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 0.21875 9.48394 6.72689 5.36014 4.54938 4.01651 3.36714 2.750 0.22917 9.54110 6.78622 5.42166 4.61311 4.08241 3.43728 2.875 0.23958 9.59848 6.84586 5.48361 4.67735 4.14892 3.50818 3.000 0.25000 9.65607 6.90582 5.54598 4.74211 4.21604 3.57984 3.125 0.26042 9.71388 6.96609 5.60876 4.80738 4.28375 3.65226 3.250 0.27083 9.77190 7.02669 5.67196 4.87316 4.35206 3.72541 3.375 0.28125 9.83014 7.08760 5.73557 4.93945 4.42096 3.79930 3.500 0.29167 9.88859 7.14883 5.79960 5.00624 4.49045 3.87391 3.625 0.30208 9.94725 7.21037 5.86404 5.07352 4.56051 3.94923 3.750 0.31250 10.00612 7.27222 5.92888 5.14131 4.63116 4.02526 3.875 0.32292 10.06521 7.33440 5.99414 5.20959 4.70237 4.10198 4.000 0.33333 10.12451 7.39688 6.05980 5.27837 4.77415 4.17938 4.125 0.34375 10.18403 7.45968 6.12587 5.34763 4.84650 4.25746 4.250 0.35417 10.24375 7.52278 6.19234 5.41738 4.91940 4.33620 4.375 0.36458 10.30369 7.58620 6.25922 5.48761 4.99285 4.41559 4.500 0.37500 10.36384 7.64993 6.32649 5.55832 5.06685 4.49563 4.625 0.38542 10.42420 7.71397 6.39417 5.62951 5.14140 4.57629 4.750 0.39583 10.48477 7.77832 6.46224 5.70117 5.21647 4.65758 4.875 0.40625 10.54556 7.84297 6.53070 5.77330 5.29208 4.73947 5.000 0.41667 10.60655 7.90794 6.59956 5.84590 5.36822 4.82197 5.125 0.42708 10.66776 7.97320 6.66881 5.91896 5.44487 4.90505 5.250 0.43750 10.72917 8.03878 6.73844 5.99248 5.52204 4.98870 5.375 0.44792 10.79079 8.10465 6.80847 6.06645 5.59971 5.07293 5.500 0.45833 10.85263 8.17083 6.87887 6.14087 5.67789 5.15770 5.625 0.46875 10.91467 8.23732 6.94966 6.21575 5.75656 5.24302 5.750 0.47917 10.97692 8.30410 7.02084 6.29106 5.83573 5.32888 5.875 0.48958 11.03938 8.37118 7.09238 6.36682 5.91538 5.41525 6.000 0.50000 11.10205 8.43857 7.16431 6.44301 5.99551 5.50214 6.125 0.51042 11.16493 8.50625 7.23661 6.51964 6.07611 5.58952 6.250 0.52083 11.22801 8.57423 7.30928 6.59669 6.15717 5.67740 6.375 0.53125 11.29130 8.64250 7.38232 6.67417 6.23870 5.76575 6.500 0.54167 11.35480 8.71107 7.45573 6.75207 6.32068 5.85457 6.625 0.55208 11.41850 8.77994 7.52950 6.83039 6.40311 5.94385 6.750 0.56250 11.48241 8.84909 7.60364 6.90912 6.48598 6.03357 6.875 0.57292 11.54653 8.91854 7.67814 6.98825 6.56929 6.12373 7.000 0.58333 11.61085 8.98828 7.75299 7.06779 6.65302 6.21431 7.125 0.59375 11.67537 9.05831 7.82820 7.14773 6.73719 6.30531 7.250 0.60417 11.74010 9.12863 7.90376 7.22807 6.82176 6.39672 7.375 0.61458 11.80504 9.19923 7.97967 7.30880 6.90675 6.48852 7.500 0.06250 11.87017 9.27101 8.05593 7.38991 6.99215 6.58071 7.625 0.63542 11.93552 9.34130 8.13254 7.47141 7.07794 6.67327 7.750 0.64583 12.00106 9.41276 8.20949 7.55329 7.16412 6.76620 7.875 0.65625 12.06681 9.48450 8.28677 7.63554 7.25069 6.85948 8.000 0.66667 12.13276 9.55652 8.36440 7.71816 7.33765 6.95312

A couple buys a $190,000home, making a down payment of 16%. The couple finances the purchase with a 15 year mortgage at an annual rate of 2.88%. Find the monthly payment. If the couple decides to increase the monthly payment to $1100, find the number of payments.

Marry are buying her first house for $220,000, and are paying $30,000 as a down payment. You have arranged to finance the remaining $190,000 30-year mortgage with a 7% nominal interest rate and monthly payments. What are the equal monthly payments you must make? Select one: a. $1,110$ b. $1,976 c. $1,264 d. 1,513

A couple buys a $180000 home, making a down payment of 20%. The couple finances the purchase with a 15 year mortgage at an annual rate of 3.8%. Find the monthly payment.  If the couple decides to increase the monthly payment to $1100, find the number of payments.

Find the monthly house payment necessary to amortize the following loan. 9) In order to purchase a home, a family borrows $121,000 at 3.0% for 30 yr. What is their monthly payment? Round the answer to the nearest cent.

Charlotte wants to get a loan for $598000 to buy a house. The bank charges an annual interest rate of 2.01%. The loan period is 15 years. How much is the monthly mortgage payment? A. ($3,851) B. ($3,099) O C.($3,028) O D. ($4,678)

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?

A couple plans to purchase a vacation home. The bank requires a 5% down payment on the $230,000 vacation home. The couple will finance the rest of the cost with a fixed-rate mortgage at 6% annual interest with monthly payments over 30 years. Complete the parts below. Do not round any intermediate computations. Round your final answers to the nearest cent if necessary. If necessary, refer to the list of financial formulas. (a) Find the required down payment. s (b) Find the amount of the mortgage. s (c) Find the monthly payment. $0

Anna is buying a house selling for ​$235,000. To obtain the​ mortgage, Anna is required to make a 15​% down payment. Anna obtains a 25​-year mortgage with an interest rate of 5​%. ​a) Determine the amount of the required down payment. ​b) Determine the amount of the mortgage. ​c) Determine the monthly payment for principal and interest Number of Years Rate_% 10           15         20             25          303.0 $9.65067 $6.90582 $5.54598 $4.74211 $4.216043.5 9.88859    7.14883 5.79960 5.00624 4.490454.0 10.12451  7.39688 6.05980 5.27837 4.774154.5 10.36384 7.64993 6.32649 5.55832 5.066855.0 10.60655 7.90794 6.59956 5.84590 5.368225.5 10.85263 8.17083 6.87887 6.14087 5.677896.0 11.10205 8.43857 7.16431 6.44301 5.995516.5 11.35480 8.71107 7.45573 6.75207 6.320687.0 11.61085 8.98828 7.75299 7.06779 6.653027.5 11.87018 9.27012 8.05593 7.38991 6.992158.0 12.13276 9.55652 8.36440 7.71816 7.337658.5 12.39857 9.84740 8.67823 8.05227 7.689139.0 12.66758 10.14267 8.99726 8.39196 8.046239.5…

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)?