You are buying a house for $130,000.00 with a downpayment of $26,000.00. The loan will be paid back over 20 years with monthly payments of $582.01. If the interest rate is 3.1% compounded monthly, what would the smaller concluding payment be? The concluding payment would be $ (Round to 2 decimal places.)

You are buying a house for $130,000.00 with a downpayment of $26,000.00. The loan will be paid back over 20 years with monthly payments of $582.01. If the interest rate is 3.1% compounded monthly, what would the smaller concluding payment be? The concluding payment would be $ (Round to 2 decimal places.)

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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You would like to buy a house for $850,000. You put $180,000 down, and then get a mortgage for the rest at 7.5%, compounded monthly. 1. Calculate the monthly mortgage and total cost of 360 payments if you amortize over 30 years. (Remember to round to 2 decimal places for each answer) 2. Calculate the monthly mortgage and total cost of 180 payments if you amortize over 15 years. (Remember to round to 2 decimal places for each answer) 3. List at least one benefit and at least one downside to each loan, and then tell me which would you prefer?
You purchase a home for $438,000 by making a down payment of 15% and financing the remaining amount with a 15-year mortgage. Your mortgage has an annual percentage rate of 2.13%, compounded monthly, and requires monthly payments. How much total interest (in dollars) will you pay on this loan after 15 years? (Round your answer to the nearest dollar.)
You have just purchased a new warehouse. To finance the purchase, you've arranged for a 30-year mortgage loan for 80 percent of the $2,200,000 purchase price. The monthly payment on this loan will be $12,000. a. What is the APR on this loan? Annual percentage rate b. What is the EAR? Effective annual rate
Suppose you take out a 30 year mortgage for $ 150000 at 4% interest. The monthly payments on this loan are $ 716.12. If you pay an extra 40% per month on your mortgage, how soon will you pay off the loan?New length in years = How much will you save in interest by making the extra payments?Saving = If you put $ 716.12 per month into an annuity earning 7% interest compounded monthly for the remaining time on your original loan, how much money will you have at the end of the original 30 years?Extra savings =
Suppose you take out a 30 year mortgage for $ 250000 at 6.75% interest. The monthly payments on this loan are $ 1621.50. If you pay an extra 40% per month on your mortgage, how soon will you pay off the loan? How much will you save in interest by making the extra payments?
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You have just purchased a new warehouse. To finance the purchase, you've arranged for a 30-year mortgage loan for 80 percent of the $2,700,000 purchase price. The monthly payment on this loan will be $16,000. a. What is the APR on this loan? Annual percentage rate b. What is the EAR? Effective annual rate
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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.)$
You are considering taking out a loan of $17,000.00 that will be paid back over 5 years with monthly payments of $330.24. If the interest rate is 6.2% compounded monthly, what would the unpaid balance be immediately after the eleventh payment? The unpaid balance would be?
Suppose you want to buy a house today that costs $139022. The bank requires you to make a 20% down payment, but you can borrow the rest. If you are charged 8.52% APR and the mortgage is for 30 years, what is your monthly payment?
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?

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