You have found your dream house. The selling price is 120,000. You will put $20,000 down and obtain a 25-year fixed-rate mortgage at 8.75% (APR compounded semiannually) for the rest. You plan to prepay the loan by making an additional payment each month along with your regular payment. How much extra must you pay each month if you wish to pay off the load in 20 years? (Assume there is no early payment penalty).
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You have found your dream house. The selling price is 120,000. You will put $20,000 down and obtain a 25-year fixed-rate mortgage at 8.75% (APR compounded semiannually) for the rest. You plan to prepay the loan by making an additional payment each month along with your regular payment. How much extra must you pay each month if you wish to pay off the load in 20 years? (Assume there is no early payment penalty).
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- you wish to purchase real property. the lender will give you a 250000 fixed rate 30 year mortgage at 3.5% per annum. suppose that before you can make any payments you receive a pay raise so you can pay an extra 200 per month with your normal payment. how many payments are required to fully amortize the loan assuming the extra 200 is paid each month?You are planning on buying a new house and want to make sure you can afford the monthly payments. The house you picked will necessitate you borrow $300,000. You think you can get the following. mortgage terms: borrow $300,000 at a fixed quoted (nominal) annual rate of 3.775%; to be paid off in equal monthly payments over 15 years.Compute the required monthly payment, and prepare an amortization table, showing for each month the beginning balance, payment, payment applied to interest, payment applied to principal, and ending. balance. (Assume monthly compounding) (solution needs to be in excel)You need a 25-year, fixed-rate mortgage to buy a new home for $200,000. Your mortgage bank will lend you the money at a 6.6 percent APR for this 300-month loan. However, you can afford monthly payments of only $900, so you offer to pay off any remaining loan balance at the end of the loan in the form of a single balloon payment. Required: How large will this balloon payment have to be for you to keep your monthly payments at $900? A) 48,522.47 B) 341,563.19 C) 67,932.38 D) 366,212.08 E) 352,127.00 Only typing answer Please explain step by step without table and graph
- You need a 30-year, fixed-rate mortgage to buy a new home for $265,000. Your mortgage bank will lend you the money at an APR of 5.6 percent for this 360-month loan. However, you can afford monthly payments of only $1,050, 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 $1,050? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)You are planning to build a vacation home. Your rich uncle offers you a $35,000 loan at 10.5% interest if you make $325 per month payments at the end of each month, how many payments will be required to pay off the loan, and how many years will this take? show relevant calculationWe suggest the use of a spreadsheet to create the amortization tables. You take out a 30-year mortgage for $70,000 at 9.45%, to be paid off monthly. Construct an amortization table showing how much you will pay in interest each year for the first 15 years and how much goes toward paying off the principal. If you sell your house after 15 years, how much will you still owe on the mortgage according to the amortization table? HINT [See Example 8.] (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% APR for a 360 month loan. You can only afford a monthly payment of $1000. How much down payment should you put at the time of purchase? Please show work.You need a 25-year, fixed-rate mortgage to buy a new home for $240,000. Your mortgage bank will lend you the money at an APR of 5.35 percent for this 300-month loan. However, you can afford monthly payments of only $800, 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 $800? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Balloon paymentsuppose you are buying your first condo for 145,000 and you will make $15,000 down payment. you have arranged to finnace the remainder with a 30 year monthly payment amortized mortgage at a 55 nominal interest rate with first payment due in one month what will your monthly payments be? how much of first month payment is the prindipal
- You need a 15-year, fixed - rate mortgage to buy a new home for $230,000. Your mortgage bank will lend you the money at a 6.6 percent APR for this 180 - month loan. However, you can afford monthly payments of only $1,000, 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 $1,000? Multiple Choice $ 301,801.43 $115,924.72 $323, 580.91 $311, 135.49 $106, 142.4You want to buy a $300,000 house. You plan to make a down payment of 20% of the purchase price and finance the rest with a 30-year fixed rate mortgage loan. The loan is fully amortizing, and requires monthly payments at the end of each month. The annual interest for the loan is 5%, compounded monthly. 1) How much of the purchase price will you finance with the mortgage loan? 2) What is your anticipated monthly mortgage payment? Answer 1) Loan amount 2) Monthly payment Answer N I PV PMT FVYou need a 20-year, fixed-rate mortgage to buy a new home for $230,000. Your mortgage bank will lend you the money at a 6.6 percent APR for this 240-month loan. However, you can afford monthly payments of only $950, 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 $950? Multiple Choice O O $88,924.29 $103.581.46 $386,349.21 $374,758.73 O $401,803.18