Your parents are buying a house for $187,500. They have a good credit rating, are making a 20% down payment, and expect to pay $1,575/month. The interest rate for the mortgage is 4.65%. How much interest is paid at the end of the second month?

Q: Your friend is going to borrow $150,000 using a 30 year mortgage with a 4.25% APR. Which of the…

A: Monthly mortage payment formula for borrowing amount (M), years of mortage (t) and rate of interest…

Q: Callie calculates the monthly payment is $578.92 for a 30 year $255.00 mortgage with a 3% rate. With…

A: Given : The monthly payment is $578.92 for a 30 year $255.00 mortgage with a 3% rate.

Q: cost of a home is $175,000. The bank requires a 5% down payment and three points at closing. The…

A: “Since you have posted a question with multiple sub parts, we will provide the solution only to the…

Q: Question 2 What is the daily interest? Hint: take your previous answer and divide it by 365.…

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Q: Find the interest refund on a 33-month loan with interest of $2,859 if the loan is paid in full with…

A: Given, Total interest is $2859. Total time of loan is 33 months, loan is paid in full with 11 months…

Q: You want to buy a $29,000 car. The company is offering a 4% interest rate for 36 months (3 years).…

A:

Q: Omar wants to take out a loan to buy a car for $16,000. The interest rate is 2.55% per year and the…

A:

Q: You want to buy a $21,000 car. The company is offering a 3% interest rate for 60 months (5 years).…

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Q: Jane needs to pay for car repairs and, to do so, decides to pawn her bicycle. The pawn broker…

A: The simple interest, I is calculated using the formula, I=Prt , where, P is the principal amount, r…

Q: Lewis figured out that the difference in cost between renting an apartment for 30 years at a fixed…

A: The objective of this question is to find out the difference in the monthly cost of renting versus…

Q: Liz and Nick are buying a $725,000 home. They have been approved for a 3.25% APR, 30-year mortgage.…

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Q: Elon has misplaced the sales contract for his car and cannot remember the amount he originally…

A: Elon has misplaced the sales contract for his car and cannot remember the amount he originally…

Q: The simple interest charged on a 9-month loan of $11,000 is $681. Find the simple interest rate.…

A: We are asked to find the interest rate. We are given I = $681, P = $11,000, t = 9 months, and r = ?.…

Q: You are thinking about buying a house. You find one you like that costs $150,000. You learn that…

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Q: Suppose you obtain a 30-year mortgage loan of $194,000 at an annual interest rate of 7.9%. The…

A: We have to find out answer of given question....

Q: A couple can afford to make a monthly mortgage payment of $650. If the mortgage rate is 9% and the…

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Q: Felix is purchasing a brownstone townhouse for $2,600,000. To obtain the mortgage, Felix is required…

A: Felix is purchasing a brownstone townhouse for $2,600,000. To obtain the mortgage, Felix is required…

Q: Would it be better to have a loan with 5% interest paid back over 2 years, or a loan with 2%…

A: To determine which loan is better, we need to calculate the total amount of interest paid over the…

Q: The house you find that would accommodate your growing family costs $295,000. You obtain a 30-year…

A: Loan amountinterest rate per month, number of periods in 30 years,

Q: The cost to purchase the house that Bainters are considering is $195, 000, but the Bainters plan to…

A: Given that, The total cost of the house $195,000. Plan to make down payment $40,000. Time is 30…

Q: You decide to buy a 2020 blue Rolls-Royce Phantom for $455,000. Use the simple interest formula to…

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