Andy takes out a 15-year mortgage of 125000 dollars to purchase a home. If the interest rate is 6.9 percent convertible monthly, how much is his monthly payment? Answer = dollars.
Q: Joan Tanaka borrows $80,000 at 14 percent interest toward the purchase of a vacation home.Her…
A: Given: Loan amount = $80,000 Interest rate = 14% Years = 25
Q: Amna has a housing loan of $50,000 over 15 years with a 6% interest rate. According to the Bank he…
A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…
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A: Time value of money (TVM) refers to the method or concept which is used to determine the amount of…
Q: If George wants to purchase a new home for $400,000 and finance $320,000 with a 4%, 30 year mortgage…
A: Excel Spreadsheet:
Q: Morris paid £500 a month for 20 years to pay off the mortgage on his Glasgow house. If his down…
A: given information interest paid monthly = £500 time period = 20 years = 240 months down payment =…
Q: Diego is getting a mortgage for $320,000 at a rate of 4.5% for 30 years. What is his monthly payment…
A: Monthly Payment is the payment that is to be paid monthly for a specific period of time to repay the…
Q: Roberto and Micah plan to purchase a home for $225,000. They will pay 20% down and finance the…
A: Monthly installment = loan / cumulative PV factor Monthly installment = loan / PVAIF (0.308333%,…
Q: 2) Ahmet bought a new house for 1 100 000 TL and financed 70 percent of the purchase price with a…
A: Monthly Payment refers to the payment that is to be paid monthly for a specific period of time to…
Q: Lars has been approved for a $425,000, 20-year mortgage with an APR of 5.125%. a. What is his…
A: given, principal amount =$425,000 n=20 years r=5.125% m=12
Q: Pedro buys a condo for $629,000, with a down payment of $40,000. He takes out a 30-year mortgage for…
A: Loan amount (P) = $589,000 Monthly interest rate (r) = 0.0025 (i.e. 0.03 / 12) Monthly period of…
Q: John House has taken a 30-year, $250,000 mortgage on his house at an interest rate of 6% per year.…
A: If an individual or company has insufficient of funds then, the option for mortgage is available. We…
Q: John House has taken a $150,000 mortgage on his house at an interest rate of 6% per year. If the…
A: The annuity refers to the series of cash payments and receipts that finished over a period. The…
Q: Dick and Jane Buell have purchased a home for $114,500. They will need to obtain a mortgage for 75%…
A: Price of Home =$114500 Amount Mortgage = 75% of Home Price = 75% *…
Q: Angelina is buying a home for $208,000. She has a $37,000 down payment and the bank b offered her a…
A: Loans are paid by the monthly payments and these are equal monthly installments and these carry the…
Q: How much will their monthly payment be?
A: P = PV x r / [1 - {1 / (1 + r)^n}] Here, P = Monthly Payment PV = Present Value i.e. $250000 r =…
Q: Mr. Abdullah borrows $80,000 at 14 percent interest toward the purchase of a home. His mortgage is…
A: A term loan is a form of credit instrument in which money is lent to someone else in exchange for…
Q: David Abbot is buying a new house, and he is taking out a 30-year mortgage. David will borrow…
A: Taxation refers to the imposition of compulsory financial obligations by the government on…
Q: Sonia buys a house for $250,000. she makes a down payment of 15% of the purchase price and takes a…
A: Cost of house = $ 250,000 Down payment = 15%
Q: To buy a house, John takes out a fixed-rate amortizing mortgage of $270,000 for 20 years, with an…
A: Loan amount (PV) = $ 270,000 Annual interest rate = 9% Monthly interest rate (R) = 9%/12 = 0.75%…
Q: Uncle Roger borrows $120,000 to buy a house on mortgage. The nominal annual interest rate on the…
A: The PMT function is a type of financial function which helps to determine the total monthly payment…
Q: Morris paid £500 a month for 20 years to pay off the mortgage on his Glasgow house. If his down…
A: Given:
Q: Joe borrowed $100,000 from a local bank, which charges him an interest rate of 7% per year. If Joe…
A: The present value is the value of the sum received at time 0 or the current period. It is the value…
Q: Lucky Louie wants to buy a car that costs $26,750. The interest rate on his loan is 5.33 percent…
A: Car cost = 26750 Interest on loan = 5.33% Years = 7 Compounded = Monthly PMT find out using Excel:…
Q: At an interest rate of 7 - %, Karen borrows $4,000 for 13 years. How much interest will she pay?
