Q: You agree to purchase a home for $240,000 and decide to make a 20% down payment on the home. You…
A: formula for monthly payment: pmt = principal×rm1-1+rm-m×n where, r = rate of interest n = term of…
Q: You want to buy a $260,000 home. You plan to pay $26000 as a down payment, and take out a 30 year…
A: When a person does not have enough money to buy any assets, he would consider taking a loan. The…
Q: You purchase a home for $299,000. You make a down payment of 13% and finance the remaining amount…
A: Formulas:
Q: Bonnie and Claude want to buy a house. They can afford monthly payments of $1125.00. The bank offers…
A: The maximum amount that the bank will lend will be the present value of the monthly payments that…
Q: You want to buy a $210,000 home. You plan to pay $10500 as a down payment, and take out a 30 year…
A: The loan amount would be the remaining amount after deducting the down payment from the purchase…
Q: You borrow $100,000 to buy a house; if the annual interest rate is 6% and the term of the loan is 20…
A: Present Value of annuity = P * {1-[1/(1+r)^n]/r} Where, r = rate of interest i.e. 6% n = no. of…
Q: Suppose you purchase a house using a 30-year fixed rate mortgage. The APR on the loan is 3.2% and…
A: The current price of the house is computed by computing the present worth of the house. The formula…
Q: You look to pay the loan back over 30 years paying 1% per month. You are taking out a mortgage for…
A: Installment is the amount of periodic payments a borrower makes to its lender in order to pay back…
Q: Assuming that the dealership offers you 5-year loan at 4.7% compounded monthly, what payments would…
A: The question is based on the concept of Annuity in Financial Management. Annuity refers to the…
Q: You want to purchase a house valued at $200,000. After a downpayment, you can finance the house…
A: Value of the house = $200,000 Number of years of mortgage = 20 Number of periods (n) = 20*12 = 240…
Q: You are looking to buy a $415,000.00 home in Haverhill. If Bank of America will give them a 15-year…
A: 1) Loan Amount = 80% of 415,000 = $332,000.
Q: Suppose that 10 years ago you bought a home for $150,000, paying 10% as a down payment, and…
A: A mortgage is a property loan given by banks to their customers for purchasing a house or other real…
Q: Suppose that 10 years ago you bought a home for $170,000, paying 10% as a down payment, and…
A: Computation as follows: Down payment: Hence, the down payment is $17000. Mortgage loan: Hence, the…
Q: there is a house on sale for $800,000. You believe you can finance the home for $500,000 for 20…
A: Loan amount (PV) = $ 500,000 Period = 20 Years Number of monthly payments (n) = 20*12 = 240 Annual…
Q: You borrow $100,000 to buy a house; if the annual interest rate is 6% and the term of the loan is 20…
A:
Q: You are ready to buy a house. Total price is $160,105. For the remaining part, you plan to borrow…
A:
Q: If you took out a 30-year loan to buy a house for $1 million at an interest rate of 5%, how much…
A: The present value of monthly payments should equal the loan value.
Q: If you want to buy a car, and you can afford a monthly payment of $425, how large of a loan can you…
A: Using excel PV function to get the loan amount
Q: You are looking to buy a $415,000.00 home in Haverhill. If Bank of America will give them a 30-year…
A: For the calculation I have used the above given formula and got the monthly payment to be…
Q: If your bank approves a $300,000 mortgage for your new home, at an annual percentage rate of 4.5%…
A: Loan amount = $ 300,000 Interest rate = 4.5% Monthly interest rate = 4.5%/12 = 0.375% Monthly…
Q: You buy a house and finance $250,000 at 4% per year. One loan is 30 years (360 monthly рayments) and…
A: Monthly payments is calculated by present value of annuity formula. r is annual percentage rate and…
Q: The remaining balance of your car loan would be
A: Remaining balance is the unpaid portion on the loan. It is the amount of money not yet paid to the…
Q: You want to buy a $258,000 home. You plan to pay 20% as a down payment, and take out a 4% APR loan…
A: Amortized Loan: Amortized loan is a type of loan in which the borrower would pay periodic payments…
Q: You lend a friend $13,000, for which your friend will repay you $49,591 at the end of 6 years.…
A: Interest rate = (Future value / Present value)^(1/Time) - 1 where, Future value = $49,591 Present…
Q: You agree to purchase a home for $150,000 and decide to make a 20% down payment on the home. You…
A: Please see the next step for the solution
Q: se price of the house, and you are looking at a 20 year loan at 6.12% interest compounded monthly.…
A: Maximum price = Down payment amount + Present value of mortgage payment
Q: You purchase a home for $400,000 and make a down payment of $125,000. The balance is borrowed and…
A: Using excel PMT function
Q: You purchase a home and secure a 30 year equal payment loan for $200,000 at a interest rate of 5.25%…
A: The number of months to stay will be around 6 months.
