Homework Answers
Solution:-
In addition to the monthly repayments for interest and principal to the lender, a house owner may have to make the following fixed monthly payments regardless of use of the property:
- Maintenance bill: These days monthly maintenance payments to housing societies has become one of the major expenses for house owners. The monthly maintenance may add up on an annual basis to 2% of the market value of the house.
- Expenses such as house tax, electric bill, water and gas, etc also increases the monthly payments and must be considered while doing personal financial planning
Add Answer to:
As part of your long-term personal finance goals, you desire to purchase a house, which you...
You are planning to purchase a new house or condominium to use as your primary residence....
You are planning to purchase a new house or condominium to use as your primary residence. This assignment will analyze some of the financial aspects of doing so. The final purchase price is $420,000 and, if you need a mortgage from the bank, your down payment will have to be 20% of the purchase price. The mortgage is a 30-year fixed rate loan with an Annual Percentage Rate (APR) of 6.00%. You will incur a one-time closing cost of $6,500...
You plan to purchase a $1,000,000 house using a 30-year mortgage obtained from your local bank
3. You plan to purchase a $1,000,000 house using a 30-year mortgage obtained from your local bank. The mortgage rate offered to you is 8.25%, and you will make a down payment of 20%. This is a fully amortizing mortgage loan. a. Calculate your required monthly payments. b. Calculate the interest payment, principal repayment, and ending balance for the first two months. c. Use a spreadsheet to calculate the total amount of interest payment. Is it greater or smaller than the amount of...
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...
You plan to purchase a $190,000 house using a 15-year mortgage obtained from your local credit...
You plan to purchase a $190,000 house using a 15-year mortgage obtained from your local credit union. The mortgage rate offered to you is 6.75 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 first six payments. You plan to purchase a $270,000 house using either a 30-year mortgage obtained from your local savings bank with a rate of 7.45...
You wish to buy a house five years from now, which will expectantly cost $550,000 after...
You wish to buy a house five years from now, which will expectantly cost $550,000 after five years. You will pay parts of this price from your personal deposit. You will cover the rest of the purchase price by taking two types of loans at the time of purchase: a 4-year fixed-interest personal loan of $20,000 - a 25-year fixed-interest house loan for the rest of the house price (.e. after paying from the personal deposit and the $20,000 taken...
Five years ago you borrowed $230,000 to finance the purchase of a $290,000 house. The interest...
Five years ago you borrowed $230,000 to finance the purchase of a $290,000 house. The interest rate on the old mortgage is 5.5%. Payment terms are being made monthly to amortize the loan over 30 years. You have found another lender who will refinance the current outstanding loan balance at 3.5% with monthly payments for 25 years. There are no prepayment penalties associated with either loan. You feel the appropriate refinancing cost is 5% of the new loan amount. a....
You plan to purchase a $200,000 house using either a 30-year mortgage obtained from your local...
You plan to purchase a $200,000 house using either a 30-year mortgage obtained from your local savings bank with a rate of 7.25 percent, or a 15-year mortgage with a rate of 6.50 percent. You will make a down payment of 20 percent of the purchase price. (LG 7-3) a. Calculate the amount of interest and, separately, principal paid on each mortgage. What is the difference in interest paid? b. Calculate your monthly payments on the two mortgages. What is...
You plan to purchase a $150,000 house using a 15-year mortgage obtained from your local credit...
You plan to purchase a $150,000 house using a 15-year mortgage obtained from your local credit union. The mortgage rate offered to you is 5 percent. You will make a down payment of 15 percent of the purchase price. a. Calculate your monthly payments on this mortgage b. Calculate the amount of interest and, separately, principal paid in the 25th payment. c. Calculate the amount of interest and, separately, principal paid in the 140th payment. d. Calculate the amount of...
You plan to purchase an $50,000 house using a 15-year mortgage obtained from your local bank....
You plan to purchase an $50,000 house using a 15-year mortgage obtained from your local bank. The mortgage rate offered to you is 7.5 percent. You will make a down payment of 10 percent of the purchase price. a. Calculate your monthly payments on this mortgage. b. Calculate the amount of interest and, separately, principal paid in the 120th payment. c. Calculate the amount of interest and, separately. principal paid in the 150th payment. d. Calculate the amount of interest...
