buying a house The bank is requiring a) Determine the required down payment. b) Determine the amount of the mortgage on the property with the 20% down payment. c) Find the cost of 4 points on the mortgage. a) The required down payment is $. nam down paymen they must pay m
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- The Fritzes are buying a house that sells for $74,000. The bank is requiring a minimum down payment of 20%. To obtain a 35-year mortgage at 7.5% interest, they must pay 4 points at the time of closing. a) Determine the required down payment. b) Determine the amount of the mortgage on the property with the 20% down payment. c) Find the cost of 4 points on the mortgage. a) The required down payment is $ 14800. b) The mortgage on the property is $ 59200 c) The cost of the 4 points on the mortgage is $ (Round to the nearest dollar as needed.) ...The Fritzes are buying a house that sells for $196,000. The bank is requiring a minimum down payment of 20%. To obtain a 30-year mortgage at 12.0% interest, they must pay 4 points at the time of closing. a) Determine the required down payment. b) Determine the amount of the mortgage on the property with the 20% down payment. c) Find the cost of 4 points on the mortgage.The Fritzes are buying a house that sells for $107,000.The bank is requiring a minimum down payment of 20%.To obtain a 40-year mortgage at 9.5% interest, they must pay 4 points at the time of closing. a) Determine the required down payment. b) Determine the amount of the mortgage on the property with the 20% down payment. c) Find the cost of 4 points on the mortgage. a) The required down payment is $ enter your response here.
- The Fritzes are buying a house that sells for $158,000. The bank is requiring a minimum down payment of 15%. To obtain a 20-year mortgage at 13.0% interest, they must pay 4 points at the time of closing. a) Determine the required down payment. b) Determine the amount of the mortgage on the property with the 15% down payment. c) Find the cost of 4 points on the mortgageThe Becker family is getting a home loan to finance a $260,000 mortgage. While looking for a mortgage, they found two alternatives: Mortgage A 30-year loan with an interest rate of 3.611% and a monthly payment of $1,184. Mortgage B 15-year loan with an interest rate of 2.7% Recall: Calculate the total amount paid for Mortgage A. Calculate the total interest paid for Mortgage A. Calculate the monthly payment for Mortgage B. Calculate the total amount paid for Mortgage B. Calculate the total interest paid for Mortgage B. Write a two or more sentences giving the Becker family some advice about which mortgage to choose. Why might the Becker family not take your advice from part c)? Answer in one or two sentences.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)
- The Nicols are buying a house selling for $435,000. They pay a down payment of $35,000 from the sale of their current house. To obtain a 20-year mortgage at a 5.5% interest rate, the Nicols must pay 3.5 points at the time of closing. a)What is the amount of the mortgage? b) What is the cost of the 3.5 points?You plan to purchase a $160,000 house using a 15-year mortgage obtained from your local credit union. The mortgage rate offered to you is 6.5 percent. You will make a down payment of 15 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. c. Calculate the amount of interest and, separately, principal paid in the 80th payment. d. Calculate the amount of interest paid over the life of this mortgage. (For all requirements, do not round intermediate calculations. Round your answers to 2 decimal places. (e.g., 32.16)) a. Monthly payment b. Amount of interest Amount of principal Amount of interest Amount of principal d. Amount of interest paid C. AmountThe Nicols are buying a house selling for $245,000. They pay a down payment of $45,000 from the sale of their current house. To obtain a 20-year mortgage at a 6.5% interest rate, the Nicols must pay 3.5 points at the time of closing. a) What is the amount of the mortgage? b) What is the cost of the 3.5 points? a) The amount of the mortgage is $ b) The cost of the 3.5 points on the mortgage is $
- Mia Sato purchased a new condominium for $225,000. The bank required a $40,000 down payment. Assume a rate of 6% on a 30-year mortgage. What is Mia’s monthly payment? What is Mia's total interest cost if she pays each payment as scheduled for 30 years? Explanation of how to determine the solution to the problem and the correct answer, please.You plan to purchase a $200,000 house using a 15-year mortgage obtained from your local credit union. The mortgage rate offered to you is 4.5 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 20th payment. c. Calculate the amount of interest and, separately, principal paid in the 100th payment. d. Calculate the amount of interest paid over the life of this mortgage. (For all requirements, do not round intermediate calculations. Round your answers to 2 decimal places. (e.g., 32.16))The Ruffins are negotiating with two banks for a mortgage to buy a house selling for $185,000. The terms at bank A are a 15% down payment, an interest rate of 10%, a 30-year conventional mortgage, and 3 points to be paid at the time of closing. The terms at bank B are a 20% down payment, an interest rate of 10.5%, a 25-year conventional mortgage, and no points. Which loan should the Ruffins select in order for the total cost of the house to be less? Click here for table of Monthly Payments From which bank should the Ruffins take the loan? O Bank A O Bank B