Bruce is paying $25,000 each year on his mortgage with 10 years of payments left and the next payment in one year. In 6 years he will receive a lump sum payment of $40,000 which he will use to pay down the principal on his mortgage. As a result, starting in year 7 he will make lower payments on the loan. Find his new payment if the interest is rate 6%. Find the reduced payments. (This one might be a little difficult – Hint what is the equivalent of $40,000 paid over 4 years)

(Do not provide solution in image and AI based).....

If Bobby takes out a mortgage for 30 years at an interest rate of 4% and his monthly repayments are $835.48, what is the loan principal (that is, the balance of the loan at drawdown)? Give your answer to the nearest ten dollars. Do not include commas or the dollar sign in your answer.

The Mendez family is considering a mortgage loan of $350,000 at an annual interest rate of 6.55%. (a) How much greater is their mortgage payment if the term is 20 years rather than 30 years?(b) How much less is the amount of interest paid over the life of the 20-year loan than over the life of the 30-year loan?

Whiskers wants to buy a $600,000 house. She plans to pay $200,000 down and make monthly payments for 20 years.  If the loan has an interest rate of 5% monthly with 3 points, what is the true interest rate?

Mateo and Klaus have now saved up their down payment to buy a home, but they still need to borrow to cover the rest.  For the home they want this will require a mortgage of $585,000 to cover the remaining amount and they're not sure whether they could afford the monthly loan payments.  The bank has offered them a mortgage interest rate of 5.15%, compounded semi-annually.  How much would they have to be able to afford to pay each month in order to pay off their mortgage in 25 years? [Blank-1]What is the total amount of interest that would be paid to the lender after 25 years of payments? [Blank-2]What if Mateo and Klaus could only afford a monthly payment of $2,500?  What would be the maximum mortgage amount they could afford to borrow from the bank, if all the other conditions were the same? [Blank-1]What is the total amount of interest that would be paid to the lender over 25 years? [Blank-2]

Your new 30-year mortgage includes borrowing $425,000 at an APR of 4.78%. If you paid 20% down when you bought this house, and if the value of the property grows at about 3.0% a year, how much will you have to invest if you seel the house after 14 years? (Ignore here any taxes or fees on the purchase or sale of the house.)

(Loan amortization) To buy a new house, you must borrow $135,000. To do this, you take out a $135,000, 25-year, 9 percent mortgage. Your mortgage payments, which are made at the end of each year (one payment each year), include both principal and 9 percent interest on the declining balance. How large will your annual payments be? The amount of your annual payments will be $ (Round to the nearest cent.)

(Do not provide solution in image and AI based).....

Kelly and DeAndre Browne plan to refinance their mortgage to obtain a lower interest rate. The Browns will reduce their mortgage payments by $87 a month and incur closing costs of $2,020 as a result of refinancing. How long will it take them to recover the cost of refinancing? How do I round the answer to nearest whole number?   Recovery time = ______ months