The following table shows annual rates for various types of loans in 2021. Assume monthly payments and compounding periods. HINT [See Examples 5 and 7.] Loan 30-Year 15-Year New Car Type Mortgage Mortgage Loan Used Car Loan Credit Cards Rate 3.03% 2.30% x 9.20% 9.45% 13.99% You were considering buying a home with a 30-year mortgage in 2021 and could afford to make a down payment of $60,000 and up to $900 per month on mortgage payments. How much could you have afforded to pay for the home? (Round your answer to the nearest cent.) $ 247644.95

On a $529,000 home, on a 30-year fixed mortgage, with an interest rate of 5.29, find: a. The down payment amount (15 % )b. Amount borrowed from bank (price of home - down payment) c. The monthly payment d. Total paid back to bank (principal + interest)

Some lenders offer loans with biweekly payments rather than monthly payments. Investigate the effect of this on home loans by finding the payment and total interest on a thirty-year simple interest amortized loan of $150,000 at 13% interest. (Round your answers to the nearest cent.) (a) if payments are made monthly payment     $   total interest     $  (b) if payments are made biweekly payment     $  total interest     $

Not sure where to start this one Suppose that you purchase a new home that costs $180,000. A local bank offers you a 3% fixed rate mortgage loan for 30 years. Also, you are required to make a 20% down payment immediately.  a) Find your monthly payment. b) Find the interest amount and the principal amount in your first monthly payment. c) Find the total interest paid for 30 years.

Use chart.

Answer in text format

Estimate the affordable monthly mortgage payment, the affordable mortgage amount, and the affordable home purchase price for the following situation. (Refer to  the images) Note: Round time value factor to 2 decimal places, intermediate and final answers to the nearest whole number.   Mortgage  Monthly gross income $ 4,700   Down payment to be made (percent of purchase price) 20%   Other debt (monthly payment) $ 260   Monthly estimate for property taxes and insurance $ 490   30-year loan 8.0%     1.) What is the affordable monthly mortgage payment? 2.) What is the affordable mortgage amount? 3.) What is the affordable house purchase price?

your bank also requires that the monthly mortgage payments include properety tax and homeowners insurance payments. if the property tax is 1,710 per year and the properety insurance is 1458 per year for (PITI) what is the total monthly payment in $?

​(Compound interest with nonannual periods​) After examining the various personal loan rates available to​ you, you find that you can borrow funds from a finance company at an APR of 6 percent compounded quarterly or from a bank at an APR of 7 percent compounded monthly. Which alternative is more​ attractive?       a. If you borrow ​$100 from a finance company at an APR of 6 percent compounded quarterly for 1 ​year, how much do you need to payoff the​ loan?   ​$nothing   ​(Round to the nearest​ cent.)