Suppose you want to buy a $143,000 home. You found a bank that offers a 30-year loan at 3.9% APR. A. What will be your monthly payment? (Round to the nearest cent.) B. How much would you end up paying the bank for the home after 30 years? (Round to the nearest cent.) C. Suppose you wanted to reduce the time of your loan to 25 years. What would be your new monthly payment? (Round to the nearest cent.) D.How much would you end up paying the bank for the home after 25 years? (Round to the nearest cent.) E. How much did you save by reducing the time of your mortgage loan? (Round to the nearest cent.)

Suppose you want to buy a $143,000 home. You found a bank that offers a 30-year loan at 3.9% APR. A. What will be your monthly payment? (Round to the nearest cent.) B. How much would you end up paying the bank for the home after 30 years? (Round to the nearest cent.) C. Suppose you wanted to reduce the time of your loan to 25 years. What would be your new monthly payment? (Round to the nearest cent.) D.How much would you end up paying the bank for the home after 25 years? (Round to the nearest cent.) E. How much did you save by reducing the time of your mortgage loan? (Round to the nearest cent.)

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)

7th Edition

ISBN:9780357033609

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter5: Making Automobile And Housing Decisions

Section: Chapter Questions

Problem 8FPE

See similar textbooks

Similar questions

Use the tables in Appendix B to answer the following questions. A. If you would like to accumulate $4,200 over the next 6 years when the interest rate is 8%, how much do you need to deposit in the account? B. If you place $8,700 in a savings account, how much will you have at the end of 12 years with an interest rate of 8%? C. You invest $2,000 per year, at the end of the year, for 20 years at 10% interest. How much will you have at the end of 20 years? D. You win the lottery and can either receive $500,000 as a lump sum or $60,000 per year for 20 years. Assuming you can earn 3% interest, which do you recommend and why?
Calculating interest earned and future value of savings account. If you put 6,000 in a savings account that pays interest at the rate of 3 percent, compounded annually, how much will you have in five years? (Hint: Use the future value formula.) How much interest will you earn during the five years? If you put 6,000 each year into a savings account that pays interest at the rate of 4 percent a year, how much would you have after five years?
Suppose you want to buy a $144,000 home. You found a bank that offers a 30-year loan at 3.3% APR.A. What will be your monthly payment? (Round to the nearest cent.)B. How much would you end up paying the bank in total for the home after 30 years? (Round to the nearest cent.)C.Suppose you wanted to reduce the time of your loan to 25 years. What would be your new monthly payment (assume the same interest rate)? (Round to the nearest cent.)D. How much would you end up paying the bank in total for the home after 25 years? (Round to the nearest cent.)E. How much did you save by reducing the time of your mortgage loan? (Round to the nearest cent.)
Suppose you want to buy a $150,000 home. You found a bank that offers a 30-year loan at 4.1% APR. What will be your monthly payment? (Round to the nearest cent.) How much would you end up paying the bank for the home after 30 years? (Round to the nearest cent.) Suppose you wanted to reduce the time of your loan to 25 years. What would be your new monthly payment? (Round to the nearest cent.) How much would you end up paying the bank for the home after 25 years? (Round to the nearest cent.) How much did you save by reducing the time of your mortgage loan? (Round to the nearest cent.)
Suppose you want to buy a $148,000 home. You found a bank that offers a 30-year loan at 3.1% APR.What will be your monthly payment? (Round to the nearest cent.)$How much would you end up paying the bank for the home after 30 years? (Round to the nearest cent.)Suppose you wanted to reduce the time of your loan to 25 years. What would be your new monthly payment? (Round to the nearest cent.)How much would you end up paying the bank for the home after 25 years? (Round to the nearest cent.)How much did you save by reducing the time of your mortgage loan? (Round to the nearest cent.)
Suppose you want to buy a $140,000 home. You found a bank that offers a 30-year loan at 3.3% APR. What will be your monthly payment? (Round to the nearest cent.) $ How much would you end up paying the bank for the home after 30 years? (Round to the nearest cent.) $ Suppose you wanted to reduce the time of your loan to 25 years. What would be your new monthly payment? (Round to the nearest cent.) $ How much would you end up paying the bank for the home after 25 years? (Round to the nearest cent.) S How much did you save by reducing the time of your mortgage loan? (Round to the nearest cent.) S Search hp
You have just made an offer on a new home and are seeking a mortgage. You need to borrow $620,000. a. The bank offers a 30-year mortgage with fixed monthly payments and an interest rate of 0.53% per month. What is the amount of your monthly payment if you take this loan? b. Suppose you take the 30-year mortgage described in part (a). How much will you still owe on the mortgage after 10 years? a. The bank offers a 30-year mortgage with fixed monthly payments and an interest rate of 0.53% per month. What is the amount of your monthly payment if you take this loan? Your monthly payment will be $nothing. (Round to the nearest cent.) b. Suppose you take the 30-year mortgage described in part (a). How much will you still owe on the mortgage after 10 years? The remaining loan amount will be $nothing.
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.)$
What will be your monthly payment? (Round to the nearest cent.) $ to buy a $145,000 home. You found a bank that offers a 30-year loan at 3.5% APR. How much would you end up paying the bank for the home after 30 years? (Round to the nearest cent.) Suppose you wanted to reduce the time of your loan to 25 years. What would be your new monthly payment? (Round to the nearest cent.) S How much would you end up paying the bank for the home after 25 years? (Round to the nearest cent.) S How much did you save by reducing the time of your mortgage loan? (Round to the nearest cent.) Search hp H