QUESTION 30 You buy a home for $460 thousand dollars, paying 9% down, with a 30-year mortgage with a 4.97% interest rate. How many payments do you need to make be your PMI? Note: Assume the home's value stays constant, round up to the nearest whole number
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- Question 11 You want to buy a $227,000 home. You plan to pay 5% as a down payment, and take out a 30 year loan for the rest. a) How much is the loan amount going to be? b) What will your monthly payments be if the interest rate is 5%? c) What will your monthly payments be if the interest rate is 6%?Differential Equations You buy a house for $380000 and you take out a 30-year mortgage at 7% interest. For simplicity, assume that interest compounds continuously. i) What will be your annual mortgage payment, P? ii) Suppose that regular wages at your job allow you to increase your annual payment by 3% each year. For simplicity, assume this is a nominal rate, and your payment amount increases continuously. How long will it take to pay off the mortgage?Q8 You want to buy a $195,000 home. You plan to pay 10% as a down payment, and take out a 30 year loan for the rest. a.how much is the loan amount going to be ?$____b.what will your monthly payments be if the interest rate is 5%? $____c.what will your monthly payments be if the interest rate is 6%? $____
- Q18 Say that you purchase a house for $206,000 by getting a mortgage for $185,000 and paying a $21,000 down payment. If you get a 25-year mortgage with an interest rate of 6 percent, what are the monthly payments? (Do not round intermediate calculations and round your final answer to 2 decimal places.)PAYMENT? What would the loan balance be in ten years? (Round the payment amount to the nearest cent but do not round any other interim calculations. Round your final answer to 2 decimal places.)LOAN BALANCE? If the house appreciates at 2 percent per year, what will be the value of the house in ten years? (Do not round intermediate calculations and round your final answer to 2 decimal places.)FUTURE VALUE? How much of this value is your equity? (Do not round intermediate calculations and round your final answer to 2 decimal places.)Equity?Suppose you are buying your first home for $144,000, and you have $17,000 for your down payment. You have arranged to finance the remainder with a 30-year, monthly payment, amortized mortgage at a 6.40% nominal interest rate, with the first payment due in one month. What will your monthly payments be? Group of answer choices $831.93 $857.64 $753.30 $714.27 $794.39ery am Proctor Suppose you want to buy a $146,000 home. You found a bank that offers a 30-year loan at 5.3 % APR. What will be your monthly payment? (Round to the nearest cent.) 644.04 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.) Question Help: Video Message instructor Submit Question
- Suppose you want to purchase a home for $525,000 with a 30-year mortgage at 5.54% interest. Suppose also that you can put down 25%. What are the monthly payments? (Round your answer to the nearest cent.) 2$ What is the total amount paid for principal and interest? (Round your answer to the nearest cent.) 24 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.) 2$ Need Help? Read ItSuppose you are buying your first home for $210,000, and you have $15,000 for your down payment. You have arranged to finance the remainder with a 30-year, monthly payment, amortized mortgage at a 6.5% nominal interest rate, with the first payment due in one month. What will your monthly payments be? Select the correct answer. a. $1,231.53 b. $1,233.53 c. $1,232.53 d. $1,234.53 e. $1,230.53QUESTION 2 You would like to purchase a home and are interested to find out how much you can borrow. When your lender calculates your debt to income ratio, he determines that your maximum monthly payment can be no more than $2,500. You would like to have a 30 yearfully amortizing loan and the interest rate offered on such a loan is currently 6%. Given these constraints, what is the largest loan you can obtain?
- When purchasing a $210000 house, a borrower is comparing two loan alternative. The first loan is a 90% loan at 10.25% for 25 years. The second loan is an 85% loan for 9.75% over 15 years. Both have monthly payments and the property is expected to be held over the life of the loan. What is the incremental cost of borrowing the extra money? A. 20.25% B. 16.17% C. 11.36% D. 12.42% Please show all stepsB. 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.Use the following to solve questions a. and b. with excel A house with price of $250,000 20% down payment, loan amount $200.000 30-year fixed rate mortgage with interest rate as follows: Suppose that there is $2,500 origination cost. a. Which choice would you like to choose if you will live in the house for 30 years? b. Which choice would you like to choose if you will live in the house for 5 years?
