Ms. Tamper bought a house for $180,000. She put 20% down and obtained a mortgage loan for the balance at 4 1/4% for 30 years. a. Find the monthly payment. b. Find the total interest paid.
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Ms. Tamper bought a house for $180,000. She put 20% down and obtained a mortgage loan for the balance at 4 1/4% for 30 years.
a. Find the monthly payment. b. Find the total interest paid.
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- 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 costPat Lavoie bought a home for $180,000 with a down payment of $10,000. Her rate of interest is 6% for 30 years. (Use Table 15.1.) ****TABLE ATTACHED****** a. Calculate her monthly payment Monthly Payment= b. Calculate her first payment, broken down into interest and principal. First payment interest= First payment Principal= c. Calculate her balance of mortgage at the end of the month. Balance of mortgage=OLA#9.2: Hannah purchased a house for $475,000. She made a downpayment of 25% of the value of the house and received a mortgage for the rest of the amount at 5.50% compounded semi-annually for 25 years. The interest rate was fixed for a 5-year term. a. Calculate the size of the monthly payments. b. Calculate the principal balance at the end of the 5-year term. c. Calculate the size of the monthly payments if after the first 5-year term the mortgage was renewed for another 5-year term at 5.25% compounded semi-annually?
- Shirley Trembley bought a house for $185,300. She put 20% down and obtains a simple interest amortized loan for the rest at 6 3 8 % for thirty years. (Round your answers to the nearest cent.) (a) Find her monthly payment.$ (b) Find the total interest.$ (c) Prepare an amortization schedule for the first two months of the loan. PaymentNumber PrincipalPortion InterestPortion TotalPayment Balance 0 $ 1 $ $ $ $ 2 $ $ $ $ (d) Most lenders will approve a home loan only if the total of all the borrower's monthly payments, including the home loan payment, is no more than 38% of the borrower's monthly income. How much must Shirley make to qualify for the loan?$ per monthPat Lavoie bought a home for $180,000 with a down payment of $10,000. Her rate of interest is 6% for 30 years. (Round your answer to the nearest cent.) a. Calculate her monthly payment. b. By how much will her loan principal decrease after she makes her first monthly payment? c. Calculate her balance of mortgage at the end of the month.YVette purchased a car and she obtained a seven year term loan with an annual interest rate of 3.84% the balance after the 36 payment was $6566.01 and the balance after the 37th payment was $6194.50 what was YVette's monthly payment?
- Leona purchased a home and obtained a 25 year loan of 437,750$ at an annual interest rate of 6.5%. Find the amount of interest paid on the loan over the 25 years. Round answer to nearest cent.Leona Jefferson purchased a home and obtained a 25 year loan of 436,250$ at an annual interest rate of 7.5%. Find the amount of interest paid on the loan over the 25 years. Round answer to the nearest cent.Abigail received a 15 year loan of $280,000 to purchase a house. The interest rate on the loan was 5.80% compounded semi-annually. a. What is the size of the monthly loan payment? b. What is the balance of the loan at the end of year 2? c. By how much will the amortization period shorten if Abigail makes an extra payment of $30,000 at the end of year 2?
- John Lee bought a home in Des Moines, Iowa, for $65,000. He put down 15% and obtained a mortgage for 30 years at 8 1/2%. What is (A) John's monthly payment and (B) the total interest cost of the loan? (Round your answers to the nearest cent.) A. B.9. Jason bought a home in Arlington, Texas, for $127,000. He put down 25% and obtained a mortgage for 30 years at 6%. a. What is Jason’s monthly payment? (Do not round intermediate calculations. Round your answer to the nearest cent.) Monthly payment $ b. What is the total interest cost of the loan? (Use the amortization worksheet on the financial calculator.) Total interest cost $3. Scott purchased a house for $375,000. She made a down payment of 20.00% of the value of the house and received a mortgage for the rest of the amount at 4.72% compounded semi-annually amortized over 20 years. The interest rate was fixed for a 7 year period. a. Calculate the monthly payment amount. b. Calculate the principal balance at the end of the 7 year term. c. Calculate the monthly payment amount if the mortgage was renewed for another years at 3.82% compounded semi-annually? ROUND ALL ANSWERS TO THE NEAREST CENT USE EXCEL FOR PRECISE ANSWERS
