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. $4,311
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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)?
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- You obtain a $265,000, 15-year fixed-rate mortgage. The annual interest rate is 6.25 percent. In addition to the principal and interest paid, you must pay $275 a month into an escrow account for insurance and taxes. What is the total monthly payment (to the nearest dollar)? a. $2,272 b. $1,632 c. $2,547 d. $1,907 e. $2,311On 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)Your 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 $496. Find the total monthly payment for the mortgage, property tax, and fire insurance. (Round your answer to the nearest cent.)$ ??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.)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
- 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 xSuppose 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 just received a $500,000 mortgage with 12% annual interest rate (APR). Each monthly payment is $6,000. What portion of the first payment goes towards paying the principal? $720. $1,000. None (all goes toward the interest). $600. $1,200. $900.
- Use 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.)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. $3,150.441. You plan to buy a $100,000 home using a 30-year 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. Calculate your monthly payments on this mortgage. 2. Calculate the amount of interest and, separately, the principal paid in payment 25. 3. Calculate the amount of interest and, separately, the principal paid in payment 225. 4. Calculate the amount of interest paid over the life of this mortgage.