You are eligible for a 30 year fixed rate home mortgage with an interest rate of 3.6% per year. If you can afford a monthly payment of $3428, what is the maximum mortgage loan you can get?

A borrower has a 30-years mortgage loan for $400,000 with an interest rate of 6% and payments. If she wants to pay the loan after 8 years, what would the outstanding balance of the loan?

Answer the following question using a spreadsheet and the material in the appendix. You would like to buy a house. Assume that given your income, you can afford to pay $12,000 a year to a lender for the next 30 years. If the interest rate is 7% how much can you borrow today based on your ability to pay? What about if the interest rate is 3%? Maximum mortgage at 7%: $     Maximum mortgage at 3%: $

A lender offers you a $125,000, 30 year mortgage with monthly payments of $769.65. What’s the interest rate?

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You obtain a 15-year loan at a fixed annual 6% on a $100,000 condo with no required down payment. Calculate your monthly mortgage payment.

In order to purchase a home, you must take out a mortgage with a total loan amount $150000. If the nominal yearly interest rate for your 15 year mortage is 3.5% how much will your monthly payment be?

You can afford monthly payments of $700. If current mortgage rates are 2.85% for a 15-year fixed rate loan, how much can you afford to borrow? If you are required to make a 20% down payment and you have the cash on hand to do it, how expensive a home can you afford? (Hint: You will need to solve the loan payment formula for P.) How much can you afford to borrow? (Round to the nearest dollar as needed.)

Calculate the monthly mortgage payments under the following conditions: $325,000 mortgage, 3.125% interest, 30 years. How much interest will you pay for the first month? How much principal will you pay? What is your new loan balance? How much TOTAL do you pay for that mortgage?

if your bank approves a $300,000 mortagage for your new home, at an annual percentage rate of 4.5 % and with a monthly payment of $1800 What will  be the remaining mortgage amount after you make 4 monthly payments