Homework Answers
The correct answer is option A
-------------------------------------------------------------------------------------
Mortgage A has a larger total cost than mortgage B by $ 8962
-------------------------------------------------------------------------------------------
The regular payment on mortgage A is calculated as follows
Monthly payment on mortgage A = $ 1157.520871
Total cost of interest mortgage A = $ 1157.520871 
180 months - $ 135,000
Interest cost of mortgage A = $ 73,353.75678
Total cost of mortgage A = $ 1400 + 0.01
$ 135,000 + $ 73,353.75678
Total cost of mortgage A = $ 76,103.75678
------------------------------------------------------------------------------------------------------------
Monthly payment on mortgage B is calculated as follows
Monthly payment on mortgage B = $ 1085.234917
Interest cost mortgage B = $ 1085.234917
180 months - $ 135,000
Interest cost mortgage B = $ 60342.28485
Total cost of mortgage B = $ 1400 + 0.04
$ 135,000 + $ 60342.28485
Total cost of mortgage B = $ 67,142.28485
-------------------------------------------------------------------
Difference in cost mortgage B to mortgage A = $ 76,103.75678 - $ 67,142.28485
Difference in cost mortgage B to mortgage A = $ 8961.47
$ 8961.5
$ 8962
Add Answer to:
STREP to determine the regular payment amount, rounded to the nearest dollar. Consider the following pair...
ot, to determine the regular payment amount, rounded to the nearest dollar. Consider the following pair...
ot, to determine the regular payment amount, rounded to the nearest dollar. Consider the following pair of mortgage loan options for a $165,000 mortgage. Which mortgage loan has the larger total cost closing costs + the amount paid for points + total cost of interest)? By how much? Mortgage A: 30-year fixed at 12.25% with closing costs of $1300 and 1 point. Mortgage B: 30-year fixed at 10.5% with closing costs of $1300 and 2 points. Choose the correct answer...
LI nt to determine the regular payment amount,rounded to the nearest dollar: Consider the ollowing pair of mortigag...
LI nt to determine the regular payment amount,rounded to the nearest dollar: Consider the ollowing pair of mortigage loan options for a $140.0d Use 1-1+ mortgage. Which mortgage loan has the larger total cost (closing costs + the amount paid for points+total cost of interest)? By how much? Mortgage A 20-year fixed at 625% with closing costs of S2100 and 1 point Mortgage B 20-year fed at 4 5% with closing costs of S2100 and 4 points Choose the correct...
LI nt to determine the regular payment amount,rounded to the nearest dollar: Consider the ollowing pair...
LI nt to determine the regular payment amount,rounded to the nearest dollar: Consider the ollowing pair of mortigage loan options for a $140.0d Use 1-1+ mortgage. Which mortgage loan has the larger total cost (closing costs + the amount paid for points+total cost of interest)? By how much? Mortgage A 20-year fixed at 625% with closing costs of S2100 and 1 point Mortgage B 20-year fed at 4 5% with closing costs of S2100 and 4 points Choose the correct...
Use to determine the regular payment amount, rounded to the nearest collar. Consider the Toulowing pair...
Use to determine the regular payment amount, rounded to the nearest collar. Consider the Toulowing pair or mortgage loan options for a $115,000 mortgage. Which mortgage loan has the larger total cost (closing costs + the amount paid for points + total cost of interest)? By how much? Mortgage A 30-year fixed at 12.25% with closing costs of $2600 and 1 point. Mortgage B: 30-year fixed at 11.25% with closing costs of $2600 and 4 points Choose the correct answer...
Use PMT = to determine the regular payment amount, rounded to the nearest cent. The cost...
Use PMT = to determine the regular payment amount, rounded to the nearest cent. The cost of a home is financed with a $190,000 20-year fixed-rate mortgage at 3.5%. a. Find the monthly payments and the total interest for the loan. b. Prepare a loan amortization schedule for the first three months of the mortgage. a. The monthly payment is $ 1101.92. (Do not round until the final answer. Then round to the nearest cent as needed.) The total interest...
