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…
Q: You agree to purchase a home for $240,000 and decide to make a 20% down payment on the home. You…
A: formula for monthly payment: pmt = principal×rm1-1+rm-m×n where, r = rate of interest n = term of…
Q: Suppose you want to purchase a home for $425,000 with a 30-year mortgage at 4.84% interest. Suppose…
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Q: Suppose that 10 years ago you bought a home for $170,000, paying 10% as a down payment, and…
A: Computation as follows:
Q: Suppose you purchase a house using a 30-year fixed rate mortgage. The APR on the loan is 3.2% and…
A: The current price of the house is computed by computing the present worth of the house. The formula…
Q: Suppose you want to purchase a home for $425,000 with a 30-year mortgage at 5.84% interest. Suppose…
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A: Information Provided: Price = $475,000 Term = 30 years Interest = 5.54% Down payment = 25%
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A: Value of the house = $200,000 Number of years of mortgage = 20 Number of periods (n) = 20*12 = 240…
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A: “Hey, since your question has multiple sub-parts, we will solve first three sub-parts for you. If…
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A: Loan amount (PV) = $95000 Interest rate = 6.25% Monthly interest rate (r) = 6.25%/12 =…
Q: Suppose that 10 years ago you bought a home for $150,000, paying 10% as a down payment, and…
A: A mortgage is a property loan given by banks to their customers for purchasing a house or other real…
Q: Suppose that 10 years ago you bought a home for $170,000, paying 10% as a down payment, and…
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A: Adjustable- rate mortgage are those mortgages in which interest rate of the mortgage loan keeps…
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A:
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…
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A: As per Bartleby honor code, when multiple sub-parts of a question are asked, the expert is required…
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A: The present value of monthly payments should equal the loan value.
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A: a. The monthly payments will be $1812. Note: The calculation has been made on excel.
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A: Information Provided: Amount Borrowed = $400,000 Term = 30 years Fixed APR = 3.87%
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A: The correct option is option “c”.
Q: You agree to purchase a home for $150,000 and decide to make a 20% down payment on the home. You…
A: Please see the next step for the solution
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Q: Suppose that 10 years ago you bought a home for $150,000, paying 10% as a down payment, and…
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A: The number of months to stay will be around 6 months.
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A: "Hi, Thanks for the Question. Since you asked multiple questions, we will answer the first question…
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A: The given problem can be solved using PMT function in excel. PMT function computes installment…
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Q: You want to buy a $156,000 home. You plan to pay 15% as a down payment, and take out a 30 year loan…
A: Loan amount = Cost of house - Down payment = $156,000 - (15% * 156,000) =$156,000 - $23,400 =…
Q: You decide to buy a house costing $400,000. You pay $100,000 down, and the remainder will be paid in…
A: Hello. Since your question has multiple sub-parts, we will solve first three sub-parts for you. If…
Q: You want to buy a $202,000 home. You plan to pay 20% as a down payment, and take out a 30 year loan…
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Q: You want to buy a $168,000 home. You plan to pay 5% as a down payment, and take out a 30 year loan…
A: Cost of home = $168000 Down payment = 5% Loan period = 30 Years Interest rate = 6.95%
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Q: After making payments of $891.10 for 6 years on your 30-year loan at 8.1%, you decide to sell your…
A: The loan payoff will be the present value of the remaining monthly payments.
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After making payments of $901.10 for 8 years on your 30 year loan at 8.3%, you decide to sell your home. What is the loan payoff?
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- After making payments of $901.10 for 6 years on your 30-year loan at 8.9%, you decide to sell your home. What is the loan payoff?After making payments of $891.10 for 6 years on your 30-year loan at 8.1%, you decide to sell your home. What is the loan payoff? (Round your answer to two decimal places.)Suppose you purchase a house using a 30-year fixed rate mortgage. The APR on the loan is 3.2% and you will be required to make monthly payments of $3,700 what is the price you paid for your home?
- Suppose you take out a $117,000, 20-year mortgage loan to buy a condo. The interest rate on the loan is 5%. To keep things simple, we will assume you make payments on the loan annually at the end of each year. a. What is your annual payment on the loan? b. Construct a mortgage amortization. c. What fraction of your initial loan payment is interest? d. What fraction of your initial loan payment is amortization? e. What is the total of the loan amount paid off after 10 years (halfway through the life of the loan)? f. If the inflation rate is 3%, what is the real value of the first (year-end) payment? g. If the inflation rate is 3%, what is the real value of the last (year-end) payment? h. Now assume the inflation rate is 6% and the real interest rate on the loan is unchanged. What must be the new nominal interest rate? i-1. Recompute the amortization table. i-2. What is the real value of the first (year-end) payment in this high-inflation scenario? j. What is the real value of the last…Suppose you want to buy a rent to own house worth P450,000. You made a down payment of 15% of the purchase price and take a 25 year mortgage for the balance. a. What is your down payment? b. What is your mortgage amount? c. What is the total interest charged over the life of the loan if your monthly payment is P2,200? Solve manually in a paper.When you purchased your house, you took out a 30-year mortgage with an interest rate of 4.8% per year. The monthly payment on the mortgage $5,557. You have just made a payment and have now decided to pay off the mortgage by repaying the outstanding balance. What is the payoff amount if you have lived in the house for 20 years (so there are 10 years left on the mortgage)? Payoff amount is $____. (Round to the nearest dollar.)
- A couple who wants to purchase a home with a price of $290,000 has $50,000 for a down payment. If they can get a 20-year mortgage at 7% per year on the unpaid balance, find each of the following. (a) What will be their monthly payments? (b) What is the total amount they will pay before they own the house outright? (c) How much interest will they pay over the life of the loan? (a) Their monthly payments would be approximately $. (Do not round until the final answer. Then round to the nearest hundredth as needed.)A couple who wants to purchase a home with a price of $340,000 has $100,000 for a down payment. If they can get a 25-year mortgage at 6% per year on the unpaid balance, find each of the following. (a) What will be their monthly payments? (b) What is the total amount they will pay before they own the house outright? (c) How much interest will they pay over the life of the loan? (a) Their monthly payments would be approximately $ (Do not round until the final answer. Then round to the nearest hundredth as needed.) (b) They will pay a total amount of approximately $ before they own the house outright. (Use the answer from part a to find this answer. Round to the nearest hundredth as needed.) (c) The total interest is approximately $ (Use the answer from part b to find this answer. Round to the nearest hundredth as needed.)You are considering purchasing a new home. You will need to borrow AED 4,000,000 to purchase the home. A mortgage company offers you a 10-year fixed rate mortgage at 12% APR. If you borrow the money from this mortgage company, what is your monthly mortgage payment
- You want to buy a new house. You can afford to pay $15,000 per year for 30 years with the first payment being due one year from today. If the interest rate on your loan is 3%, what price of home can you buy today? Enter your answer as a number rounded to 2 decimal places.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?You can afford to pay $15,000 at the end of each of the next 30 years to repay a home loan. If the interest rate is 7.50%, what is the most you can borrow?