A solar system is purchased as part of a 30 year home mortgage at 5% interest....
A solar system is purchased as part of a 30 year home mortgage at 5% interest. If the solar
system costs $10,000, what is the annual payment on the loan and what is the total amount
of interest paid over the 30 year period?
Homework Answers
![Annual payment = pmt= Loan = [(1-(1/(1+r^n}}/r] 10,000 = [((1-(1/(1.05430)}}/0.05] $650.51 Total interest = $9,515.43 (650.51](http://img.homeworklib.com/questions/c5305800-6ef8-11ea-9fbd-b557a35d9508.png?x-oss-process=image/resize,w_560)
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A solar system is purchased as part of a 30 year home mortgage
at 5% interest....
do I have it right Part 1: Mortgage A mortgage is a loan used to purchase...
do I have it right
Part 1: Mortgage A mortgage is a loan used to purchase a home. It is bedover a period of 1,20 or 30 years. The interest rate is determined by the term of the l e ngth of time to pay back the loan) and the credit rating of the person borrowing the money Once a person signs the documents to borrow money for a home the presented we amortization table or schedule for the mortgage...
Part 2: Mortgage Costs Leon plans to take out a $240,000 home loan at 4.8% compounded...
Part 2: Mortgage Costs Leon plans to take out a $240,000 home loan at 4.8% compounded monthly. He can choose a 15-year, 30-year, or 50-year mortgage. Help him by computing the monthly payment amount and the total he will pay for the loan for each time period. 15-year mortgage: A) Monthly Payment: B) Total paid for this loan: 30-year mortgage: A) Monthly Payment: B) Total paid for this loan: 50-year mortgage: A) Monthly Payment: B) Total paid for this loan:
What is the monthly payment on a 30-year mortgage of $150,000 at 11% interest per year,...
What is the monthly payment on a 30-year mortgage of $150,000 at 11% interest per year, compounded monthly? (Round your answer to the nearest cent.) $ What is the total amount paid on this loan over the 30-year period? (Round your answer to the nearest cent.) $
Assume that you have a 30 year fully-amortized fixed rate mortgage for your home. Your loan...
Assume that you have a 30 year fully-amortized fixed rate mortgage for your home. Your loan amount is $300,000 with a 3% annual interest rate. After 28 years, you would like to sell the property. What is your loan balance at the end of 28 years? Assume that you have a 30 year fully-amortized fixed rate mortgage for your home. Your loan amount is $300,000 with a 3% annual interest rate and your balloon payment is $50,000. What is your...
glancing A home mortgage with monthly payments for 30 years is available at 6% interest. The...
glancing A home mortgage with monthly payments for 30 years is available at 6% interest. The home you are buying costs $120,000, and you have saved $12.000 to meet the requirement for a 10% down payment. The lender charges "points" of 2% of the loan value as a loan origination and processing fee. This fee is added to the initial balance of the loan (a) What is your monthly payment? (b) If you keep the mortgage until it is paid...
Consider a home mortgage of $150,000 at a fixed APR of 6% for 30 years. a....
Consider a home mortgage of $150,000 at a fixed APR of 6% for 30 years. a. Calculate the monthly payment. b. Determine the total amount paid over the term of the loan. c. Of the total amount paid, what percentage is paid toward the principal and what percentage is paid for interest.
1. You have purchased a home for $150,000. Fortunately, you were able to make a down...
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...
Richard Miyashiro purchased a condominium and obtained a 20-year loan of $192,000 at an annual interest...
Richard Miyashiro purchased a condominium and obtained a 20-year loan of $192,000 at an annual interest rate of 8.30%. (Round your answers to the nearest cent.) (a) What is the mortgage payment? (b) What is the total of the payments over the life of the loan? (c) Find the amount of interest paid on the mortgage loan over the 20 years.
Ten years ago you obtained a 30-year mortgage for $400,000 with a fixed interest rate of...
Ten years ago you obtained a 30-year mortgage for $400,000 with a fixed interest rate of 3% APR compounded monthly. The mortgage is a standard fixed rate mortgage with equal monthly payments over the life of the loan. What are the monthly fixed mortgage payments on this mortgage (i.e., the minimum required monthly payments to pay down the mortgage in 30 years)? What is the remaining loan balance immediately after making the 120th monthly payment (i.e., 10 years after initially...
You borrow $500,000 to purchase a house. The mortgage is a 30-year fixed rate mortgage, with...
You borrow $500,000 to purchase a house. The mortgage is a 30-year fixed rate mortgage, with monthly payments. A. Assume that you have good credit, and can borrow money at a 3.75% annual interest rate. What will your monthly payment be? B. Now, assume that you have lousy credit, and must pay a 6.5% annual interest rate to obtain a mortgage. What will your monthly payment be? C. Having lousy credit can be costly. How much additional interest will you...
do I have it right
Part 1: Mortgage A mortgage is a loan used to purchase a home. It is bedover a period of 1,20 or 30 years. The interest rate is determined by the term of the l e ngth of time to pay back the loan) and the credit rating of the person borrowing the money Once a person signs the documents to borrow money for a home the presented we amortization table or schedule for the mortgage...
Part 2: Mortgage Costs Leon plans to take out a $240,000 home loan at 4.8% compounded monthly. He can choose a 15-year, 30-year, or 50-year mortgage. Help him by computing the monthly payment amount and the total he will pay for the loan for each time period. 15-year mortgage: A) Monthly Payment: B) Total paid for this loan: 30-year mortgage: A) Monthly Payment: B) Total paid for this loan: 50-year mortgage: A) Monthly Payment: B) Total paid for this loan:
What is the monthly payment on a 30-year mortgage of $150,000 at 11% interest per year, compounded monthly? (Round your answer to the nearest cent.) $ What is the total amount paid on this loan over the 30-year period? (Round your answer to the nearest cent.) $
glancing A home mortgage with monthly payments for 30 years is available at 6% interest. The home you are buying costs $120,000, and you have saved $12.000 to meet the requirement for a 10% down payment. The lender charges "points" of 2% of the loan value as a loan origination and processing fee. This fee is added to the initial balance of the loan (a) What is your monthly payment? (b) If you keep the mortgage until it is paid...
Richard Miyashiro purchased a condominium and obtained a 20-year loan of $192,000 at an annual interest rate of 8.30%. (Round your answers to the nearest cent.) (a) What is the mortgage payment? (b) What is the total of the payments over the life of the loan? (c) Find the amount of interest paid on the mortgage loan over the 20 years.
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