You are thinking of purchasing a house. The house costs $200,000. You have $29,000 in cash that you can use as a down payment on the house, but you need to borrow the rest of the purchase price. The bank is offering a 30-year mortgage that requires annual payments and has an interest rate of 7% per year. What will be your annual payment if you sign this mortgage? The annual payment is $. (Round to the nearest dollar.)

You need a 20-year, fixed-rate mortgage to buy a new home for $320,000. Your mortgage bank will lend you the money at a 6.9 percent APR for this 240-month loan. However, you can afford monthly payments of only $2,700, so you offer to pay off any remaining loan balance at the end of the loan in the form of a single balloon payment. How large will this balloon payment have to be for you to keep your monthly payments at $1,200? O $178,691 $300,333 $116,636 $122,597 O $100,748

Suppose you want to purchase a house. Your take-home pay is $4270 per month, and you wish to stay within the recommended guidelines for mortgage amounts by only spending 1/4 of your take-home pay on a house payment. You have $18,500 saved for a down payment and you can get an APR from your bank of 5.7%, compounded monthly. What is the total cost of a house you could afford with a 3030-year mortgage? Round your answer to the nearest cent, if necessary.

You are interested in purchasing a house but unfortunately you don't have any money for a down payment. Luckily the house you are looking at buying is only $325, 000 and the bank currently has an offer where they will lock in your interest rate for the entire length of the mortgage. The rate that they are offering is 4.5% interest over 15 years. Develop a worksheet that will show the monthly payment, the beginning and ending balance for each year of the loan, the annual cost of the loan, and the annual interest paid for each year of the loan. Please show Formulas

You have decided to purchase a house. The house has a current price of $300,000 and you plan on putting 20% down. You will finance the rest of the house cost by using a 30-year mortgage, 3.5% interest compounded monthly. How much will your monthly loan payment be?

You are thinking of purchasing a house. The house costs $300,000. You have $43,000 in cash that you can use as a down payment on the house, but you need to borrow the rest of the purchase price The bank is offering a 30-year mortgage that requires annual payments and has an interest rate of 9% per year. What will be your annual payment if you sign this mortgage? The annual payment is $ (Round to the nearest dollar)

You are thinking of purchasing a house. The house costs $354,000. You have $45,000 in cash that you can use as a down payment on the house, but you need to borrow the rest of the purchase price. The bank is offering a 25-year mortgage that requires annual payments and has an interest rate of 6% per year. What will be your annual payment if you sign this mortgage?

You want to buy a $205,000 home. You plan to pay 10% as a down payment, and take out a 30 year loan at 4.15% interest for the rest. a) How much is the loan amount going to be? b) What will your monthly payments be? c) How much of the first payment is interest?

Suppose you want to purchase a home for $525,000 with a 30-year mortgage at 4.84% 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 want to buy a house that costs $100,000. You have $10,000 for a down payment, but your creditis such that mortgage companies will not lend you the required $90,000. However, the realtorpersuades the seller to take a $90,000 mortgage (called a seller take-back mortgage) at a rate of 7%,provided the loan is paid off in full in 3 years. You expect to inherit %100,000 in 3 years; but rightnow all you have is %10,000, and you can afford to make payments of no more than %7,500 per yeargiven your salary. (The loan would call for monthly payments, but assume end-of-year annualpayments to simplify things.)a. If the loan was amortized over 3 years, how large would each annual payment be? Could youafford those payments?b. If the loan was amortized over 30 years, what would each payment be? Could you afford those payments?c. To satisfy the seller, the 30-year mortgage loan would be written as a balloon note, which means that at the end of the third year, you would have to make the regular…