A: Concept: The interest is the product of principal, time period and number of years that is divided…
Q: Kerry has a $1,973 per month mortgage payment. He decides to refinance his $204,000 balance at 5%…
A: Mortgage loan is a loan used either by real estate investors to raise funds to purchase real estate,…
Q: Bryce and David plan to purchase a home for $176,000. They will pay 20% down and finance the…
A: Down payment = 20% Loan (L) = 80% of $176000 = $140800 n = 15 years = 180 months r = 8.2% per annum…
Q: John has 1 mil dollars. John got a mortgage for a 1 mil dollar house bought with a 10% downpayment,…
A: Given, Prime rate at the beginning= 1.5% and annual increase= 0.25% Therefore, interest rates for…
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Q: Jim Thorpe borrows $70,000 toward the purchase of a home at 12 percent interest. His mortgage is for…
A: Solution- Part 1- A=PV/APV IFA12%,30 years =$700008.055 =$8,690.25Annual payment=$8,690.25
Q: Bill took out a 6 year loan to buy a car. If the loan carried an annual interest rate of 6.5% and he…
A: The amount of interest paid is calculated as difference of total payments less present value of…
Q: Wing Sze has a mortgage for $400,155.00. The term of the mortgage is 5 years, and the amortization…
A: Moirtagage amount is 400,155.00 rate of interest (r) is 8.250% Compounded monthly Therefore; r=…
Q: Angelica took out a 20-year loan for $170,000 at 5.4% interest, compounded monthly. What is her…
A: The monthly payment is determined by dividing the loan amount from the present value factor. The…
Q: Ben buys a house. He obtains a $220,000, 30-year mortgage at 5%. Annual property taxes $1,800,…
A: Calculate the monthly instalments as follows:
Q: Mr. Isidro borrowed P1,150,000.00 for the purchase of his car. If his monthly payment is P25,000.00…
A: Formula: Yearly payment = Monthly payment x 12 Months
Q: Pat bought a home for $165,000 and made a $25,000 down payment. She got a fixed rate mortgage at 5%…
A: Computation:
Q: John Mayer Inc. purchases a house for $500,000. On January 1, He makes a 20 percent down-payment and…
A:
Q: Marek is collecting simple interest on a $1,000 CD with an annual rate of 2.40%. What was his…
A: Simple interest is interest computed on principal amount and not on interest earned during the…
Q: Ashley has just signed a 15-year, fixed-rate mortgage for $110,000 with a nominal annual rate of…
A: Mortgage refers to a form of legal agreement by which a bank, building society, etc. agrees to…
Q: Julia has a mortgage on her house with a balance of $150,000 and the APR on the loan is 6%. She is…
A: Number of years is the period taken for the repayment of loan taken. Loan amount $150,000 Monthly…
Q: Lucky took out a $289,000 25-year mortgage at an APR of 4.85%.a. What is the monthly payment?b. What…
A: Using excel PMT function
Q: Jose has a 15-year mortgage of $250,000 from his bank. The mortgage calls for equal monthly…
A: A mortgage loan is generally taken to purchase or maintain real estate. The borrower pays the lender…
Q: To buy a house. John takes out a fixed rate amortizing mortgage of 270000 for 20 years, with an…
A: Mortgage = 270000 Time period = 20 years Annual percentage = 9% (Compounded monthly)
Q: Jeff purchased a house costing $200,000. He put 20% down and borrowed the balance negotiating a…
A: Borrowings are the liability that is used to finance the requirement of the funds. The borrower…
Q: Stephen has just purchased a home for $162,000. A mortgage company has approved his loan application…
A: Mortgage is a value which a person borrowed from the sources like bank and repay it later with extra…
Q: Kenneth signed a fifteen-year 2.75% conventional mortgage for $385,600. What are his monthly PI…
A: Mortgage amount (PV) = $ 385,600 Interest rate = 2.75% Monthly interest rate (r) = 2.75%/12 =…
Q: Alex wants to purchase a used car for OR 20,000.00. She could pay OR 5000.00 at purchase and wishes…
A: The computation of yearly payment as follows:
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- Jake just got a $96000 mortgage in order to buy a new home, and he was able to get a 30 year loan at 5.5% interest. Answer the following questions about Jake's loan. (Round your answers to the nearest cent.) What is Jake's monthly payment? $nothing How will Jake pay in total over the lifetime of the loan? $nothing How much interest will Jake pay over the lifetime of the loan? $Mr. Abdullah borrows $80,000 at 14 percent interest toward the purchase of a home. His mortgage is for 25 years. How much will his annual payments be? (Although home payments are usually on a monthly basis, we shall do our analysis on an annual basis for ease of computation) 2.How much interest will he pay over the life of the loan (for 25 years)? 3.How much should he be willing to pay to get out of a 14 percent mortgage and into a 10 percent mortgage with 25 years remaining on the mortgage? Assume current interest rates are 10 percent. Carefully consider the time value of money.Sonia buys a house for $250,000. she makes a down payment of 15% of the purchase price and takes a 30-year mortgage for the balance. a) what is your down payment b) what is your mortgage amount c0 what is the total interest charged over the life loan if your monthly payment is 1,200 dollars
