B 1 5 7 3 A Selling Price of Home $160,000.00 B Down Payment $20,000.00 Required: Please use the above information to answer the below questions: Note: Use cells A2 to D3 from the given information to complete this question. Rate of Interest 3.50% Years 30

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File Edit View History Bookmarks Window Help 2 DZL Understanding Loans and Simple Interest - 21516 MAT142 Topics In Coll... W DERIVITA Tiana Klughart a) What is the principal of her mortgage? Principal $ Donna wants to buy a house for $900,000.00. She makes a 15% down payment and borrows the rest by getting a 30-year mortgage. Her monthly mortgage payment is $3,803.75. b) What is the total she will pay on the loan? Total $ c) How much interest will she pay over the life of her loan? Total interest $ CHECK ANSWER C #3 E C a d2l.pima.edu D2L 5.2 Understanding Loans and Simple Interest - 21516 MAT142 Topics... $ 4 R 45 % T () > 6 3 MacBook Pro Y & 7 U 8 Question 4 of 15 A DZL Chapter 5.2 - 21516 MAT142 1 9 www BACK Help Question 1 10 Question 2 Question 3 Question 4 Question 5 Question 6 Question 7 Question 8 Question 9 Question 11 Question 12 Question 13 Question 14 Question 15 Question 10 1 Summary 0 NE 0 10 10 1 1 1

Calculate the principal portion of the second payment on the required on an amortized loan annual interest rate of 8.25% for 20 years. finance the purchase of a new home priced at $99,757.57 assuming the O A. $165.30 O B. $174.17 OC. $175.30 O D. $164.17 Click to select your answer. tUs /- MacBook Air 888 F4 14 F7 F1 F3 FS F6 II 4) F9 F10 F11 @ 2$ 4 23 & 2 6. 0. R Y P. S D F H. J K B alt command +

Complete the following table, which shows the monthly payments on a $100,000, 30-year mortgage at the interest rates shown. Use this information to answer the following questions. (Round your answers to the nearest cent.) Amount of Mortgage ($) 100,000 100,000 100,000 100,000 100,000 100,000 Interest Rate (%) 3 4 5 Need Help? 6 7 Read It 8 Monthly Payment ($) 421.60 477.42 536.82 599.55 665.30 (a) What is the difference in monthly payments between a $100,000, 30-year mortgage secured at 7%/ year and one secured at 3%/year? $ 243.70 733.76 (b) Use the table to calculate the monthly mortgage payments on a $140,000 mortgage at 6% / year over 30 years. $ 386.2 Use the table to calculate the monthly mortgage payments on a $30,000 mortgage at 6%/year over 30 years. $

The following formula is used for figuring out a monthly home mortgage payment: 7(12t) r Lr1+ 12 M = 12t 12 1+ 12 -1 Where: L = the loan amount in dollars the annual interest rate expressed as decimal t = the number of years of the loan M= the monthly payment in dollars r = You are looking to buy a $275,599.00 home in Haverhill. If Bank of America will give them a 30-year mortgage at 6.75% annual interest rate for the cost of the house after they receive a 10% down payment. A. Determine the loan amount? B. How much their monthly payment will be? C. At the end of the 30-years, how much total money will you have paid to Bank of America for your home? In another word how much did the $275,599.00 house really cost the couple? D. How much interest will they have paid? E. How many of her monthly payment go toward the interest? F. What percent increase over the cost of the home does this interest represent? G. Redo and re-answer all questions, but this time for 15 years? Do analysis…

dit View @ Window History Bookmarks standing Loans and Simple Interest - 21516 MAT142 Topics In Coll... W DERIVITA Tiana Klughart Principal a) What is the principal of her mortgage? Nellie wants to buy a $1,110,000.00 house. She makes a $140,000.00 down payment and takes out a 25-year mortgage to pay for the rest. Her monthly mortgage payment is $4,350.00. π ab va sin b) How much interest will she pay over the life of her loan? Total interest- $ aº C CHECK ANSWER 3 8 c) How much will she pay in total for her house? Total paid $ J E 80 Help b $ d21.pima.edu D2L 5.2 Understanding Loans and Simple Interest - 21516 MAT142 Topics... 4 R % 5 T 3D 6 3 MacBook Pro Y & 7 U 8 Question 3 of 15 DZL Chapter 5.2 - 21516 Preview ( 9 www BALKAN BACK Question 1 H Question 2 Question 3 Question 4 Question 5 Question 6 Question 7 Question 8 Question 9 Question 1 Question 1 Question 1 Question 1 Question 1 Question 1 Summary 0 0

Question7. Down payment Interest rate Terms Loan Amount 0 48 4% 4.12% 4.25% 4.75% Find the mortgage payment for the terms and interest rates given 100000 60 72 84

Ttme Value of of Money Tim wants to borrow $400,000 from Bank of America on a 30-year mortgage. a. What would Tim's monthly payments be on his motgage? b. Amortize the loan and determine: Interest expense for the first quarter of the loan. Cash flows for the first quarter of the loan. Loan balance at the end of the first quarter of the loan. Please show your calculations, part b is very important. If you are using the TVM chart, please state whether you used PVoA, FVoA, PVoSA, FVoSA.