arnie and beth litner recently bought a house for $425,000. They put 10% down as a down payment and took out a 15-year fixed mortgage with monthly payments and an interest rate of 6.8%. 1)What is their monthly payment? 2) What proportion(%) of their mortgage payments made during the first five years will be applied to interest?
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arnie and beth litner recently bought a house for $425,000. They put 10% down as a down payment and took out a 15-year fixed mortgage with monthly payments and an interest rate of 6.8%. 1)What is their monthly payment? 2) What proportion(%) of their mortgage payments made during the first five years will be applied to interest?
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- 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?Eric and Mary bought a house 5 years ago. They took out a 30-year mortgage of $350,000 from Royal Bank at that time. The stated interest rate is 6.8% (APR). a. What is the monthly payment of the mortgage? b. What is the outstanding balance of this mortgage as of today? (Assume they have just made their monthly payment and the next payment is due in a month.) c. What is the interest portion of the 61th payment and what is the principal portion in that payment?Jessica purchases a house for $323,000 and takes a mortgage for the full amount. Her mortgage charges 6.75% per year and interest is compounded monthly. She will repay the loan over 25 years with equal monthly payments. a) What is her monthly payment amount? b) How much of the 8th payment would be applied toward interest? c) How much would be the payoff amount if the mortgage is to be paid at the end of year 2 (i.e., before the 24th payment is made)?
- 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 yearsK Bill and Kim Johnson are purchasing a house for $309,000. Their bank requires them to pay a 10% down payment. The current mortgage rate is 8%, 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 CATLaura 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?
- When Sara Jean purchased her house 12 years ago, she took out a 30-year mortgage for $220,000. The mortgage has a fixed interest rate of 6% compounded monthly. (a) Compute Sara Jean’s monthly mortgage payments. (b) If Sarah Jean wants to pay off her mortgage today, for how much should she write a check? She made her most recent mortgage payment earlier today.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? $Find the monthly payment for each loan below. Remember to assume monthly compounding. 11. Sean and Sam purchase a house with a $20,000 down payment. The purchase price of the house was $475,000 and they financed the rest for 3.75% for 30 years. Their annual taxes will be $2856, and their annual insurance will be $1984. What will their monthly principal, interest, tax, and insurance (PITI) mortgage payment be?
- The MacEacherns wish to buy a new house that costs $279,000. The bank charges 5.25% interest. A) If the MacEacherns take out a 20-year mortgage, what will their monthly payment be? B) How much total interest will the MacEacherns pay if they only paid the minimum monthly payment found int part A and paid for the entire 20 years? C) If the home insurance premium for the year will be $1,224 and they will need to pay an annual property tax amount of $2,136, what is the PITI? D) What is the finance charge for the first payment? E) How much of the first monthly payment will go toward the balance/principal? F) What is the new balance on the loan?The Smiths are refinancing their home mortgage to a 15-year loan at 3.6% annual interest compounded monthly. Their outstanding balance on the loan is $160,000. (a) Under their current loan, the Smiths' monthly mortgage payment is $1515. How much will the Smiths be saving in their monthly mortgage payments by refinancing? (b) How much interest will the Smiths pay over the life of the new loan?Daniel and Jan agreed to pay $556,000 for a four-bedroom colonial home in Waltham, Massachusetts, with a $70,000 down payment. They have a 25-year mortgage at a fixed rate of 638638 %. (Use Table 15.1.) a. How much is their monthly payment? Note: Round your answer to the nearest cent. Monthly payment: b. After the first payment, what would be the balance of the principal? Note: Round your answers to the nearest cent. Payment number Portion to interest portion to principal Balance of loan outstanding 1 TABLE 15.1 Amortization table (mortgage principal and interest per $1,000) Rate Interest Only 10 Year 15 Year 20 Year 25 Year 30 Year 40 Year 2.000 0.16667 9.20135 6.43509 5.05883 4.23854 3.69619 3.02826 2.125 0.17708 9.25743 6.49281 5.11825 4.29966 3.75902 3.09444 2.250 0.18750 9.31374 6.55085 5.17808 4.36131 3.82246 3.16142 2.375 0.19792 9.37026 6.60921 5.23834 4.42348 3.88653 3.22921 2.500 0.20833 9.42699 6.66789 5.29903 4.48617 3.95121 3.29778 2.625…