Q: If you lend $3200 to a friend for 15 months at 10% annual simple interest, find the future value of…
A: Calculate the future value as follows: Future value = Amount + Interest Future value = Amount +…
Q: You want to buy a $214,000 home. You plan to pay 10% as a down payment, and take out a 30 year loan…
A: a) Mortgage amount = Cost of home - Down payment Monthly payments are calculated using excel PMT…
Q: After making the twenty-sixth payment on your car loan, you wanted to find out how much is left of…
A: Loan amount (PV) = $27000 Interest rate = 7.1% Monthly interest rate (r) = 7.1%/12 =…
Q: ow $ 150,000 for a house with 10% down payment at 8% compound annual interest rate for 30 years,…
A: The given problem can be solved using PMT function in excel. PMT function computes installment…
Q: What would your monthly payment be if you took out a 30 year mortgage on a $110,000 house, paying…
A: a) The loan amount on a house of $110,000 with a down-payment of $22000 (20% * $110000) would be…
Q: You want to buy a $156,000 home. You plan to pay 15% as a down payment, and take out a 30 year loan…
A: Loan amount = Cost of house - Down payment = $156,000 - (15% * 156,000) =$156,000 - $23,400 =…
Q: You want to buy a $202,000 home. You plan to pay 20% as a down payment, and take out a 30 year loan…
A: Cost of house is $202,000 Down payment is 20% Time period is 30 years Interest rate is 5.5% To…
Q: You want to buy a $205,000 home. You plan to pay 10% as a down payment, and take out a 30 year loan…
A: Home value = $205,000 Down payment = 0.10 (10%) Monthly interest rate (r) = 0.00345833333333333…
Q: You want to buy a $168,000 home. You plan to pay 5% as a down payment, and take out a 30 year loan…
A: Cost of home = $168000 Down payment = 5% Loan period = 30 Years Interest rate = 6.95%
Q: Ben and Mal Scott plan to buy a home for $272,900. They will make a 10% down payment and qualify for…
A: Purchase price of a property can be defined as the amount that should be paid to acquire a property.…
Q: You want to buy a $210,000 home. You plan to pay $10500 as a down payment, and take out a 30 year…
A: To find the loan amount one has to deduct the down payment from the total loan amount.
Q: After making payments of $891.10 for 6 years on your 30-year loan at 8.1%, you decide to sell your…
A: The loan payoff will be the present value of the remaining monthly payments.
Q: You borrow $280,000 to buy a house. The mortgage rate is 4.5% and the loan period is 25 years.…
A: Given information:
Q: Suppose that 10 years ago you bought a home for $170,000, paying 10% as a down payment, and…
A: Down payment: Hence, the down payment is $17000. Mortgage loan: Hence, the mortgage loan is…
Q: the price of a house is $400,000. Then, you make a down payment of $130,000 and take a 30-year…
A: Price = $ 400,000 Down payment = $ 130,000 Period = 30 Years Number of monthly payments = 30*12 =…
Q: Bill and Alice have decided to open a 30-year home mortgage loan with a rate of 3.80% monthly. If…
A: A written agreement through which a lender gets the right to take the property that is put as a…
Q: After making payments of $901.10 for 8 years on your 30 year loan at 8.3%, you decide to sell your…
A: The person has made a payment (PMT) of $901.10 for 96 months ( 8*12). Number of months (U) remaining…
Q: When purchasing a $100,000 house, a borrower is comparing two loan alternatives. The first loan is…
A:
Q: How much will your monthly payment? My payment will be a month $_______. B. By the end of the loan…
A: Loan: It refers to the credit taken by the borrower from the lender. The borrower makes periodic…
After making payments of $917.10 for 4 years on your 30-year loan at 8.1%, you decide to sell your home. What is the loan payoff?
