5.
Take- home pay | 3186 |
Amount Set aside | 637 |
Number of periods |
24 |
Therefore it would take 24 months or 2 years to gather $ 25000 at 4% interest rate . If $ 637 are Invested every month.
6. The monthly Installment comes out to be $ 706.71 for 15 year loan after downpayment of $25000 and Loan outstandin of $ 100,000.
EMI = [P x R x (1+R)^N]/[(1+R)^N-1], this is the formuale used on calculator so find this answer
here P= Principal , R =rate per month and N denotes no of payments
Likewise, The monthly Installment comes out to be $ 415.37 for 15 year loan after downpayment of $25000 and Loan outstandin of $ 100,000.
7. Total Interest for 15 year tenure comes out to be $ 27,208 and Total cost = 125000+27208= $ 152,208.00
Total interest for 30 year tenure COmes out to Be $ 49457 and Total Cost = 125000+49457 = $ 174,457.00
5. Calculating Take-home Pay, and Length of Savings: Because it is such a large amount, most...
You want to buy a $254,000 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%?
1. You want to buy a $249,000 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 6%? $ c) What will your monthly payments be if the interest rate is 7%? $ 2. You can afford a $1150 per month mortgage payment. You've found a 30...
You want to buy a $230,000 home. You plan to pay 20% 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 6%? $ c) What will your monthly payments be if the interest rate is 7%? $
You want to buy a $200,000 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%?
You want to buy a $229,000 home. You plan to pay 15% as a down payment, and take out a 30 year fixed loan for the rest. Round all answers to the nearest cent as needed. a) How much is the loan amount going to be? b) What will your monthly payments be if the interest rate is 6.1%? c) What will your monthly payments be if the interest rate is 7.1%?
1. You have purchased a home for $150,000. Fortunately, you were able to make a down payment of $15,000, but took out a 30-year mortgage for the $135,000 balance. The note payments are $1,388.63 per month at 12% annual interest. A. Prepare the amortization schedule for the first 12 months of payments. B. Calculate the subtotal for the amounts of cash payments, interest payments, and principal payments for the first12 months of payments. C. Calculate the total...
Total Loan amount: The total mortgage loan amount is the amount you borrow after paying your down payment. Here, we assumed that you would pay 20% of the home value (property value) as a down payment. 2. Months: The mortgage payment period is set to 30 years. In terms of months, this is equivalent to 30 years multiplied by 12 months. We put our primary basis of payments in terms of months, which is why we need to convert everything...
The problem: Monica's current debt consists of three types of loans: a bank card, an auto loan and a department store card. She owes a total of $25,000 and her monthly payments sum to $549.61.The amount she owes, the monthly payment and the interest rates appear in the table below: Loan Type Annual Percentage rate, APR Loan Amount Monthly Payment Current Debt) S12,000 $11,500 S 1,500 $25,000 Bank Card Auto Loan 18% 5.5% $243.85 $257.88 Department Store Card | 15%...
Forums Calendar Gradebook MATSUBARA> Assessment ities and Loans You want to buy a $206,000 home. You plan to pay 15% 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 6%? c) what will your monthly payments be if the interest rate is 7%? Get help: Video Points possible 1 Unlimited attempts Submit
would like both problems done or at most #3 ! 2. Suppose you take a $300,000 thirty year fixed-rate mortgage at 5.75% two discount points, monthly payments. At the end of the second year you inherit $20,000 from your now-favorite aunt. You decide to apply this $20,000 to the principal balance of your loan A. (1 pt) How many monthly payments are remaining after the extra lump sum payment is made? B. (1 pt) What is your net interest savings...