PH Use PMT = - to determine the regular payment amount, rounded to the nearest cent....
PH Use PMT = - to determine the regular payment amount, rounded to the nearest cent. The cost of a home is financed with a $110,000 30-year fixed-rate mortgage at 4%. -nt a. Find the monthly payments and the total interest for the loan. b. Prepare a loan amortization schedule for the first three months of the mortgage. a. The monthly payment is $525.16. (Do not round until the final answer. Then round to the nearest cent as needed.) The...
PC to determine the regular payment amount, rounded to the nearest cent The cest of a home is financed with a $120...
PC to determine the regular payment amount, rounded to the nearest cent The cest of a home is financed with a $120 000 40-year fed-tate Use PMT- mortgage at 5% a. Find the monthly payments and the total interest for the loan b. Prepare a loan amortization schedule for the first three months of the mortgage The total interest for the loan is $ 157,747 20 (Use the answer from part a to find this answer. Round to the nearest...
Use PMT to determine the regular payment amount, sounded to the nearest dollar In terms of...
Use PMT to determine the regular payment amount, sounded to the nearest dollar In terms of paying less in interest, which is more economical for a $230.,000 mortgage a 30 year foed-rate at 10% or a 20-year fed-rate at D5% 7 How much is saved in interest Denermine which loan is more economical Choose the comect answer below O The 30-ear 10% loan is moe ecenomical O The 20-year 9.5% loan is more economical The byer will save approximately Sin...
Use PMT= to determine the regular payment amount, rounded to the nearest dollar. The price of...
Use PMT= to determine the regular payment amount, rounded to the nearest dollar. The price of a small cabin is $35,000. The bank requires a 5% down payment. The buyer is offered two mortgage options: 20-year fixed at 8.5% or 30-year fixed at 85% much does the buyer save in interest with the 20-year option? Calculate the amount of interest paid for each option. How Find the monthly payment for the 20-year option s (Round to the nearest dollar as...
Compute the monthly payment and the total amount spent for a vehicle that costs $15,500 if you fi...
Compute the monthly payment and the total amount spent for a vehicle that costs $15,500 if you finance the entire purchase over 5 years at an annual rate of 8.50 percent. Calculate the payment if you finance the car for only four years. Finally, calculate the payment for three years. What do you notice about the payment under the different time assumptions? Click on the table icon to view the MILPF table EEB The monthly payment, PMT, on the 5-year...
ot, to determine the regular payment amount, rounded to the nearest dollar. Consider the following pair of mortgage loan options for a $165,000 mortgage. Which mortgage loan has the larger total cost closing costs + the amount paid for points + total cost of interest)? By how much? Mortgage A: 30-year fixed at 12.25% with closing costs of $1300 and 1 point. Mortgage B: 30-year fixed at 10.5% with closing costs of $1300 and 2 points. Choose the correct answer...
LI nt to determine the regular payment amount,rounded to the nearest dollar: Consider the ollowing pair of mortigage loan options for a $140.0d Use 1-1+ mortgage. Which mortgage loan has the larger total cost (closing costs + the amount paid for points+total cost of interest)? By how much? Mortgage A 20-year fixed at 625% with closing costs of S2100 and 1 point Mortgage B 20-year fed at 4 5% with closing costs of S2100 and 4 points Choose the correct...
LI nt to determine the regular payment amount,rounded to the nearest dollar: Consider the ollowing pair of mortigage loan options for a $140.0d Use 1-1+ mortgage. Which mortgage loan has the larger total cost (closing costs + the amount paid for points+total cost of interest)? By how much? Mortgage A 20-year fixed at 625% with closing costs of S2100 and 1 point Mortgage B 20-year fed at 4 5% with closing costs of S2100 and 4 points Choose the correct...
