Suppose you want to purchase a $301,000 home, and you have the required $55,000 down payment in savings. Complete the table below for a mortgage option presented by a mortgage broker. Total of Payments over Life of Loan Total Interest Paid over Life of Loan Principal Interest Rate $246,000 3.250% Complete the table below. Interest Rate Terms (years) 30 Terms (years) 30 Payment Principal $246,000 3.250% (Round to the nearest cent as needed.) Payment $ Total of Payments over Life of Loan $ Total Interest Paid over Life of Loan $ I

Suppose you want to purchase a $301,000 home, and you have the required $55,000 down payment in savings. Complete the table below for a mortgage option presented by a mortgage broker. Total of Payments over Life of Loan Total Interest Paid over Life of Loan Principal Interest Rate $246,000 3.250% Complete the table below. Interest Rate Terms (years) 30 Terms (years) 30 Payment Principal $246,000 3.250% (Round to the nearest cent as needed.) Payment $ Total of Payments over Life of Loan $ Total Interest Paid over Life of Loan $ I

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)

7th Edition

ISBN:9780357033609

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter5: Making Automobile And Housing Decisions

Section: Chapter Questions

Problem 7FPE

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1. Assuming the cost of mortgage is $400,000, and the owner of the house makes a down payment of $40,000, with 8% interest rate and 10 years repayment plan. a. calculate the total amount of loan, monthly rate, number of payment periods, monthly payment, total interest paid, and amount borrowed. b. With the aid of what PMT function in a one variable condition, calculate monthly payment, total amount payable, total interest payable for: 12 yrs, 16 yrs, 20 yrs ,25 yrs, 30 yrs, 35 yrs mortgage.
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