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- After making payments of $891.10 for 6 years on your 30-year loan at 8.1%, you decide to sell your home. What is the loan payoff? (Round your answer to two decimal places.)After making payments of $901.10 for 8 years on your 30 year loan at 8.3%, you decide to sell your home. What is the loan payoff?A couple who wants to purchase a home with a price of $290,000 has $50,000 for a down payment. If they can get a 20-year mortgage at 7% per year on the unpaid balance, find each of the following. (a) What will be their monthly payments? (b) What is the total amount they will pay before they own the house outright? (c) How much interest will they pay over the life of the loan? (a) Their monthly payments would be approximately $. (Do not round until the final answer. Then round to the nearest hundredth as needed.)
- Suppose you purchase a house using a 30-year fixed rate mortgage. The APR on the loan is 3.2% and you will be required to make monthly payments of $3,700 what is the price you paid for your home?A couple who wants to purchase a home with a price of $340,000 has $100,000 for a down payment. If they can get a 25-year mortgage at 6% per year on the unpaid balance, find each of the following. (a) What will be their monthly payments? (b) What is the total amount they will pay before they own the house outright? (c) How much interest will they pay over the life of the loan? (a) Their monthly payments would be approximately $ (Do not round until the final answer. Then round to the nearest hundredth as needed.) (b) They will pay a total amount of approximately $ before they own the house outright. (Use the answer from part a to find this answer. Round to the nearest hundredth as needed.) (c) The total interest is approximately $ (Use the answer from part b to find this answer. Round to the nearest hundredth as needed.)Suppose you want to buy a rent to own house worth P450,000. You made a down payment of 15% of the purchase price and take a 25 year mortgage for the balance. a. What is your down payment? b. What is your mortgage amount? c. What is the total interest charged over the life of the loan if your monthly payment is P2,200? Solve manually in a paper.
- You are considering purchasing a new home. You will need to borrow AED 4,000,000 to purchase the home. A mortgage company offers you a 10-year fixed rate mortgage at 12% APR. If you borrow the money from this mortgage company, what is your monthly mortgage paymentIn order to purchase a home, you must take out a mortgage with a total loan amount $150000. If the nominal yearly interest rate for your 15 year mortage is 3.5% how much will your monthly payment be?You plan to purchase a $100,000 house using a 30-year mortgage obtained from your local credit union. The mortgage rate offered to you is 8.25 percent. You will make a down payment of 20 percent of the purchase price. a. Calculate your monthly payments on this mortgage. b. Calculate the amount of interest and, separately, principal paid in the 25th payment. (pls show solution)
- Suppose you take out a $117,000, 20-year mortgage loan to buy a condo. The interest rate on the loan is 5%. To keep things simple, we will assume you make payments on the loan annually at the end of each year. a. What is your annual payment on the loan? b. Construct a mortgage amortization. c. What fraction of your initial loan payment is interest? d. What fraction of your initial loan payment is amortization? e. What is the total of the loan amount paid off after 10 years (halfway through the life of the loan)? f. If the inflation rate is 3%, what is the real value of the first (year-end) payment? g. If the inflation rate is 3%, what is the real value of the last (year-end) payment? h. Now assume the inflation rate is 6% and the real interest rate on the loan is unchanged. What must be the new nominal interest rate? i-1. Recompute the amortization table. i-2. What is the real value of the first (year-end) payment in this high-inflation scenario? j. What is the real value of the last…Your classmate tells you the details of the great deal he got on his mortgage: 30-year 1.1% fixed rate with a 20% down payment a.)If his new home costs $136,000, what is his down payment? b.)How much is he going to borrow to buy the house (assuming he only has the money to make the down payment from the previous part)? c.)Use Excel’s PMT function to determine how much his monthly payments would be. d.)How much will he pay in interest over the lifetime of this mortgage?When you purchased your house, you took out a 30-year mortgage with an interest rate of 4.8% per year. The monthly payment on the mortgage $5,557. You have just made a payment and have now decided to pay off the mortgage by repaying the outstanding balance. What is the payoff amount if you have lived in the house for 20 years (so there are 10 years left on the mortgage)? Payoff amount is $____. (Round to the nearest dollar.)