You have $15,000 to put down on a new house that cost $200,000, and you have been quoted the following finance terms by your local banker: 6% Annual Percentage Rate, for 30 years. If you decide to purchase this home, what will your monthly payment be? Additionally, over the life of the loan what would your total interest expense be?

You'd like to purchase a house.  You're monthly take home pay is $4560. You'd like to use one fourth of your take home pay for a house payment.  You have $18500 for a down payment.  You can get an APR of 4.35% compounded monthly. What is the total cost of a house you can afford with a 15 year mortgage?

Suppose you purchase a house using a 30-year fixed rate mortgage. The APR on the loan is 3.2% and you will be required to make monthly payments of $3,700 what is the price you paid for your home?

You need $12,000 to purchase a used car. Your wealthy uncle is willing to lend you the money as an amortized loan. He would like you to make annual payments for 4 years, with the first payment to be made one year from today. He requires an 8% annual return. What will be your annual loan payments? Do not round intermediate calculations. Round your answer to the nearest cent. $   How much of your first payment will be applied to interest and to principal repayment? Do not round intermediate calculations. Round your answers to the nearest cent. Interest: $   Principal repayment: $

You want to purchase a house valued at $200,000.  After a downpayment, you can finance the house with a 20 year mortgage at 4.2% APR, compounded monthly. What percentage of the house will you need to finance in order to have monthly payments of $1,000? Round to two decimal places.   What is the downpayment?

Use the following information to answer the questions. Price of home to purchase- $300,000 Rate- 2.8% (15 year) 3.2% (30 year) Down Payment- $65,000 What would be your monthly payment on a 15 year loan, assuming $2,400 property taxes and $2,400 home insurance?

You need $15,000 to purchase a used car. Your wealthy uncle is willing to lend you the money as an amortized loan. He would like you to make annual payments for 4 years, with the first payment to be made one year from today. He requires a 8% annual return. What will be your annual loan payments? Round your answer to the nearest cent. Do not round intermediate calculations.

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You need $19,000 to purchase a used car. Your wealthy uncle is willing to lend you the money as an amortized loan. He would like you to make annual payments for 5 years, with the first payment to be made one year from today. He requires a 5% annual return. What will be your annual loan payments? Do not round intermediate calculations. Round your answer to the nearest cent.

You need a 30-year, fixed-rate mortgage to buy a new home for $400,000. Your mortgage bank will lend you the money at a 6 percent APR for a 360 month loan. You can only afford a monthly payment of $1000. How much downpayment should you put at the time of purchase? Please show your work using excel formulas.