You plan to purchase a $240,000 house using a 30-year mortgage obtained from your local credit...
You plan to purchase a $240,000 house using a 30-year mortgage obtained from your local credit union. The mortgage rate offered to you is 4.5 percent. You will make a down payment of 10 percent of the purchase price. a. Calculate your monthly payments on this mortgage. b. Calculate the amount of interest and, separately. principal paid in the 30th payment. c. Calculate the amount of interest and, separately. principal paid in the 210th payment. d. Calculate the amount of...
You are planning to purchase a new house or condominium to use as your primary residence. This assignment will analyze some of the financial aspects of doing so. The final purchase price is $420,000 and, if you need a mortgage from the bank, your down payment will have to be 20% of the purchase price. The mortgage is a 30-year fixed rate loan with an Annual Percentage Rate (APR) of 6.00%. You will incur a one-time closing cost of $6,500...
You wish to buy a house five years from now, which will expectantly cost $550,000 after five years. You will pay parts of this price from your personal deposit. You will cover the rest of the purchase price by taking two types of loans at the time of purchase: a 4-year fixed-interest personal loan of $20,000 - a 25-year fixed-interest house loan for the rest of the house price (.e. after paying from the personal deposit and the $20,000 taken...
You plan to purchase a $150,000 house using a 15-year mortgage obtained from your local credit union. The mortgage rate offered to you is 5 percent. You will make a down payment of 15 percent of the purchase price. a. Calculate your monthly payments on this mortgage b. Calculate the amount of interest and, separately, principal paid in the 25th payment. c. Calculate the amount of interest and, separately, principal paid in the 140th payment. d. Calculate the amount of...
You plan to purchase an $50,000 house using a 15-year mortgage obtained from your local bank. The mortgage rate offered to you is 7.5 percent. You will make a down payment of 10 percent of the purchase price. a. Calculate your monthly payments on this mortgage. b. Calculate the amount of interest and, separately, principal paid in the 120th payment. c. Calculate the amount of interest and, separately. principal paid in the 150th payment. d. Calculate the amount of interest...
You plan to purchase a $240,000 house using a 30-year mortgage obtained from your local credit union. The mortgage rate offered to you is 4.5 percent. You will make a down payment of 10 percent of the purchase price. a. Calculate your monthly payments on this mortgage. b. Calculate the amount of interest and, separately. principal paid in the 30th payment. c. Calculate the amount of interest and, separately. principal paid in the 210th payment. d. Calculate the amount of...
Most questions answered within 3 hours.
-
Using MARS simulator, write MIPS programs according to
the following scenarios: Receive a positive integer number...
asked 1 hour ago -
An object in front of a concave mirror has a real image that is
11.5 cm...
asked 1 hour ago -
Consider the reaction, C3 H8 + O2 --> CO2 + H2O. How many
moles of O2...
asked 2 hours ago -
You and your opponent both roll a fair die. If you both roll the
same number,...
asked 3 hours ago -
In a study of the accuracy of fast food drive-through orders,
Restaurant A had 257 accurate...
asked 3 hours ago -
Identify and describe in detail the four categories of
institutions that could be included in a...
asked 3 hours ago -
In python
class Customer:
def __init__(self, customer_id, last_name, first_name, phone_number, address):
self._customer_id = int(customer_id)
self._last_name =...
asked 3 hours ago -
What is an example of a limitation in implementing a new
ERP system and how it...
asked 3 hours ago -
In a section of 9.7cm of an artery with a radius of 2.6mm there
is a...
asked 3 hours ago -
the two carboxylic acid groups of aspartic acid have different
acidities with pKa values of 2.1...
asked 3 hours ago -
Would CuCO3 aqueous salt combined with calcium chloride
form a solid precipitate? If so, what would...
asked 3 hours ago -
How do ECM Solutions assist in embedding a culture of continuous
improvement in an organization? (Project...
asked 3 hours ago