Arnie and Beth Litner recently bought a house for $305,000. They put 10% down as a down payment and took out a 30-year fixed mortgage with monthly payments and an interest rate of 5.75%. What is their monthly payment? 4 points What proportion of their mortgage payments made during the first 5 years will be applied to interest? What will be Amie & Beth's outstanding balance on their mortgage after 7 years of making consistent payments on their mortgage?

Willie just bought a home and financed his purchase with a $1,000,000 6% 20- year mortgage. (a) What is Willie's monthly mortgage payment? (b) What will be the balance on Willie's mortgage after 12 years? 1. How did you get the monthly mortgage payment of $7,164.31? 2. How did you get the balance of $545,169.90 after 12 years?

Donald and Barbara have 30-year $155,000 mortgage at 7.68% compounded monthly.     (a) What was the monthly payment on their mortgage? $   (b) The couple have just completed 12 years of payments.  What is the payoff amount on their mortgage? $

5. Erin borrowed $200,000 fixed-rate 30-yr mortgage when mortgage rate was 4.5%. How much total interest will she pay if she does not pay off the mortgage earlier? She heard that some house buyers choose to make one extra monthly payment each year so as to pay off their mortgage earlier and therefore reduce the interest payment. Erin decided to do so too. Each year, she will split the extra payment to 12 month so that she pays $1098 per month all the way until paying off the mortgage. Doing so will pay off her mortgage within 307 months instead of 30 years. How much interest will she save? If you were Erin and have extra money, are you financially better off by making extra monthly payment and paying off your mortgage earlier |

Laura and Martin obtain a 30​-year, ​$170,000 conventional mortgage at 9.5​% on a house selling for ​$190,000. Their monthly mortgage​ payment, including principal and​ interest, is ​$1429.70. ​a) Determine the total amount they will pay for their house. ​b) How much of the cost will be​ interest? ​c) How much of the first payment on the mortgage is applied to the​ principal?

Bill and Susan bought a home for $190,000 and made a 20% down payment. They got a fixed rate mortgage at 3.5% for 20 years.  What will their payments be?

15 years ago, Tammy borrowed $350,000 to buy a house. She has a 30 year, 10% fixed rate mortgage. She made the 180th payment today. Payments are made monthly. Given that she can refinance at 3.8% p.a., with a new mortgage loan with 15-year maturity, what is the new monthly payment? 1914.69 1502.69 2085.69 1677.69 1757.69

Bill and Kim Johnson are purchasing a house for $252,000. Their Bank requires them to pay a 20% down payment. The current mortgage rate is 10%, and they are required to pay one point at the time of closing. Determine the total amount Bill and Kim will pay for their house, including principal, interest, down payment, and points (do not include taxes and homeowners' insurance) for the following lengths of their mortgage. a) 10 years b) 20 years c) 30 years

Afamily has a $110,662, 15-year mortgage at 6% compounded monthly. (A) Find the monthly payment and the total interest paid (B) Suppose the family decides to add an extra $100 to its mortgage payment each month starting with the very first payment. How long will it take the family to pay off the mortgage? How much interest will the family save? (A) Monthly payment S (Round to two decimal places) CHILD

Laura and Martin obtain a 30 year, 180,000 conventional mortgage at 10.0% on a house selling for 210,000. Their monthly mortgage payment, including principle and interest, is 1566.00. Determine the total amount they will pay for the house. How much of the cost will be in interest? How much of the first payment on the mortgage is applied to the principal?