You are looking to buy a $415,000.00 home in Haverhill. If Bank of America will give them a 30-year mortgage at 3.25% annual interest rate for the cost of the house after they receive a 20% down payment. How many of her monthly payment go toward the interest?

Q: You want to buy a house valued at $200,000.  AFter a down payment, you can finance the house with a…

A: The annual percentage rate is the rate earned on the investment or paid on loan over the period of…

Q: You are looking to buy a $415,000.00 home in Haverhill. If Bank of America will give them a 15-year…

A: You are looking to buy a $415,000.00 home in Haverhill. If Bank of America will give them a 15-year…

Q: You want to buy a $210,000 home. You plan to pay $10500 as a down payment, and take out a 30 year…

A: The loan amount would be the remaining amount after deducting the down payment from the purchase…

Q: You've decided to buy a house that is valued at $1 million. You have $250,000 to use as a down…

A: Mortgage Payment: It is the payment of mortgage amortization paid by the borrower to the lender.…

Q: What is the total amount paid for principal and interest? (Round your answer to the nearest cent.) $…

A: Information Provided: Price = $475,000 Term = 30 years Interest = 5.54% Down payment = 25%

Q: You've decided to buy a house that is valued at $1 million. You have $250,000 to use as a down…

A: Since you have asked multiple questions, we will solve the first one for you. If you want any…

Q: You are looking to buy a $415,000.00 home in Haverhill. If Bank of America will give them a 30-year…

A: Amount to be financed = Cost of house - Down payment = $415,000 - ($415,000*20%) = $332,000 Nos of…

Q: Ms. Tweeter is buying a house with a cost of $350,000. She will make a down payment of $20,000 on…

A: There are various ways through which one can obtain finance, one of them is through a mortgage loan.…

Q: You want to purchase a house valued at $200,000.  After a downpayment, you can finance the house…

A: Value of the house = $200,000 Number of years of mortgage = 20 Number of periods (n) = 20*12 = 240…

Q: You have decided to buy a 3,250 square-feet house in Denton, close to a good public school.  The…

A: Given, Area of house = 3250 square feet Average price per square feet = $190 Bank finance = 80%…

Q: You are looking to buy a $415,000.00 home in Haverhill. If Bank of America will give them a 30-year…

A: Amount to be financed = Cost of house - Down payment = $415,000 - ($415,000*20%) = $332,000 Nos of…

Q: You are looking to buy a $275,599.00 home in Haverhill. If Bank of America will give them a 30-year…

A: Hi There, thanks for posting the question. But as per Q&A guidelines, we must answer the first…

Q: You need a 30-year, fixed-rate mortgage to buy a new home for $305,000. Your mortgage bank will lend…

A: A written agreement through which a lender gets the right to take the property that is put as a…

Q: You want to borrow $75,000 from your local bank to buy a new sailboat. You can afford to make…

A: The given problem can be solved using RATE function in excel. RATE function provides interest rate…

Q: Suppose you want to purchase a house. Your take-home pay is $⁢4230 per month, and you wish to stay…

A: Cost of house depends on the monthly payment and down payment you have.

Q: You need a 30-year, fixed-rate mortgage to buy a new home for $240,000. Your mortgage bank will lend…

A: Given, New home $240,000 Money at an APR of 3.25 percent for 360 month loan Balloon monthly payments…

Q: Suppose you want to purchase a house. Your take-home pay is $2790 per month, and you wish to stay…

A: Note: We are considering that the monthly payment is ¼ of the take home pay. Given: Take home pay =…

Q: You’ve decided to buy a house that is valued at $1 million. You have $250,000 to use as a down…

A: The question is based on the concept of amortization of loan in equal periodic installment.by…

Q: You are looking to buy a $415,000.00 home in Haverhill. If Bank of America will give them a 15-year…

A: Amount financed = Cost of house - down payment = $415,000 - ($415,000 *20%) = $332,000 Monthly…

Q: You agree to purchase a home for $150,000 and decide to make a 20% down payment on the home.  You…

A: Please see the next step for the solution

Q: Your parents buy a new house to downsize. They pay $250,000 and are planning on paying it off in a…

A: Let interest rate implicit in loan = i Present value of installment at i = $250,000 $19,167 *…

Q: You have just purchased a new warehouse. To finance the purchase, you’ve arranged for a 30-year…

A: Annual Percentage Rate (APR) refers to the percentage rate which shows the interest rate…

Q: You want to borrow $94,000 from your local bank to buy a new sailboat. You can afford to make…

A: Loan is an agreement between lender and borrower where lender provide funds to borrower which repaid…