- Ben buys a house. He obtains a $220,000, 30-year mortgage at 5%. Annual property taxes $1,800, property insurance $480 a year, house association fee $220 a month. Based on these items what is the total monthly mortgage payment?A couple take a 30-year home mortgage of $120,000 at 7.8% compounded monthly. They make their regular monthly payments for 5 years, then decide to pay $1000 per month. a. Find their regular monthly payment. b. Findtheunpaidbalancewhentheybeginpayingthe$1000. c. How many payments of $1000 will it take to pay off the loan? Give the answer correct to one decimal place. d. Use your answer to part(c)to find how much interest they save by paying the loan this way.Larry Davis borrows $87,000 at 11 percent interest toward the purchase of a home. His mortgage is for 25 years. a. If Larry decides to make annual payments, how much will they be? (Enter your answer as a positive number rounded to 2 decimal places.) Annual payments b. How much interest will he pay over the life of the loan? (Do not round intermediate calculations. Round your final answer to 2 decimal places.) Total interest
- Your classmate tells you the details of the great deal he got on his mortgage: 30-year 1.1% fixed rate with a 20% down payment a.)If his new home costs $136,000, what is his down payment? b.)How much is he going to borrow to buy the house (assuming he only has the money to make the down payment from the previous part)? c.)Use Excel’s PMT function to determine how much his monthly payments would be. d.)How much will he pay in interest over the lifetime of this mortgage?If George wants to purchase a new home for $400,000 and finance $320,000 with a 4%, 30 year mortgage with a monthly payment of 1,527.73. How much interest would be paid in the first 12 payment?Daniel and Jan agreed to pay $556,000 for a four-bedroom colonial home in Waltham, Massachusetts, with a $70,000 down payment. They have a 25-year mortgage at a fixed rate of 638638 %. (Use Table 15.1.) a. How much is their monthly payment? Note: Round your answer to the nearest cent. Monthly payment: b. After the first payment, what would be the balance of the principal? Note: Round your answers to the nearest cent. Payment number Portion to interest portion to principal Balance of loan outstanding 1 TABLE 15.1 Amortization table (mortgage principal and interest per $1,000) Rate Interest Only 10 Year 15 Year 20 Year 25 Year 30 Year 40 Year 2.000 0.16667 9.20135 6.43509 5.05883 4.23854 3.69619 3.02826 2.125 0.17708 9.25743 6.49281 5.11825 4.29966 3.75902 3.09444 2.250 0.18750 9.31374 6.55085 5.17808 4.36131 3.82246 3.16142 2.375 0.19792 9.37026 6.60921 5.23834 4.42348 3.88653 3.22921 2.500 0.20833 9.42699 6.66789 5.29903 4.48617 3.95121 3.29778 2.625…
- Dominic takes out a 30-year mortgage of 200000 dollars at the interest of 5.76 percent compounded monthly, with the first payment due in one month. How much does he owe on the loan immediately after the 110th payment? Answer = dollars.2. Assume Josephine purchases a home for $180,000 and has a 20% down payment. If she finances the purchase with a 30 year mortgage with a 4% interest rate……what is her monthly payment? If she pays the mortgage through the entire term with no early payment, how much interest will she pay over the life of the loan?Anna is buying a house selling for $235,000. To obtain the mortgage, Anna is required to make a 15% down payment. Anna obtains a 25-year mortgage with an interest rate of 5%. a) Determine the amount of the required down payment. b) Determine the amount of the mortgage. c) Determine the monthly payment for principal and interest Number of Years Rate_% 10 15 20 25 303.0 $9.65067 $6.90582 $5.54598 $4.74211 $4.216043.5 9.88859 7.14883 5.79960 5.00624 4.490454.0 10.12451 7.39688 6.05980 5.27837 4.774154.5 10.36384 7.64993 6.32649 5.55832 5.066855.0 10.60655 7.90794 6.59956 5.84590 5.368225.5 10.85263 8.17083 6.87887 6.14087 5.677896.0 11.10205 8.43857 7.16431 6.44301 5.995516.5 11.35480 8.71107 7.45573 6.75207 6.320687.0 11.61085 8.98828 7.75299 7.06779 6.653027.5 11.87018 9.27012 8.05593 7.38991 6.992158.0 12.13276 9.55652 8.36440 7.71816 7.337658.5 12.39857 9.84740 8.67823 8.05227 7.689139.0 12.66758 10.14267 8.99726 8.39196 8.046239.5…