You decide to purchase a house for $260,000. You have saved money so you are able to do a down payment of $20,000. You are able to finance your house by getting a 25 year mortgage with an interest rate of 7%. What are the monthly payments? (Do not round intermediate calculations and round your final answer to 2 decimal places.) Part 2 - Six years later, you decide to calculate your loan balance? (Use a payment value rounded to 2 decimal places. Round your final answer to 2 decimal places.) (Hint. Use the remaining years for “N”). Part 3 - If the house appreciates at 3.12 percent per year, what will be the value of the house in eight years? (Round your final answer to 2 decimal places.) NOTE: Provide a format and show your work (example: N = 6, PV = XXX, I = X%, etc.)
You decide to purchase a house for $260,000. You have saved money so you are able to do a down payment of $20,000. You are able to finance your house by getting a 25 year mortgage with an interest rate of 7%. What are the monthly payments? (Do not round intermediate calculations and round your final answer to 2 decimal places.)
Part 2 - Six years later, you decide to calculate your loan balance? (Use a payment value rounded to 2 decimal places. Round your final answer to 2 decimal places.) (Hint. Use the remaining years for “N”).
Part 3 - If the house appreciates at 3.12 percent per year, what will be the value of the house in eight years? (Round your final answer to 2 decimal places.)
NOTE: Provide a format and show your work (example: N = 6, PV = XXX, I = X%, etc.)
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