A couple buys a $180000 home, making a down payment of 20%. The couple finances the purchase with a 15 year mortgage at an annual rate of 3.8%. Find the monthly payment.    If the couple decides to increase the monthly payment to $1100, find the number of payments.

Q: A couple buys a $190000 home, making a down payment of 17%. The couple finances the purchase with a…

A: Loans are paid by the equal monthly payments that are paid by the equal monthly installments and…

Q: Destabilising speculation occurs when speculators        buy high and sell low.     buy low and…

A: Speculation occurs when the investor buys on the assumption that the price will increase in future…

Q: QUESTION: Kari is purchasing a home for $220,000. The down payment is 25% and the balance will be…

A: Variables in the question:Cost of home=$220,000Down payment=25%Balance will be financed with…

Q: A couple buys a $170000 home, making a down payment of 24%. The couple finances the purchase with a…

A: Purchase price = $170000 Down Payment= 24 % Finance For 15 years Rate = 3.35%

Q: Jeronica and Sandy have decided to purchase a cooperative apartment together. They have received a…

A: Given: Monthly payment = $592.40 Years = 30 Interest rate = 16.2% Loan amount = $42,500

Q: Adam purchases a house and gets a 20-year mortgage for $185,000 at 5.5% APR. In addition to the…

A: The objective of the question is to calculate the total monthly payment that Adam has to make to the…

Q: A couple wishes to borrow money using the equity in their home for collateral. A loan company will…

A: 3. Loan balance after 144 payments (Important Note: This might require additional information or…

Q: Anna is buying a house selling for $255,000. To obtain the mortgage, Anna is required to make a 15%…

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Q: Janet is purchasing a new house for $315,000. Her credit union requires her to make a 20% down…

A: Using Excel PMT function

Q: Brad and Sam take a 30-year mortgage for a house that costs $126,601. Assume the following:   The…

A: PITI stands for principal, interest, tax and insurance - PITI is the sum component of all four…

Q: Chelsea and Bill are buying a house on a 30-year mortgage.  They can afford a $1200 per month…

A: Using excel PV function, to calculate purchase price of a house

Q: home for collateral. A loan company mortgage at 8.4% on the unpaid will loan them up to 70% of their…

A: Information Provided: House price = $61,752 Down payment = 10% Period of loan = 15 years Interest…

Q: Fatimah pays monthly rent of $520 for her townhouse. If she bought the property, the mortgage loan,…

A: When a series of deposits or payments are made of equal amounts at equal intervals of time, it is…

Q: Ben and Carla Covington plan to buy a condominium. They will obtain a $220,000, 30-year mortgage at…

A: The mortgage refers to the loan that is backed by the property as collateral on which the mortgage…

Q: A family wants to purchase a house that costs $135,000. They plan to take out a $125,000 mortgage on…

A: A mortgage is a loan on a property where the collateral is the property itself.

Q: A couple buys a $200000 home, making a down payment of 19%. The couple finances the purchase with a…

A: Solution:- Given, A Couple buys a $200,000 home, making a down payment of 19% The couple finances…

Q: How much does she still owe when there is 1 year left on the loan?

A: Interest is charged by the lender on the amount of loan taken. At the initiation of loan repayment,…

Q: Angelina is buying a home for $208,000. She has a $37,000 down payment and the bank b offered her a…

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Q: Adam purchases a house and gets a 20-year mortgage for $205,000 at 4.5 % APR. In addition to the…

A: Individuals are not able to buy a large ticket item like a house on their own. For such purposes…

Q: A couple buys a $190000 home, making a down payment of 23%. The couple finances the purchase with a…

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Q: In order to buy a vacation home, Neal and Lilly took out a 20-year mortgage for $220,000 at an…

A: Installment amount is the amount of periodic payments a borrower has to make to its lender in order…

Q: A couple buys an apartment on May 1, 1994, for GH¢65000. They make a 20% down payment and get a…

A: On 01.05.1994, A couple buys an apartment = GH65000 They make down payment = 20%…

Q: A couple buys $160000 home, making a down payment of 17%. The couple finances the purchase with a 15…

A: Here, Particulars Values Purchase value   $ 160,000 Down payment 17.00% Number of years…

Q: Maria and John have been renting a small apartment but decide to purchase a house. The one they have…

A: Given information: Selling price: $300,000 Down payment : 20% Annual interest rate: 3.125% Time…

Q: The Darbys are buying a house for$492,000. They make adown payment $104,000 and obtain a 15-year…

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Q: A couple buys a $190,000home, making a down payment of 16%. The couple finances the purchase with a…

A: When the lender lends a loan to the borrower, he charges a rate of interest on the borrowed amount.…

Q: . Find the monthly payment (including taxes and insurance). U

A: Information Provided: Downpayment = 20% Amount = $310,000 Interest rate = 4% Term = 360 years Taxes…

Q: st taken out a mortgage on a $250,000 home that requires monthly payments over the next 25 years. In…

A: There is need of proper planning for retirement and if done within time much large amount can be…

Q: A couple buys a $190,000 home, making down payment of 16%. The couple finances the purchase with a…

A: Price of the home = $190,000 Down payment = 16% Loan amount (PV) = 190,000*(1-0.16) = $159,600…

Q: offered her a 30-year fixed rate mortgage at 5.83%. What will be Angelina's monthly mortgage…

A: Information Provided: Home cost = $417,000 Down payment = $26,000 Interest rate = 5.83% Years = 30…

Q: Bill and Susan bought a home for $190,000 and made a 20% down payment. They got a fixed mortgage at…

A: Computation as follows: Hence, the monthly payment is $881.54.

Q: Patty purchases a $190,000 house. She pays $50,000 down and takes out a 15-year mortgage with…

A: Mortgages A mortgage is a legal agreement between a lender and a borrower in which the borrower…

Q: Laura and Martin obtain a 30 year, 180,000 conventional mortgage at 10.0% on a house selling for…

A: Interest = Principal * Interest * time

Q: A couple wishes to borrow money using the equity in their home for collateral. A loan company will…

A: Let L is the amount loaned out. L= 80% of initial value (20% already paid out) L= 80% of $61,760 L=…

Q: o buys a koi fishpond (and fish to put in it for his wife on their anniversary. He pays $8000 for…

A: In add on loans all interest for three year is added at one time and than monthly payment is done…

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.