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- You obtain a $365,000, 15-year fixed-rate mortgage. The annual interest rate is 7.25 percent. In addition to the principal and interest paid, you must pay $375 a month into an escrow account for insurance and taxes. What is the total monthly payment (to the nearest dollar)? a. $2,547 b. $3,707 c. None of the above d. $2,272 e. $4,311Your current mortgage payment is $1,558.50 per month, with a balance of $217,800. Suppose you have a chance to refinance at a certain bank with a 30-year, 5.75% mortgage. The closing costs of the loan are application fee, $90; credit report, $165; title insurance, 0.4% of the amount financed; title search, $360; and attorney's fees, $570. a) Calculate the total refinance closing cost (in $). (Round your answer to the nearest cent.)Suppose you obtain a 30-year mortgage loan of $193,000 at an annual interest rate of 8.6%. The annual property tax bill is $974 and the annual fire insurance premium is $496. Find the total monthly payment for the mortgage, property tax, and fire insurance. (Round your answer to the nearest cent.)$ ??
- You take out a traditional 30 year mortgage for $292,490. It has a fixed interest rate of 4.25% and the payments are made monthly. What is your monthly payment on the mortgage? Oa. $1,286.64 Ob. $1,342.95 c. $1409.11 Od. $1,438.87On a $529,000 home, on a 30-year fixed mortgage, with an interest rate of 5.29, find: a. The down payment amount (15 % )b. Amount borrowed from bank (price of home - down payment) c. The monthly payment d. Total paid back to bank (principal + interest)A homeowner has been paying a monthly mortgage payment of $716.40 on a 40-year loan at a fixed annual interest rate of 5.5%. After making payments for 7 years, the homeowner must sell the house and move to another state for a new job. What is the payoff for the mortgage? Round your answer to the nearest cent. $138,900.00 $261,660.50 $65,321.29 $130,747.24
- Suppose you obtain a 25- year mortgage loan of 191,000$ at an annual interest rate of 7.9%. The annual property tax bill is $974 and the annual fire insurance premium is 488$. Find the total monthly payment for the mortgage, property tax, and fire insurance. (Round your answer to the nearest cent.)You purchase a home for $320,000, by making a down payment of 17% and financing the remaining amount with a 30-year mortgage. Your mortgage has an annual percentage rate of 7.4%, Sy compounded monthly Determine your monthly mortgage payment (in dollars). (Round your answer to the nearest cent.) $ 2215.70 xUse PMT = to determine the regular payment amount, rounded to the nearest cent. The cost of a home is financed with a $120,000 20-year - nt 1- fixed-rate mortgage at 4%. a. Find the monthly payments and the total interest for the loan. b. Prepare a loan amortization schedule for the first three months of the mortgage. ..... a. The monthly payment is $ 727.18 . (Do not round until the final answer. Then round to the nearest cent as needed.) The total interest for the loan is $ . (Use the answer from part a to find this answer. Round to the nearest cent as needed.)
- Suppose you obtain a 30 year mortgage loan of 197,000$ at an annual interest rate of 8.1%. The annual property tax bill is $967 and the annual fire insurance premium is 495$. Find the total monthly payment for the mortgage, property tax, and fire insurance.You plan to borrow $47.400 at a 7.5% annual interest rate. The terms require you to amortize the loan with 7 equal end-of-year payments. How much interest would you be paying in Year 2? a. $3,623.01 b. $2,992.92 c. $2,835.40 Od. $2,520.35 e. $3,150.44You plan to purchase a S100,000 house using a 30-ycar mortgage obtained from your local credit union. The mortgage rate offered to you is 8.25 percent. You will make a down payment of 20 percent of the purchase price. 1. (LG 7-4) a. Calculate your monthly payments on this mortgage. b. Calculate the amount of interest and, separately, princi- pal paid in thc 25th payment. e. Caleulate the amount of interest and, separately, princi- pal paid in the 225th payment. d. Calculate the amount of interest paid over the life of this mortgage.