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?
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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?
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- 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? how would i calculate this in excel?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? Plese show your work.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 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.You are considering purchasing a new home. You will need to borrow AED 4,000,000 to purchase the home. A mortgage company offers you a 10-year fixed rate mortgage at 12% APR. If you borrow the money from this mortgage company, what is your monthly mortgage paymentYou 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 loan of 250000 to buy your first home. The bank offers a 30 year fixed-rate mortgage with an APR of 4.16% or a 15 year fixed-rate mortgage with an APR of 3.22%.What will your monthly payments be for the 30-year mortgage? How much will the total interest be for the 30-year mortgage? What will your monthly payments be for the 15-year mortgage? How much will the total interest be for the 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 a 30-year, fixed-rate mortgage to buy a new home for $250,000. Your mortgage bank will lend you the money at an APR of 5.45 percent. However, you can only afford monthly payments of $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. How large will this balloon payment have to be for you to keep your monthly payments at $900? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Balloon payment ( Prev 7 of 10 Next
- 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, 142.4Suppose you want to purchase a house. Your take-home pay is $2790 per month, and you wish to stay within the recommended guidelines for mortgage amounts by only spending 14 of your take-home pay on a house payment. You have $15,600 saved for a down payment and you can get an APR from your bank of 3.9% compounded monthly. What is the total cost of a house you could afford with a 30 -year mortgage? Round to the nearest cent, if necessary.You plan to purchase a house for $295000 using a 30-year mortgage obtained from your local bank. You will make a down payment of 20 percent of the purchase price. You will not pay off the mortgage early. Your bank offers you the following two options for payment. Option 1: Mortgage rate of 5.35 percent and 1 point. Option 2: Mortgage rate of 5.25 percent and 2 points. Which option should you choose?