EX29. Suppose that Peter needs a 30-year mortgage loan from a local bank finance his new house. The house costs $125,000 and he already put down 20% of the purchase price. What is the monthly mortgage payment? Note that: the interest rate is 1% monthly.
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- Suppose you want to purchase a house. Your take-home pay is $4270 per month, and you wish to stay within the recommended guidelines for mortgage amounts by only spending 1/4 of your take-home pay on a house payment. You have $18,500 saved for a down payment and you can get an APR from your bank of 5.7%, compounded monthly. What is the total cost of a house you could afford with a 3030-year mortgage? Round your answer to the nearest cent, if necessary.Suppose you want to buy a rent to own house worth P450,000. You made a down payment of 15% of the purchase price and take a 25 year mortgage for the balance. a. What is your down payment? b. What is your mortgage amount? c. What is the total interest charged over the life of the loan if your monthly payment is P2,200? Solve manually in a paper.Do you want to buy $187,000 home. You plan to pay 20% as a down payment and then take out a 30 year mortgage for the rest. a) how much will the loan amount be? b) what will your monthly payments be if the interest rate is 6% ? c) what will your monthly payments be if the interest rate is 7%?
- You want to buy a $202,000 home. You plan to pay 10% as a down payment, and take out a 30 year loan for the rest. a) How much is the loan amount going to be? $ 181800 b) What will your monthly payments be if the interest rate is 6%? 1089.98 C) What will your monthly payments be if the interest rate is 7%? Submit QuestionSuppose you are buying a house. You find the perfect one for $215,000. The bank offers you a 30-year fixed rate mortgage with 6.25% interest, compounded monthly. A. If you finance the entire amount (no down payment), what will your monthly payments be? B. Suppose you decide to make a down payment of 20% of the cost of the house. How much is your down payment? C. With the 20% down payment, how much will your monthly payments be? D. How much will you have paid on the mortgage at the end of 30 years in the different situations?3. Suppose you decide to purchase a $150000 home for $20000 down. A down payment is subtracted from your home’s value and therefore you owe $130000. Well to pay for this amount you will need a loan, so $130000 is the principal on your loan. Suppose the interest rate on a 30 year mortgage is 4.5%. What will your monthly payment be? Create an amortization table for this loan. How much will you pay on the loan if you pay off the loan as
- Suppose you take out a $117,000, 20-year mortgage loan to buy a condo. The interest rate on the loan is 5%. To keep things simple, we will assume you make payments on the loan annually at the end of each year. a. What is your annual payment on the loan? b. Construct a mortgage amortization. c. What fraction of your initial loan payment is interest? d. What fraction of your initial loan payment is amortization? e. What is the total of the loan amount paid off after 10 years (halfway through the life of the loan)? f. If the inflation rate is 3%, what is the real value of the first (year-end) payment? g. If the inflation rate is 3%, what is the real value of the last (year-end) payment? h. Now assume the inflation rate is 6% and the real interest rate on the loan is unchanged. What must be the new nominal interest rate? i-1. Recompute the amortization table. i-2. What is the real value of the first (year-end) payment in this high-inflation scenario? j. What is the real value of the last…You have just made an offer on a new home and are seeking a mortgage. You need to borrow $620,000. a. The bank offers a 30-year mortgage with fixed monthly payments and an interest rate of 0.53% per month. What is the amount of your monthly payment if you take this loan? b. Suppose you take the 30-year mortgage described in part (a). How much will you still owe on the mortgage after 10 years? a. The bank offers a 30-year mortgage with fixed monthly payments and an interest rate of 0.53% per month. What is the amount of your monthly payment if you take this loan? Your monthly payment will be $nothing. (Round to the nearest cent.) b. Suppose you take the 30-year mortgage described in part (a). How much will you still owe on the mortgage after 10 years? The remaining loan amount will be $nothing. B. Suppose you want to buy a rent to own house worth P450,000. You made a down payment of 15% of the purchase price and take a 25 year mortgage for the balance. a. What is your down payment? b. What is your mortgage amount? c. What is the total interest charged over the life of the loan if your monthly payment is P2,200? Solve manually.
- Suppose you want to purchase a house. Your take-home pay is $2790 per month, and you wish to stay within the recommended guidelines for mortgage amounts by only spending 14 of your take-home pay on a house payment. You have $15,600 saved for a down payment and you can get an APR from your bank of 3.9% compounded monthly. What is the total cost of a house you could afford with a 30 -year mortgage? Round to the nearest cent, if necessary.You want to buy a $400,000.00 home. You plan to pay 10% as a down payment, and take out a 25-year loan for the rest. A. How much is the loan amount going to be? My loan amount will be $________ . B. What will your monthly payments be if the interest rate is 2%? If my interest rate is 2% then my monthly payment will be $_______ . C. What will your monthly payments be if the interest rate is 6%? If my interest rate is 6% then my monthly payment will be $_________.Suppose you want to buy a rent to own house worth P450,000. You made a down payment of 15% of the purchase price and take a 25 year mortgage for the balance. a. What is your down payment? b. What is your mortgage amount? c. What is the total interest charged over the life of the loan if your monthly payment is P2,200?