Suppose you want to buy a $159,000 home. You found a bank that offers a 30-year loan at 3.3% APR.What will be your monthly payment? (Round to the nearest cent.)How much would you end up paying the bank for the home after 30 years? (Round to the nearest cent.)$Suppose you wanted to reduce the time of your loan to 25 years. What would be your new monthlypayment? (Round to the nearest cent.)$How much would you end up paying the bank for the home after 25 years? (Round to the nearest cent.)$How much did you save by reducing the time of your mortgage loan? (Round to the nearest cent.)$

According to the time value of money theory, money that is available now is worth more than the same…

Answered: Suppose you want to buy a $159,000…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Suppose you have a student loan of $35,000 with an APR of 6% for 40 years. Complet parts (a) through (c) below. a. What are your required monthly payments? The required monthly payment is $ 192.57 (Do not round until the final answer. Then round to the nearest cent as needed.) b. Suppose you would like to pay the loan off in 20 years instead of 40. What monthly payments will you need to make? The monthly payment required to pay off the loan in 20 years instead of 40 is $. (Do not round until the final answer. Then round to the nearest cent as needed.)
You want to buy a car, and a local bank will lend you $15,000. The loan would be fully amortized over 6 years (72 months), and the nominal interest rate would be 6%, with interest paid monthly. What is the monthly loan payment? Do not round intermediate calculations. Round your answer to the nearest cent. $ What is the loan's EFF%? Do not round intermediate calculations. Round your answer to two decimal places. %
Suppose you have a student loan of $25,000 with an APR of 12% for 20 years. Complete parts (a) through (c) below. a. What are your required monthly payments? The required monthly payment is $ (Do not round until the final answer. Then round to the nearest cent as needed.) b. Suppose you would like to pay the loan off in 10 years instead of 20. What monthly payments will you need to make? The monthly payment required to pay off the loan in 10 years instead of 20 is $ (Do round until the final answer. Then round to the nearest cent as needed.) c. Compare the total amount you'll pay over the loan term if you pay the loan off in 10 years versus 20 years. Total payments for the 20-year loan = $ Total payments for the 10-year loan = $
You want to buy a car, and a local bank will lend you $35,000. The loan will be fully amortized over 5 years (60 months), and the nominal interest rate will be 6% with interest paid monthly. What will be the monthly loan payment? What will be the loan's EAR? Do not round intermediate calculations. Round your answer for the monthly loan payment to the nearest cent and for EAR to two decimal places. Monthly loan payment: $ EAR: %
You want to buy a $220000 home with a down payment of $66000 and take out a 30 year loan at 3.75% interest for the rest. After 25 years, you decide to pay off the entire loan. What is the outstanding principal after 25 years? If the bank charges 3.5 points on the loan, what is the true interest rate?
Do all parts its urgent
have tried this and keep getting the answer wrong i can’t figure it out
Suppose you want to purchase a home for $525,000 with a 30-year mortgage at 4.64% interest. Suppose also that you can put down 30%. What are the monthly payments? (Round your answer to the nearest cent.)$ What is the total amount paid for principal and interest? (Round your answer to the nearest cent.)$ What is the amount saved if this home is financed for 15 years instead of for 30 years? (Round your answer to the nearest cent.)$
Suppose you want to buy a $141,000 home. You found a bank that offers a 30-year loan at 3.7% APR. What will be your monthly payment? (Round to the nearest cent.) 2$ How much would you end up paying the bank for the home after 30 years? (Round to the nearest cent.) 2$ Suppose you wanted to reduce the time of your loan to 25 years. What would be your new monthly payment? (Round to the nearest cent.) $4 How much would you end up paying the bank for the home after 25 years? (Round to the nearest cent.) $ How much did you save by reducing the time of your mortgage loan? (Round to the nearest cent.)
You purchase a home and secure a 30 year equal payment loan for $200,000 at a interest rate of 5.25% APR compounded monthly. After 5 years the interest rate drops to 4.75% APR compounded monthly. The bank is charging 2 points to originate the new loan. How many months do you need to stay in the house after the refinance to make the refinance a benefit (Round to next month)?
You want to buy a $191,000 home. You plan to pay 20% as a down payment, and take out a 30 year loan at 4.55% interest for the rest. a) How much is the loan amount going to be? 152,800 b) What will your monthly payments be? $780 c) How much total interest do you pay? d) Suppose you want to pay off the loan in 15 years rather than 30. What will your monthly payment be? $1 Enter an integer or decimal number [more..] e) How much money in interest will you save if you finance for 15 years instead of 30 years?
You want to buy a new house. You can afford to pay $15,000 per year for 30 years with the first payment being due one year from today. If the interest rate on your loan is 3%, what price of home can you buy today? Enter your answer as a number rounded to 2 decimal places.

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