your bank in which you will pay 3 points on a $300,000 mortgage.  What is the dollar amount you will pay in points for this mortgage?

Q: You get a $550,000 mortgage loan with 1¼ points. What dollar amount do you pay for points?

A: One mortgage point equal to 1 % of loan amount.

Q: You are purchasing a house and you are considering getting a fixed-rate mortgage (FRM) for $750,000.…

A: Required monthly payments for the mortgage is calculated using excel PMT function Required monthly…

Q: You are eligible for a 30 year fixed rate home mortgage with an interest rate of 3.6% per year. If…

A: Here, Time Period of Loan (n) is 30 years Interest Rate of Loan (r) is 3.6% Monthly Payment (PMT) is…

Q: How much of a mortgage could you afford? a.) $224,787.34 b.) $227,478.34 c.) $227,847.25 d.)…

A: PV = P x [1 - {1 / (1 + r)^n}] / r Here, PV = Present Value P = Monthly Payment i.e. $1500 r =…

Q: You can afford to pay $750 per month for mortgage payments. How large a loan can you afford if the…

A: A mortgage is one kind of secured loan. When the borrower is unable to repay the principal or…

Q: Assume we have a $1 million 15 year mortgage with monthly payments beginning in exactly one month;…

A: We have a mortgage here. We need to find the monthly payment, pay rate and the accrual rate.

Q: You and your partner just bought a new house and qualified for a 20-year, $520,000 mort The bank has…

A: Mortgage loans are paid by equal fixed monthly payments that carry the payment for interest and…

Q: You have decided to buy a house. You can get a mortgage rate of 5.15 percent, and you want your…

A: Solution:-When an amount is borrowed, it can either be repaid as a lump sum payment or in…

Q: Suppose you have a 30 year mortgage for 221,564 with quarterly payments of 5,552 what is the total…

A: Interest can be computed as follows  = Total Payment - Principle Amount of Mortgage Total payment is…

Q: your home was recently appraised for $176,000. The balance on your existing mortgage is $111,500. If…

A: A home equity loan is a financial option that enables homeowners to borrow against the equity…

Q: 4. Your family recently obtained a 30-year (360-month) $500,000 4.875 percent fixed rate mortgage.…

A: Loan amount (L) = $500000 Duration (n) = 360 months r = 4.875% per annum = 0.40625% per month Let M…

Q: You buy a house for $1,200,000 using a 30-year mortgage.  The annual interest rate is 3%.  Payments…

A: Using excel PV function

Q: You are looking to buy a $275,599.00 home in Haverhill. If Bank of America will give them a 30-year…

A: Hi There, thanks for posting the question. But as per Q&A guidelines, we must answer the first…

Q: What is the cost of two points on the mortgage?

A: Information Provided: Selling Price = $125,000 Downpayment = 20% or $25,000 Loan amount = $100,000…

Q: Suppose you have a $175,000 30-year mortgage with a 4.5% interest rate on the loan. a. Find the…

A: A written agreement through which a lender gets the right to take the property that is put as a…

Q: You plan to buy a $100,000 home using a 30-year mortgage obtained from your local credit union. The…

A: An amortization schedule is a complete table of periodic loan payments, showing the amount of…

Q: 1. You have just obtained a commercial mortgage for $6.25M with a 5-year term, 25-year amortization…

A: We are required to calculate an amortization table, therefore, we have to use excel and the excel…

Q: You are looking to buy a $275,599.00 home in Haverhill. If Bank of America will give them a 30-year…

A: Hi There, thanks for posting the question. But as per Q&A guidelines, we must answer the first…

Q: What is the Monthly Payment? In preparing an Income Statement, what is the Interest Expense for…

A:

Q: You plan to purchase a $240,000 house using a 30-year mortgage obtained from your local credit…

A: A mortgage is a loan borrowed for property purchase which is covered by the property itself. It is…

Q: lortgage with Points. Home loans sometimes involve "points," which are es charged by the lender.…

A: Loan amount=$100000Two points are charged.Interest rate=1% per monthPeriod=360 months.

Q: You want to get a commercial real estate mortgage of $6055209. You are offered a monthly payment…

A: Mortgage: A mortgage represents a loan used for the purchase or sustenance of land, home, or other…

Q: 1) Suppose that your gross annual income is $108,000. (a) What is the maximum amount you should…

A: The maximum amount you should spend on a mortgage payment is 28% of your gross income. You need to…

Q: a) Find the monthly mortgage payment on a $170000 15-year mortgage if the interest rate on the loan…

A: . In simple words, mortgage means a home loan. When a home loan is taken from an institution then…

Q: You purchase a house for $188,938.00. You made a down payment of 20,000 and the remainder of the…

A: Mortgage amount refers to an amount that is being borrowed by the borrower from the lender at…

Q: When you purchase a home by securing a mortgage, the total paid toward the principal is your equity…

A: Time Period = 30 Years Frequency = Monthly Payment (360)

Q: Class, Assume you took a 30-year mortgage loan in the amount of $300,000. If the mortgage rate is…

A: A mortgage is a financial arrangement that enables individuals to purchase real estate, commonly…

Q: You buy a house for $1,200,000 using a 30-year mortgage.  The annual interest rate is 3%.  Payments…

A: The equivalent annual cost is the periodic payment made towards the acquisition of an asset or…

Q: 2. You take out a 30-year mortgage for $275,000 at an interest rate of 5.1 percent. How much will…

A: Loan Amortization is a method of determining the principal payments, interest payments, and balance…

Q: You can afford a $800 per month mortgage payment. You've found a 30 year loan at 8% interest a) How…

A: Monthly payment (P) = $ 800 Period = 30  Years Number of monthly payments (n) = 30*12 = 360 Annual…

Q: borrow $400,000 from Bank of America on a 30-year mortgage at 6% interest rate. a. What would Tim's…

A: The given problem can be solved using PMT function in excel. PMT function computes installment…

Q: Solve the following problem on Mortgages. (Round amounts to the nearest centavo) A man obtained a…

A: Mortgage amount = P 560,000 Monthly payment = P 7957 Period = 20 Years Number of monthly payments =…

Q: Show the first two lines of the amortization table for your new home mortgage, assuming a selling…

A: Here, Particulars Values Selling price  $1,18,500.00 Down payment 6.00% Interest rate 5.30%…

Q: PLEASEEE THNAKS

A: The objective of this question is to find the periodic interest rate for a mortgage loan. The…

Q: Suppose you have a $175,0000 30-year mortgage with a 4.5% interest rate on the loan. a. Find the…

A: The mortgage is a type of loan taken by providing a collateral asset to secure the loan. This kind…

Q: borrower has a 30-years mortgage loan for $400,000 with an interest rate of 6% and payments. If she…

A: Future value =Present value (1+r)n r=interest rate =6% Period =8years

Q: You would like to buy a house. Assume that given your income, you can afford to pay $12,000 a year…

A: The amount that you can borrow today based on your ability to pay will be the present value of all…

Q: A lender offers you a $125,000, 30 year mortgage with monthly payments of $769.65. What’s the…

A: The lender charges the interest from the borrower in exchange for extending the loan. The borrower…

Q: Assume that you have taken out a 30-year mortgage of $240,000 and that your monthly payments are…

A: Annual interest rate refers to the percentage of return from the investment over a period of time.

Q: Suppose you earn a gross income of $2,710.00 per month and apply for a mortgage with a monthly PITI…

A: Gross income (G) = $2710 Monthly PITI (P) = $501.35 Other obligations (O) = $428.18