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- Ivan is looking to purchase a home that costs $ 160,000. The interest rate is currently at 3.7%. Use the monthly payment formula below to find Ivan's monthly mortgage payment for the next 30 years. M = P)(1+)¹²t (1+)12t_1 Emilio's savings account had a balance of $621.96 at the end of July. During August, he made three savings account deposits of $83.11, $52.89, and $307.84 and one withdrawal of $129.00. At the end of August his account earned $11.50 in interest. Will Emilio meet his savings account goal of $1,000 by September 1st?Darlene Ramirez bought a home for $140,000. She put 20% down and financed the rest with a 20 year 3.5% mortgage. The total of her monthly payments for a year are: Multiple Choice $649.55 $7,794.60 $9,743.28 $9,329.61Sherry Smart is buying a $350,000 home and will pay the mortgage monthly for 30 years. She has a good credit score and has qualified for a 5.125% loan interest. How much will she be paying monthly for the home? a. $2,013.67 b. $1,572.72 c. $975.88 d. $1,318.69
- Jen Logan bought a home in lowa for $110,000. She put down 20% and obtained a mortgage for 30 years at 51%. What are Jen's monthly payment and total interest cost of the loan? (Use Table 15.1.) Note: Round the intermediate calculation and final answers to the nearest cent. Monthly payment Total interest costSusan has a 25-year home mortgage of $211,340 at 4.75% interest and will pay $1,874 annual insurance premium. Her annual property tax will be $2,100. Find her monthly PITI payment. 9 Click the icon to view the table of the monthly payment of principal and interest per $1,000 of the amount financed. PITI = S (Round to the nearest cent as needed.)Heather recently purchased a $650,000.00 house in Barrie, Ontario. She puts a 25% down deposit and borrows the rest from a bank that charges 2.25% compounded monthly for 25 years, so what is her monthly mortgage payment (round to the nearest cent)? O a. $2,126.14 O b. $2,133.54 O c. $2,142.40 O d. $2,129.10
- . Gabriel Godwin purchases a tiny home for his elderly mother. After a large down payment, he finances $88,600 at 5% for 10 years. Prepare a repayment schedule for the first two payments. This should be in a table Payment Number Total Payment Interest Payment Principal Payment Remaining BalanceNate bought a home for $143,000 with a down payment of $15,000. Nate's rate of interest is 6.75% for 20 years. Calculate his: A. Monthly payment Note: Round your answer to the nearest cent. B. First payment broken down into interest and principal Note: Round your "Principal" answer to the nearest cent. C. Balance of mortgage at end of month Note: Round your answer to the nearest cent.Use Worksheet 5.3. Rachel and Alexander Harrison need to calculate the amount they can afford to spend on their first home. They have a comt annual income of $67,500 and have $37,000 available for a down payment and closing costs. The Harrisons estimate that homeowner's insurance property taxes will be $250 per month. They expect the mortgage lender to use a 30 percent (of monthly gross income) mortgage payment afford ratio, to lend at an interest rate of 6 percent on a 30-year mortgage, and to require a 10 percent down payment. Based on this information, use th home affordability analysis form in Worksheet 5.3 to determine the highest-priced home the Harrisons can afford. Assume that closing costs are o of the down payment. Round the answer to the nearest dollar.
- James has a mortgage of $88,500 at 4% for 20 years. The property taxes are $3,900 per year, and the hazard insurance premium is $764.50 per year. Find the monthly PITI payment (in $). (Round your answer to the nearest cent. Use this table as needed.) Need Help? Read It Watch It Master ItThe Howe family recently bought a house. The house has a 30-year, $162,902.00 mortgage with monthly payments and a nominal interest rate of4.4 percent. What is the total dollar amount of interest the family will pay during the first 3 years of their mortgage? (Assume that all payments are made at the end of the month.)Group of answer choices$23,976.84$19,976.84$22,976.84$21,976.84$20,976.84Jen Logan bought a home in Iowa for $110,000. She put down 20% and obtained a mortgage for 30 years at 512%512% . What are Jen’s monthly payment and total interest cost of the loan? (Round the intermediate calculation and "monthly payment" to the nearest cent.)