage is for…

A: Solution- Part 1- A=PV/APV IFA12%,30 years    =$700008.055     =$8,690.25Annual payment=$8,690.25

Q: You decide to purchase your own property. The estimated purchase price is $1,600,000. You obtain 90%…

A: given, price = $1600,000 financing obtained=90% rate (r)= 7% years (n) =25%

Q: The bank will loan you $175,000 to buy a house. The loan terms are as follows; 30 year mortgage with…

A: A mortgage refers to a covered loan taken out for purchasing a property. The collateral for the loan…

Q: nt a.)If his new home costs $136,000, what is his down payment? b.)How much is he going to borrow…

A: PMT function computes installment amount for given interest rate (RATE), no. of installments (NPER)…

Q: Chuck Wells is planning to buy a Winnebago motor home. The listed price is $175,000. Chuck can get a…

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

Q: Joe Levi bought a home in Arlington Texas for $150,000. He put down 20% and obtained a mortgage for…

A: The given problem can be solved using PMT function in excel. PMT function computes instalment amount…

Q: n June 1, you borrowed $350,000 to buy a house. The mortgage interest rate is 3.5%. The loan is to…

A: Mortgage loans are secured loans paid by equal monthly installments and these monthly payment carry…

Q: A couple has just purchased a home for $354,000.00. They will pay 20% down in cash, and finance the…

A: Cost of home = $354,000Downpayment = 20%Mortgage rate = 3.96%Mortgage term = 30 years

Q: You are buying a new house. You take out a 30-year mortgage for $200,000. The annual interest rate…

A: Data given: Loan= $200000 n=30 year rate=4.5%     Working Note#1 Calculation of period n=30 year…

Q: Whiskers wants to buy a $600,000 house. She plans to pay $200,000 down and make monthly payments…

A: Variables in the question: Description            DataCost of house ($)600000Down payment…

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.