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 pay this amount each year, yet still borrow $ 300 comma 000. At the end of the mortgage (in 30 years), you must make a balloon payment; that is, you must repay the remaining balance on the mortgage. How much will this balloon payment be?
Homework Answers
SEE THE IMAGE. ANY DOUBTS, FEEL FREE TO ASK. THUMBS UP PLEASE
AS NOTHING WAS MENTIONED, SOLVED USING EXCEL. IF YOU NEED WITH FORMULA, WILL DO IT THANK YOU
![Home nert Page Layout Formulas Data Review View dd-Ins Cut Σ AutoSum ー E ゴWrap Text aCopy B 1 u. ,_a. ars-函Merge & Center, $, % , 弼,8 C Conditional Format CeInsert Delete Format Formatting as Table Styles2 Clear Sort &Find & Format Painter Clipboard Alignment Number Cells Edting G379 363 364 365 366 367 368 369 370 371 372 373 374 375 376 ANSWER 377 378 379 380 381 3,00,000350000-50000] LOAN RATE YEARS 7% 30 BANK ALLOWS YOU TO PAY 23500 PER YEAR AS INSTALMENT LOAN AMOUNT AVAILABLE AS PER 23500 INSTALMENT LOAN AMOUNT $ 2,91,612.47 EXCEL-PV(7%,30,-23500) 8,387.53 (300000 291612.47) DIFFERENCE FUTURE VALUE $63,848.02 EXCEL-FV(7%,30,,-8387.53) SO BALOON PAYMENT WILL BE- $63,848.02 제 トト11 CALCULATOR | LOAN OPTIONS fv. ann CAP STRU VALUE BOX DILUTION DOLLAR COST AVGMORTGAGE EXPO Sheeti Sheet2 ShelI 12-01-2019](http://img.homeworklib.com/questions/cf2d5c40-7031-11ea-b9b2-57727425d4a4.png?x-oss-process=image/resize,w_560)
Add Answer to:
You would like to buy a house that costs $ 350 comma 000. You
have $...
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 are thinking of purchasing a house. The house costs $ 350 comma 000. You have...
You are thinking of purchasing a house. The house costs $ 350 comma 000. You have $ 50 comma 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 your annual payment be if you sign up for this mortgage?
"You are thinking of purchasing a house. The house costs $350,000. You have $50,000 in cash...
"You are thinking of purchasing a house. The house costs $350,000. You have $50,000 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. You can afford to pay only $23,500 per year. The bank agrees to allow you to pay this amount each year, yet...
You are thinking of purchasing a house. The house costs $ 200 comma 000$200,000. You have...
You are thinking of purchasing a house. The house costs $ 200 comma 000$200,000. You have $ 29 comma 000$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 3030-year mortgage that requires annual payments and has an interest rate of 6 %6% per year. What will be your annual payment if you sign this mortgage?
You purchase a home and need to borrow $350,000. The bank is offering a 30-year loan...
You purchase a home and need to borrow $350,000. The bank is offering a 30-year loan that requires monthly payments and has a stated interest rate of 9% per year. What is your monthly mortgage payment? Now suppose that you can only afford to pay $2,500 per month. The bank agrees to allow you to pay this amount each month, yet still borrow the original amount. At the end of the mortgage in 30 years, you must make a balloon...
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...
(Loan amortization) To buy a new house you must borrow $ 140 comma 000$140,000. To do...
(Loan amortization) To buy a new house you must borrow $ 140 comma 000$140,000. To do this you take out a $ 140 comma 000$140,000, 3030-year, 88 percent mortgage. Your mortgage payments, which are made at the end of each year (one payment each year), include both principal and 88 percent interest on the declining balance. How large will your annual payments be?
9.) You have an investment account that started with $4 comma 000 10 years ago and...
9.) You have an investment account that started with $4 comma 000 10 years ago and which now has grown to $8 comma 000. a. What annual rate of return have you earned (you have made no additional contributions to the account)? b. If the investment account earns 15 % per year from now on, what will the account's value be 10 years from now? a. What annual rate of return have you earned (you have made no additional contributions...
You want to buy a house that costs $1,609,009, but all you can afford to pay...
You want to buy a house that costs $1,609,009, but all you can afford to pay on a weekly mortgage for the house is $2,509.86 per week over 13 years. The bank quoted you are mortgage rate of 2.12%. How much can you actually afford to borrow?
You have just sold your house for $ 1 comma 000 comma 000$1,000,000 in cash. Your...
You have just sold your house for $ 1 comma 000 comma 000$1,000,000 in cash. Your mortgage was originally a 30-year mortgage with monthly payments and an initial balance of $ 700 comma 000$700,000. The mortgage is currently exactly 18½ years old, and you have just made a payment. If the interest rate on the mortgage is 6.25 %6.25% (APR), how much cash will you have from the sale once you pay off the mortgage? (Note: Be careful not to...
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....
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.
-
Industry: Telecommunications in India
Here, you need to discuss the sources of the growth pattern
and...
asked 59 minutes ago -
Hydrobromic acid
dissolves solid iron according to the followiaung reaction:
Fe(s)+2HBr(aq)→
FeBr2(aq)+ H2(g)
Part A. What...
asked 2 hours ago -
Verify the following vector identity in SPHERICAL
COORDINATES.
div(curl(A)) = 0
asked 4 hours ago -
The work function (Φ) for a metal is 7.50×10-19 J.
What is the longest wavelength (nm)...
asked 5 hours ago -
1. Would the following procedural changes cause the
calculated mass percent Ni2+ ion in Ni(NH3)nCl2 to...
asked 6 hours ago -
1. Why does the voltage of the capacitor vary with frequency?
where does this missing voltage...
asked 7 hours ago -
p p please write each step out clearly
3. A manager of a company is considering...
asked 6 hours ago -
On October 1, Ebony Ernst organized Ernst Consulting; on October
3, the owner contributed $83,540 in...
asked 8 hours ago -
A.)As an electron moves through a region of space, its speed
decreases from 9.60 × 106...
asked 8 hours ago -
In java with the netbeans program do:
Through object programming
Create a class "ContadorP", which is...
asked 8 hours ago -
Pattern Corporation acquired all of Science
Company's outstanding stock on January 1, 2016 for $600,000 cash....
asked 8 hours ago -
Here are all accounts Tyler Co. maintains.
Tax expenses $4,750
Common stocks $48,840
SG&A expenses $2,500...
asked 8 hours ago