You want to buy a home for $330,000 and you need to borrow 80% of the...
You want to buy a home for $330,000 and you need to borrow 80% of the home price. Fixed-rate 30-year mortgages have an interest rate of 4.3%. You decide to obtain this mortgage loan. How much do you still owe to the bank after the first month payment?
Homework Answers
Add Answer to:
You want to buy a home for $330,000 and you need to borrow 80%
of the...
You have just made an offer on a new home and are seeking a mortgage. You...
You have just made an offer on a new home and are seeking a mortgage. You need to borrow $ 591 comma 000. a. The bank offers a 30-year mortgage with fixed monthly payments and an interest rate of 0.46 % per month. What is the amount of your monthly payment if you take this loan? b. Suppose you take the 30-year mortgage described in part (a). How much will you still owe on the mortgage after 15 years?
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...
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...
You want to buy a house and will need to borrow $235,000. The interest rate on...
You want to buy a house and will need to borrow $235,000. The interest rate on your loan is 5.65 percent compounded monthly and the loan is for 20 years. What are your monthly mortgage payments?
Scenario: You want to buy a house in Ypsilanti's up and coming Normal Park neighborhood. You...
Scenario: You want to buy a house in Ypsilanti's up and coming Normal Park neighborhood. You find a cute home that is going for $210.500. You talk to your bank and with 10%down, you can talke out a 30 year mortgageS.3%Jinterest Home purchase questions: How much will the down payment on the house be? 2. How much will you need to finance for the home loan? 3. How much will your monthly payment be (round to 2 decimal places)? 4....
7. You want to buy a house and will need to borrow $280,000. The interest rate...
7. You want to buy a house and will need to borrow $280,000. The interest rate on your loan is 6.19 percent compounded monthly and the loan is for 20 years. What are your monthly mortgage payments?
Answer 5-14 please Scenario: You want to buy a house in Ypsilanti's up and coming Normal...
Answer 5-14 please
Scenario: You want to buy a house in Ypsilanti's up and coming Normal Park neighborhood. You find a cute home that is going for $210.500. You talk to your bank and with 10%down, you can talke out a 30 year mortgageS.3%Jinterest Home purchase questions: How much will the down payment on the house be? 2. How much will you need to finance for the home loan? 3. How much will your monthly payment be (round to 2...
You are planning to buy a new house. You currently have 535,000 and your bank told...
You are planning to buy a new house. You currently have 535,000 and your bank told you that you would need a 15% down payment Jus an additional 4% in closing costs. If the house that you want to buy costs $250.000 and you can make a 7% annual return on your avestment, determine the following: When will you have enough money for the down payment and closing costs, assuming that the $35.000 is the only investment that you make?...
You want to buy a house and take out a mortgage for $250,000. The only mortgage...
You want to buy a house and take out a mortgage for $250,000. The only mortgage that you can afford is a 30 year ARM that has a fixed rate of 3% annual compounded monthly for the first 3 years and then can adjust every year after that. Against the advice of a wise EMIS professor that you once had, you decided to take the mortgage. a) What is the monthly payment for his home mortgage for the first 3...
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...
Scenario: You want to buy a house in Ypsilanti's up and coming Normal Park neighborhood. You find a cute home that is going for $210.500. You talk to your bank and with 10%down, you can talke out a 30 year mortgageS.3%Jinterest Home purchase questions: How much will the down payment on the house be? 2. How much will you need to finance for the home loan? 3. How much will your monthly payment be (round to 2 decimal places)? 4....
Answer 5-14 please
Scenario: You want to buy a house in Ypsilanti's up and coming Normal Park neighborhood. You find a cute home that is going for $210.500. You talk to your bank and with 10%down, you can talke out a 30 year mortgageS.3%Jinterest Home purchase questions: How much will the down payment on the house be? 2. How much will you need to finance for the home loan? 3. How much will your monthly payment be (round to 2...
You are planning to buy a new house. You currently have 535,000 and your bank told you that you would need a 15% down payment Jus an additional 4% in closing costs. If the house that you want to buy costs $250.000 and you can make a 7% annual return on your avestment, determine the following: When will you have enough money for the down payment and closing costs, assuming that the $35.000 is the only investment that you make?...
Most questions answered within 3 hours.
-
In response to the increasing weight of airline passengers, the
Federal Aviation Administration told airlines to...
asked 18 seconds from now -
Events A and B are independent. Suppose event A occurs with
probability 0.63 and event B...
asked 9 minutes ago -
Rubies are essentially alumina Al2O3 with a contaminant of
chromium in the form of Cr2O3. A...
asked 17 minutes ago -
Write a full program that will accept
exactly three command line arguments
that can be interpreted as...
asked 19 minutes ago -
1.histones are proteins that make up nucleosomes. they bind to
the backbone of DNA in chromosomes....
asked 28 minutes ago -
What is the relationship between a variables value and their
probabilities as it is summarized by...
asked 37 minutes ago -
Balance Sheet
DR
CR
Cash
10000
AR
7000
Supplies
500
Equipment
5,000
Accum depreciation
...
asked 35 minutes ago -
Country
Continent
GDP (millions of US$)
Afghanistan
Asia
 
asked 38 minutes ago -
1) Use the Euclidean algorithm (write in pseudocode) to find the
greatest common divisor of 8...
asked 1 hour ago -
Based upon the corporate proposal for this week, research three
different data storage options for your...
asked 1 hour ago -
The equilibrium constant, Kp , for the following reaction is
1.04×10-2 at 548 K. NH4Cl(s) NH3(g)...
asked 1 hour ago -
During a recent budgeting discussion, the CFO at "NW Accounting
Services" proposed eliminating the marketing research...
asked 1 hour ago