Use to determine the regular payment amount, rounded to the nearest collar. Consider the Toulowing pair or mortgage loan options for a $115,000 mortgage. Which mortgage loan has the larger total cost (closing costs + the amount paid for points + total cost of interest)? By how much? Mortgage A 30-year fixed at 12.25% with closing costs of $2600 and 1 point. Mortgage B: 30-year fixed at 11.25% with closing costs of $2600 and 4 points Choose the correct answer...
Use PMT = to determine the regular payment amount, rounded to the nearest cent. The cost of a home is financed with a $190,000 20-year fixed-rate mortgage at 3.5%. a. Find the monthly payments and the total interest for the loan. b. Prepare a loan amortization schedule for the first three months of the mortgage. a. The monthly payment is $ 1101.92. (Do not round until the final answer. Then round to the nearest cent as needed.) The total interest...
PH Use PMT = - to determine the regular payment amount, rounded to the nearest cent. The cost of a home is financed with a $110,000 30-year fixed-rate mortgage at 4%. -nt a. Find the monthly payments and the total interest for the loan. b. Prepare a loan amortization schedule for the first three months of the mortgage. a. The monthly payment is $525.16. (Do not round until the final answer. Then round to the nearest cent as needed.) The...
PC to determine the regular payment amount, rounded to the nearest cent The cest of a home is financed with a $120 000 40-year fed-tate Use PMT- mortgage at 5% a. Find the monthly payments and the total interest for the loan b. Prepare a loan amortization schedule for the first three months of the mortgage The total interest for the loan is $ 157,747 20 (Use the answer from part a to find this answer. Round to the nearest...
Use PMT to determine the regular payment amount, sounded to the nearest dollar In terms of paying less in interest, which is more economical for a $230.,000 mortgage a 30 year foed-rate at 10% or a 20-year fed-rate at D5% 7 How much is saved in interest Denermine which loan is more economical Choose the comect answer below O The 30-ear 10% loan is moe ecenomical O The 20-year 9.5% loan is more economical The byer will save approximately Sin...
Use PMT= to determine the regular payment amount, rounded to the nearest dollar. The price of a small cabin is $35,000. The bank requires a 5% down payment. The buyer is offered two mortgage options: 20-year fixed at 8.5% or 30-year fixed at 85% much does the buyer save in interest with the 20-year option? Calculate the amount of interest paid for each option. How Find the monthly payment for the 20-year option s (Round to the nearest dollar as...
Compute the monthly payment and the total amount spent for a vehicle that costs $15,500 if you finance the entire purchase over 5 years at an annual rate of 8.50 percent. Calculate the payment if you finance the car for only four years. Finally, calculate the payment for three years. What do you notice about the payment under the different time assumptions? Click on the table icon to view the MILPF table EEB The monthly payment, PMT, on the 5-year...
Most questions answered within 3 hours.
-
Assume that the population of Mexico is 128
million and that the population increases 1.01
percentannually....
asked 50 minutes ago -
Can someone please help me add appropriate descriptive
comments to each line of code in the...
asked 56 minutes ago -
Romeo wishes to throw a bouquet of flowers to Juliet, who is on
a second-story balcony,...
asked 1 hour ago -
Why is QE a controversial monetary policy tool.
A. It may lead to excessive inflation.B. By...
asked 2 hours ago -
Principles of Programming midterm study guide help!
1.)
______ Which of the following would reference the...
asked 1 hour ago -
A finite potential well has depth U0 = 2.78 eV . What is the
penetration distance...
asked 2 hours ago -
1. The bus bars of a power station are in two sections A and B
separated...
asked 2 hours ago -
Fiscal policy is the deliberate manipulation of taxes and
government spending to alter GDP, employment, inflation...
asked 3 hours ago -
evaluating an expression using only one digit and + and - as
operators ....3+5-1+7-5+8
-----------------------
stack...
asked 3 hours ago -
Two concentric current loops lie in the same plane. The smaller
loop has a radius of...
asked 4 hours ago -
1)Which of the following is an
important difference between qualified and nonqualified retirement
plans?
a. Qualified...
asked 4 hours ago -
What's the streaming business's problem on the
horizon?
asked 5 hours ago