When Sara Jean purchased her house 12 years ago, she took out a 30-year mortgage for $220,000. The mortgage has a fixed interest rate of 6% compounded monthly. (a) Compute Sara Jean’s monthly mortgage payments. (b) If Sarah Jean wants to pay off her mortgage today, for how much should she write a check? She made her most recent mortgage payment earlier today.

Scott & Rebecca can afford to pay $4,000.00 each month for a mortgage. Their credit union is offering home loans at 4.375%. If they take out a 30-year mortgage how much can they afford to borrow?

Justin and Hayley are interested in a fixed-rate mortgage for $450,000. They are undecided whether to choose a 15- or 30-year mortgage. The current mortgage rate is 3.5% for the 15-year mortgage, and 3.85% for the 30-year mortgage (a) What are the monthly principal and interest payments for EACH loan?   (b) What is the total amount of interest paid on EACH loan?   (c) Overall, how much more interest is paid by choosing the 30-year mortgage?

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.

Nikul

Willie just bought a home and financed his purchase with a $1,000,000 6% 20- year mortgage. (a) What is Willie's monthly mortgage payment? (b) What will be the balance on Willie's mortgage after 12 years? 1. How did you get the monthly mortgage payment of $7,164.31? 2. How did you get the balance of $545,169.90 after 12 years?

Five years ago, Diane secured a bank loan of $390,000 to help finance the purchase of a loft in the San Francisco Bay area. The term of the mortgage was 30 years, and the interest rate was 7%/year compounded monthly on the unpaid balance. Because the interest rate for a conventional 30-year home mortgage has now dropped to 5.5%/year compounded monthly, Diane is thinking of refinancing her property. (Round your answers to the nearest cent.) (a) What is Diane's current monthly mortgage payment? (b) What is Diane's current outstanding principal? (c) If Diane decides to refinance her property by securing a 30-year home mortgage loan in the amount of the current outstanding principal at the prevailing interest rate of 5.5%/year compounded monthly, what will be her monthly mortgage payment? (d) How much less will Diane's monthly mortgage payment be if she refinances?

Several years ago, Bill Smith borrowed $125,000 to buy his house. He has a 15 year, monthly payment mortgage with an interest rate of 8.75 percent per annum. Bill is thinking about refinancing his house so he would like to know the payoff on his current loan. Assuming that he just made payment number 94, compute the payoff on Bill's loan. Round your answer to 2 decimal places; record your answer without commas and without a dollar sign.

Shelley purchased a home in Maryland Heights, MO, for $204,000. Her down payment was 20% of the cash price, and she obtained a mortgage for 20 years at 7%. What are Shelley's monthly payment and total interest cost? (Round your answers to the nearest cent.) a)Monthly payment b) Total interest cost

4-30. Last week Evelyn moved into the new house she purchased, and she is already making plans to pay off the mortgage early. To purchase the house, she borrowed $280,000 with terms that require her to make monthly payments for 15 years and pay interest equal to 5.4 percent, compounded monthly. (a) What is Evelyn's monthly mortgage payment? (b) How much will Evelyn owe on the mortgage after she has made payments for five years; that is, when there are 10 years of monthly payments remaining? 001.6)