Sharon Burke bought a home in Virginia for $139,000. She puts down 30 percent and obtains a mortgage for 25 years at 12 percent. The portion of the 1st payment that covers interest is:
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- Jen 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.)Tom Burke bought a home in Virginia for $160,000. He puts down 25% and obtains a mortgage for 30 years at 8%. What is Tom's (A) monthly payment, as well as (B) the total interest of the loan?. Jan sold her house on December 31 and took a $10,000 mortgage aspart of the payment. The 10-year mortgage has a 10% nominal interest rate, but it calls forsemiannual payments beginning next June 30. Next year Jan must report on Schedule B ofher IRS Form 1040 the amount of interest that was included in the two payments she receivedduring the year.a. What is the dollar amount of each payment Jan receives?b. How much interest was included in the first payment? How much repayment of principalwas included? How do these values change for the second payment?c. How much interest must Jan report on Schedule B for the first year? Will her interestincome be the same next year?d. If the payments are constant, why does the amount of interest income change over time? Please show solution and formula. Show manual computation (not in excel or accounting calculator) Thank you
- Judy recently purchased her first home for $220,000. She made a down payment of $20,000, and financed the balance over 15 years, at 6% interest. If Judy's first payment is due on October 1 of this year, approximately how much interest will she pay inthis year? $2,073.47. $1,979.76 $3,288.63. $5,885.09.Jan sold her house on December 31 and took a $10,000 mortgage aspart of the payment. The 10-year mortgage has a 10% nominal interest rate, but it calls forsemiannual payments beginning next June 30. Next year Jan must report on Schedule B ofher IRS Form 1040 the amount of interest that was included in the two payments she receivedduring the year.a. What is the dollar amount of each payment Jan receives?b. How much interest was included in the first payment? How much repayment of principalwas included? How do these values change for the second payment?c. How much interest must Jan report on Schedule B for the first year? Will her interestincome be the same next year?d. If the payments are constant, why does the amount of interest income change over time?Joan Tanaka borrows $80,000 at 14 percent interest toward the purchase of a vacation home. Her mortgage is for 25 years.
- Felix is purchasing a brownstone townhouse for $2,400,000. To obtain the mortgage, Felix is required to make a 17% down payment. Felix obtains a 25-year mortgage with an interest rate of 5.5%. 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.The Olsens purchase a house by taking out a 25-year, $570,000 mortgage with an interest rate of 4.7%. Determine the Olsens’ monthly payment for principal and interest and how much of the first payment on the mortgage is applied to the principal.Jimmy buys a piece of property worth $90454, Jimmy makes a down payment of $17541, and pays the remaining portion of the debt with a mortgage consisting of year end payments for the next 18 years. If interest on the mortgage is 5.6% compounded yearly, then in what amount are the payments? Answer:
- 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.Cynthia purchased a house for $500,000. 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 6.92% compounded semi-annually amortized over 20 years. The interest rate was fixed for a 4 year period. a. Calculate the monthly payment amount.Noel purchases a house and gets a 15-year mortgage for $155,000 at 4.75% APR. In addition to the monthly payment, the lender requires him to pay into an escrow account for the homeowners insurance and property tax. His homeowners insurance is $1100 per year and the property tax is $1500 per year. Determine the monthly payment to the lender that includes the insurance and property tax. Round your answer to the nearest cent.