Q: se price of the house, and you are looking at a 20 year loan at 6.12% interest compounded monthly.…

A: Maximum price = Down payment amount + Present value of mortgage payment

Q: You are thinking about buying a rental property. Because of the difficulty getting a loan, you are…

A: Given data; Initial payment = $350,000 number of years = 10 monthly received cash = $1400 selling…

Q: he McBertys have $30,000 in savings to use as a down payment on a new home. They also have…

A: The question is based on the concept of mortgage loans. The mortgage loan is a secured type of loan…

Q: Will they get the home loan? You have a gross annual income of $175,000 and have been pre-approved…

A: Back-End ratio shows proportion of monthly income used to pay off debt. Back End Ratio=Monthly Debt…

Q: You are looking to buy a $415,000.00 home in Haverhill. If Bank of America will give them a 30-year…

A: For the calculation I have used the above given formula and got the monthly payment to be…

Q: You are looking to buy a $415,000.00 home in Haverhill. If Bank of America will give them a 15-year…

A: Monthly Payment = $2,333

Q: Carl and Melissa have a monthly income of $6000. They want to buy a house for $200,000 and make a…

A: Carl and Melissa have a monthly income of $6000. The cost of the house is $200,000. Down payment of…

Q: A couple who wants to purchase a home with a price of $340,000 has $100,000 for a down payment. If…

A: Loan: The loan is a value that is borrowed from external sources like banks and this amount is…

Q: a. The bank offers a 30​-year mortgage with fixed monthly payments and an interest rate of 0.53% per…

A: Given information :- Loan amount = $620,000 Time period =  30 years or 360 months  Monthly interest…

Q: You want to buy a car, and a local bank will lend you$40,000. The loan will be fully amortized over…

A: The real interest that an investor earns on the investment and a borrower pays on loan after…

Q: You are in the market for a home. You and your partner have saved up $305,000 for a down payment und…

A: Here the APR is 3.14% compounded semi-annually. Let i be the monthly rate.  We know that: (1+i)^12…

Q: You need a 30-year, fixed-rate mortgage to buy a new home for $400,000. Your mortgage bank will lend…

A: Mortgage/ Borrowings Borrowings are the loan which is taken by the individual to meet its financial…

Q: You are thinking of purchasing a house. The house costs $400,000. You have $57,000 in cash that you…

A: Question is based on the concept of Mortgages

Q: You want to buy a $168,000 home. You plan to pay 5% as a down payment, and take out a 30 year loan…

A: Cost of home = $168000 Down payment = 5% Loan period = 30 Years Interest rate = 6.95%

Q: You want to buy a $210,000 home. You plan to pay $10500 as a down payment, and take out a 30 year…

A: To find the loan amount one has to deduct the down payment from the total loan amount.

Q: How much downpayment should you put at the time of purchase? how would i calculate this in excel?

A: Downpayment: It refers to the amount of money paid by the buyer in the early phase of purchasing…

Q: the price of a house is $400,000. Then, you make a down payment of $130,000 and take a 30-year…

A: Price = $ 400,000 Down payment = $ 130,000 Period = 30 Years Number of monthly payments = 30*12 =…

Q: Anna and Doug are in the market for a new house. The maximum payment they can afford is $700 per…

A: The loan amount will depend upon the periodic payment, interest rate and the duration of the loan

Q: Mark and Natalie want to buy a house selling for $120,000. They will put $20,000 down as a down…

A: Part (a): Calculation of monthly payment: Answer: Monthly payment is $561.53

Q: You get a $350,000 mortgage to buy a condo.  If rates are at 6% and you will take thirty year fixed…

A: GivenPrice of Condo "P" = $350,000 Rate per year = 6% Rate per month "r" = 6%/12 Number of years =…

Q: You plan to buy an apartment for $300,000, but you have only $8,000 in cash. The bank will  loan you…

A: Time value of money is considered to determine the equated instalments that are due for each period.

Q: McBertys have $20,000 in savings to use as a down payment on a new home. They also have determined…

A: Given,  Down payment is $20,000 Payment is $1500 to $1800 Rate is 11% Term of loan is 30 years

Q: Suppose you want to purchase a house. Your take-home pay is $⁢2830 per month, and you wish to stay…

A: Monthly affordable payment (M) = (1/4) of $2830 = $707.50 r = 3.95% per annum = 0.329167% per month…

Cost of Credit

The cost of credit is an extra amount that the borrower has to pay besides the loan amount. These credit charges may vary from loan to loan. The cost of credit includes interest charges, maintenance charges, and arrangement charges. Some of the costs are mandatorily collected by the lender based on the loan amount and tenure of the loan. The cost of credit is also called finance charges of the credit.