ZuoTi.Pro
Question

Please answer this question/ You decide to purchase a new home and need $240,000 mortgage. You...

Please answer this question/

You decide to purchase a new home and need $240,000 mortgage. You take out a loan from the bank that has an interest rate of 5​%.

What is the yearly payment to the bank to pay off the loan in 10​ years?

FP = ?

business   economics   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

Ans! including he inkefest amount ;SaSenie名 The regalan .允nies ϊδε24ak to payment Lean an amoniae oan hame hab penchased i a loan of 2 Ho, ooo Yeany Peyneut to the bank /o pay offe To be paid he amount due A Due futt amount A nate o intenest ea九 e91 i o and n T talnumben Pay mentsA=R hm Lek finst set the ameuh the ban ken pects there ceive m the above gayatm R in gtre the feguent ezual amoun Hene n to geans 71 1 rm l o ·6298-1390,912 = R112.57 390,12 12.57 6 R 31, 08 3. 964 Fp 3,083.7 The yeanly Payment uil bel 31,083.9

0 0
Add a comment
Know the answer?
Add Answer to:
Please answer this question/ You decide to purchase a new home and need $240,000 mortgage. You...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • 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...

  • 14) 14, You are considering purchasing a new home. You will need to borrow $270,000 to...

    14) 14, You are considering purchasing a new home. You will need to borrow $270,000 to purchase the home. A mortgage company offers you a 20-year fixed rate mortgage at 6% APR. If you borrow the money from this mortgage company, your monthly mortgage payment will be closest to: A) S3094 B) $1934 C) SI547 D) $2708 15) 15. A bank offers a loan that will requires you to pay 8% interest compounded semiannually. Which of the following is closest...

  • You need a 15-year, fixed-rate mortgage to buy a new home for $250,000. Your mortgage bank...

    You need a 15-year, fixed-rate mortgage to buy a new home for $250,000. Your mortgage bank will lend you the money at a 8.6 percent APR for this 180-month loan. However, you can afford monthly payments of only $850, so you offer to pay off any remaining loan balance at the end of the loan in the form of a single balloon payment. Required: How large will this balloon payment have to be for you to keep your monthly payments...

  • You need a 25-year, fixed-rate mortgage to buy a new home for $190,000. Your mortgage bank...

    You need a 25-year, fixed-rate mortgage to buy a new home for $190,000. Your mortgage bank will lend you the money at a 7.6 percent APR for this 300-month loan. However, you can afford monthly payments of only $1,000, 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...

  • 7. You need a 25-year, fixed-rate mortgage to buy a new home for $210,000. Your mortgage...

    7. You need a 25-year, fixed-rate mortgage to buy a new home for $210,000. Your mortgage bank will lend you the money at a 8.1 percent APR for this 300-month loan. However, you can afford monthly payments of only $900, so you offer to pay off any remaining loan balance at the end of the loan in the form of a single balloon payment. Required: How large will this balloon payment have to be for you to keep your monthly...

  • You need a 30-year, fixed-rate mortgage to buy a new home for $220,000. Your mortgage bank...

    You need a 30-year, fixed-rate mortgage to buy a new home for $220,000. Your mortgage bank will lend you the money at a 8.6 percent APR for this 360-month loan. However, you can afford monthly payments of only $900, 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...

  • D) 7.9% You are considering purchasing a new home. You will need to borrow $270,000 to purchase the home. A mortga...

    D) 7.9% You are considering purchasing a new home. You will need to borrow $270,000 to purchase the home. A mortgage company offers you a 20- year fixed rate mortgage at 6 % APR. If you borrow the money from this mortgage company, your monthly mortgage payment will be closest to: 14) A) $3094 B) $1934 C) $1547 D) $2708 5 A bank offers a loan that will requires you to pay 8% interest compounded semiannually. Which of the following...

  • 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 you purchase a home for $395,000. You find a bank that offers a 30-year mortgage...

    Assume you purchase a home for $395,000. You find a bank that offers a 30-year mortgage with an APR of 4.65% but requires 20% down. You decide to finance your home through this bank. Based on that repare a 30-year amortization schedule showing your monthly payments, showing how much interest you will pay for this home over the 30 years of payments to the bank, describing what change in your budget you and your spouse might make to find an...

  • Mortgage Analysis Part I You are planning to purchase a house that costs $480,000. You plan...

    Mortgage Analysis Part I You are planning to purchase a house that costs $480,000. You plan to put 20% down and borrow the remainder. Based on your credit score, you believe that you will pay 3.99% on a 30-year mortgage. Use the function “PMT” to calculate your mortgage payment. Calculate the total cost of the home purchase. (Down payment plus principal (loan amount) plus interest.) Calculate how much interest you will pay in total? Assume that you plan to pay...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT