When Gustavo and Serrana bought their home, they had a 5.9% loan with monthly payments of $870.60 for 30 years. After making 78 monthly payments, they plan to refinance for an amount that includes an additional $35,000 to remodel their kitchen. They can refinance at 4.2% compounded monthly for 25 years with refinancing costs of $625 included with the amount refinanced. How long will it take to pay off this new loan if they pay $1200 each month?

Bryce and David plan to purchase a home for $176,000. They will pay 20% down and finance the remainder for 15 years at the APR of 8.2%, compounded monthly. a) How large are the monthly payments? $ b) What will be their loan balance right after they have made their 156th payment? $ c) How much interest will they pay during the 13th year of the loan? $ d) If they were to increase their montly payments by $120, how long would it take to pay off the loan? Give your answer in whole months.

Rick wishes to purchase a new car and can afford monthly payments of up to $275 per month. Finance is available and the terms are that the loan lasts for 6 years, and the annual interest rate is 8%. What is the maximum price for a car that Ryan's budget can afford?Round your answer to the nearest hundred dollars.

A couple want to buy a house that costs $542 000. They pay a 20% deposit and borrow the rest of the money as a reducing balance loan for 25 years at 8.25% per annum with interest calculated and repayments made monthly. Determine the monthly repayment.

Johnny and Lucy have purchased a home for $365,000. They will need to obtain a mortgage for 85% of that amount. The Near State Bank will give them a mortgage for 30 years at 9.5% interest. Their monthly payment will be $2500.50. Over the first 4 months, how much will go towards interest and how much will go towards principal?

Mr. and Mrs. Smith have just purchased a $600,000 house and have made a down payment of $120,000.They can amortize the balance at 4% compounded monthly for 30 years.1. Using Excel, calculate monthly payments.2. Using Excel, calculate equity they have in their house (that is, what is the sum of the down paymentand amount paid on the loan) after 20 years?3. Using Excel, populate the following amortization table:PaymentNumberMonthly Payment RemainingPrincipalInterest for themonthAmount of monthlypayment going towards theprincipal160180240

The Johnson family bought a quad and were able to finance it with a simple interest loan for 36 months at 11% interest. They are going to pay the loan off 3 months early. The balance after 33 months is $1,400. Find the amount of the final payment.

Cindy and Rick purchased a home for $145,000 and financed it with a 30-year fixed-rate loan at 6.25% annual interest. If they put a 20% down payment on the house, what would be their monthly payment for principal and interest?

A family currently live in an apartment whose monthly rent is $950. They are thinking of buying a house which would cost $220,000. They plan to live in this house for 5 years and sell it at the end of the 5th year. They would put a downpayment of $20,000 and finance the balance through a mortgage at 3.5% interest rate. The mortgage is to be repaid in 5 annual installments (which include both principal and interest) at the end of each year for the next 5 years The house will have the following additional expenses: annual maintenance: $1500, Property taxes $5500, Insurance: $1200. Assume they are in tax bracket of 20% and the price of home, rent and expenditure increases by 2.5% per year. Their opportunity cost or required rate of return is 5% per year. Note that property taxes are tax deductible and there no tax payable on capital gains. Use annual compounding for amortization schedule of mortgage Calculate Ownership Operating Advantage in year 1. Ⓒ($39.596) O ($39.924) Ⓒ($39,631)…

A couple buys a $180000 home, making a down payment of 20%. The couple finances the purchase with a 15 year mortgage at an annual rate of 3.8%. Find the monthly payment.  If the couple decides to increase the monthly payment to $1100, find the number of payments.