You planned to borrow $575,000 for a house at 2.9% interest for 30 years. You find a house that you love, but the loan would be $595,000. Assuming the loan terms are the same, what is the difference in the monthly payment if you buy the more expensive house? Assume monthly compounding.
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You planned to borrow $575,000 for a house at 2.9% interest for 30 years. You find a house that you love, but the loan would be $595,000. Assuming the loan terms are the same, what is the difference in the monthly payment if you buy the more expensive house?
Assume monthly compounding.
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- If you are saving the same amount each month in order to buy a new sports car when the new models are released, which of the following will help you determine the savings needed? A. future value of one dollar ($1) B. present value of one dollar ($1) C. future value of an ordinary annuity D. present value of an ordinary annuityYou want to buy a $260,000 home. You plan to pay $26000 as a down payment, and take out a 30 year loan for the rest. a) How much is the loan amount going to be? b) What will your monthly payments be if the interest rate is 6% monthly? c) What will your monthly payments be if the interest rate is 7% monthly? $Suppose you want to purchase a home for $525,000 with a 30-year mortgage at 5.44% interest. Suppose also that you can put down 30%. What are the monthly payments? (Round your answer to the nearest cent.) What is the total amount paid for principal and interest? (Round your answer to the nearest cent.) What is the amount saved if this home is financed for 15 years instead of for 30 years? (Round your answer to the nearest cent.)
- Suppose you are buying a house. You find the perfect one for $215,000. The bank offers you a 30-year fixed rate mortgage with 6.25% interest, compounded monthly. A. If you finance the entire amount (no down payment), what will your monthly payments be? B. Suppose you decide to make a down payment of 20% of the cost of the house. How much is your down payment? C. With the 20% down payment, how much will your monthly payments be? D. How much will you have paid on the mortgage at the end of 30 years in the different situations?You want to buy a $260,000 home. You plan to pay 5% as a down payment, and take out a 30 year loan for the rest. a) How much is the loan amount going to be? b) What will your monthly payments be if the interest rate is 5%? c) What will your monthly payments be if the interest rate is 6%?You want to buy a $237,000 home. You plan to pay 20% as a down payment, and take out a 30 year loan for the rest.a) How much is the loan amount going to be?b) What will your monthly payments be if the interest rate is 6%?c) What will your monthly payments be if the interest rate is 7%?
- Suppose you want to purchase a home for $425,000 with a 30-year mortgage at 5.74% interest. Suppose also that you can put down 30%. What are the monthly payments? (Round your answer to the nearest cent.)$ What is the total amount paid for principal and interest together? (Round your answer to the nearest cent.)$ What is the amount saved if this home is financed for 15 years instead of for 30 years? (Round your answer to the nearest cent.)$You want to buy a $205,000 home. You plan to pay 10% as a down payment, and take out a 30 year loan at 4.15% interest for the rest. a) How much is the loan amount going to be? b) What will your monthly payments be? c) How much of the first payment is interest?You want to buy a $168,000 home. You plan to pay 5% as a down payment, and take out a 30 year loan at 6.95% interest for the rest. How much is the loan amount going to be? What will your monthly payments be?
- 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?Suppose you decide to wait 5 years to save up before buying the house. You are able to put a down payment of $30,000 on the house, so that you only need to borrow $170,000 from the bank. Assume the interest rate is still the same, but you are now in a better financial position, and you can pay off the loan in 240 equal monthly payments. Answer the following questions about this loan. After making 240 monthly payments, how much of what you paid the bank was interest? $ . ROUND TO THE NEAREST CENT. THANKS APPRECIATE THE HELP!!!Let's say that you are planning to purchase a house. You have $32,000 set aside as a down payment towards teh purchase price of the house, and you are looking at a 20 year loan at 6.12% interest compounded monthly. Your financial planner has advised you that your mortgage payments for the year should not exceed 20% of your take-home pay. If your yearly take-home pay is $24,000, then find the maximum price of the house that you could purchase (while following the advice of your financial planner). Do not use TVM solver.