You are able to pay $1100 a month for a 20-year mortgage with end of month...
You are able to pay $1100 a month for a 20-year mortgage with end of month payments. You can make a 20% cash down payment to purchase the house. If the interest rate is 4.2%, then how much house can you afford to buy?
Homework Answers
Add Answer to:
You are able to pay $1100 a month for a 20-year mortgage with
end of month...
You would like to buy a house that costs $350,000. You have $50,000 in cash that...
You would like to buy a house that costs $350,000. You have $50,000 in cash that you can put down on the house, but you need to borrow the rest of the purchase price. The bank is offering you a 30-year mortgage that requires annual payments and has an interest rate of 8% per year. You can afford to pay only $25,580 per year. The bank agrees to allow you to pay this amount each year, yet still borrow $300,000....
You would like to buy a house that costs $ 350 comma 000. You have $...
You would like to buy a house that costs $ 350 comma 000. You have $ 50 comma 000 in cash that you can put down on the house, but you need to borrow the rest of the purchase price. The bank is offering a 30-year mortgage that requires annual payments and has an interest rate of 7 % per year. You can afford to pay only $ 23 comma 500 per year. The bank agrees to allow you to...
2. If you can afford an $1150 per month mortgage, how much house can you afford...
2. If you can afford an $1150 per month mortgage, how much house can you afford with a 5% annual rate on 30 year mortgage with a 20% down payment?
You are buying a house that costs $440000 and plan on taking out a 30-year fixed...
You are buying a house that costs $440000 and plan on taking out a 30-year fixed rate mortgage at an annual interest rate of 2.4%. 1)You make a 15% down payment of 66000, and take out a loan for the remaining $374000. How much would your mortgage payments be? (Ignore taxes, fees, and other charges, and round to the nearest penny.) . 2)You make this mortgage payment at the end of the first month. Your mortgage payment at the end of...
1. You want to buy a $249,000 home. You plan to pay 5% as a down...
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 need a 20-year, fixed-rate mortgage to buy a new home for $240,000. Your mortgage bank...
You need a 20-year, fixed-rate mortgage to buy a new home for $240,000. Your mortgage bank will lend you the money at a 6.1 percent APR for this 240-month loan. However, you can afford monthly payments of only $800, so you offer to pay off any remaining loan balance at the end of the loan in the form of a single balloon payment. How large will this balloon payment have to be for you to keep your monthly payments at...
1. You have just purchased a new house and taken a mortgage for $100,000. The interest rate...
1. You have just purchased a new house and taken a mortgage for $100,000. The interest rate is 12% compounded monthly and you will make payments for 25 years. a) Find the size of the monthly payment. b) The bank has a policy of rounding the payments up to the next cent. Find the new monthly payment and compute a new n. c) What was the balance of the loan after three periods? d) How much of your third payment was Principal? Interest? e) How much did...
P 4-35 (similar to) Question Help You are thinking of purchasing a house. The house costs...
P 4-35 (similar to) Question Help You are thinking of purchasing a house. The house costs $200,000. You have $29,000 in cash that you can use as a down payment on the house, but you need to borrow the rest of the purchase price. The bank is offering a 30-year mortgage that requires annual payments and has an interest rate of 7% per year. What will be your annual payment if you sign this mortgage? The annual payment is (Round...
This extended problem covers many of the features of a mortgage. You purchase a town house...
This extended problem covers many of the features of a mortgage. You purchase a town house for $300,000. Since you are able to make a down payment of 20 percent ($60,000), you are able to obtain a $240,000 mortgage loan for 20 years at a 4 percent annual rate of interest. a. What are the annual payments that cover the interest and principal repayment? b. How much of the first payment goes to cover the interest? c. How much of...
You plan to purchase a $330,000 house using a 15-year mortgage obtained from your bank. The...
You plan to purchase a $330,000 house using a 15-year mortgage obtained from your bank. The mortgage rate offered to you is 5.30 percent. You will make a down payment of 20 percent of the purchase price. a. Calculate your monthly payments on this mortgage. b. Construct the amortization schedule for the mortgage. How much total interest is paid on this mortgage?
You would like to buy a house that costs $350,000. You have $50,000 in cash that you can put down on the house, but you need to borrow the rest of the purchase price. The bank is offering you a 30-year mortgage that requires annual payments and has an interest rate of 8% per year. You can afford to pay only $25,580 per year. The bank agrees to allow you to pay this amount each year, yet still borrow $300,000....
2. If you can afford an $1150 per month mortgage, how much house can you afford with a 5% annual rate on 30 year mortgage with a 20% down payment?
You need a 20-year, fixed-rate mortgage to buy a new home for $240,000. Your mortgage bank will lend you the money at a 6.1 percent APR for this 240-month loan. However, you can afford monthly payments of only $800, so you offer to pay off any remaining loan balance at the end of the loan in the form of a single balloon payment. How large will this balloon payment have to be for you to keep your monthly payments at...
P 4-35 (similar to) Question Help You are thinking of purchasing a house. The house costs $200,000. You have $29,000 in cash that you can use as a down payment on the house, but you need to borrow the rest of the purchase price. The bank is offering a 30-year mortgage that requires annual payments and has an interest rate of 7% per year. What will be your annual payment if you sign this mortgage? The annual payment is (Round...
Most questions answered within 3 hours.
-
This java code won't run and I can't figure out the problem with
it. Please help...
asked 10 minutes ago -
Trace the following recursive methods:
a) isPal with the string “abccda”
b) isAnBn with the string...
asked 1 hour ago -
1. Which of the following is false about photosynthesis?
A. ATP is the molecule used to...
asked 1 hour ago -
A simple random sample of size n=64 is obtained from a
population with a mean of...
asked 3 hours ago -
(2 dimensions, 1 object, 2 accelerations)
1) A projectile is thrown with a wind. The wind...
asked 3 hours ago -
Brian makes $34,100 per year. How much can Brian expect to
contribute to FICA taxes in...
asked 4 hours ago -
To buy a new house you must borrow $155,000. To do this you take
out a...
asked 4 hours ago -
Spacely Sprockets is evaluating the construction of a new plant
on land the company purchased for...
asked 5 hours ago -
1. Consider a linear regression model of y on K regressors and
an intercept.
(i) Describe...
asked 5 hours ago -
Enter a balanced equation for the reaction between hydrochloric
acid and sodium sulfite.
Express your answer...
asked 5 hours ago -
Give a regular expression describing the language
{x | x ∈ Σ* and x does not...
asked 5 hours ago -
Masses of 1.0 kg, 2.0 kg, and 3.0 kg are each separately subject
to a net...
asked 5 hours ago