A house is to be purchased for $480,000 with a 10 percent down payment. A conventional...
A house is to be purchased for $480,000 with a 10 percent down payment. A conventional 30-yr loan is used at 7.5 percent, resulting in monthly payments of $ 3,020.61. The interest portion of the first monthly payment will be what?
Homework Answers
Ineterest in the first payment = Loan amount * rate /12
= (480000*(1-10%))*7.5%/12
= $2700
Add Answer to:
A house is to be purchased for $480,000 with a 10 percent down
payment. A conventional...
The Turners have purchased a house for $130,000. They made an initial down payment of $30,000...
The Turners have purchased a house for $130,000. They made an initial down payment of $30,000 and secured a mortgage with interest charged at the rate of 10%/year compounded monthly on the unpaid balance. The loan is to be amortized over 30 yr. (Round your answers to the nearest cent.) (a) What monthly payment will the Turners be required to make? $ (b) How much total interest will they pay on the loan? $ (c) What will be their equity...
You just purchased a $400,000 house and gave a 20% down payment. For the remaining portion,...
You just purchased a $400,000 house and gave a 20% down payment. For the remaining portion, you obtained a 30-year mortgage at a 6% interest rate. A) What are the monthly payments on this mortgage? B) If the house appreciates at a 3 percent annually, what will be the value of the house in ten years? C) In ten years, how much equity will you have on this home?
You want to buy a house that costs $280,000. You will make a down payment equal to 15 percent of the price of the house...
You want to buy a house that costs $280,000. You will make a down payment equal to 15 percent of the price of the house and finance the remainder with a loan that has an interest rate of 5.47 percent compounded monthly. If the loan is for 25 years, what are your monthly mortgage payments?
A $234,000 home is purchased with a 10% down payment, and a 30-year loan for the...
A $234,000 home is purchased with a 10% down payment, and a 30-year loan for the remaining amount. a. How much is the loan amount going to be? $S b. What are the monthly payments if the interest rate is 6%? $ C. What are the monthly payments if the interest rate is 7%?$ Get help: Videdo
27. Gotham billionaire Bruce Wayne has purchased a house for 102,000,000. Wayne makes a down payment...
27. Gotham billionaire Bruce Wayne has purchased a house for 102,000,000. Wayne makes a down payment of 2,000,000 and finances the rest of the mortgage through 15 years of end of month payments. The first payment is due exactly one month from today. The nominal rate of interest is 15% convertible monthly. The first 120 payments all contain 100,000 in principal. The last 60 payments go as follows. The 121st payment is X. Then each subsequent payment is 10% greater...
One year ago, Jamie purchased a house valued at $480,000. To avoid the insurance (PMI), she...
One year ago, Jamie purchased a house valued at $480,000. To avoid the insurance (PMI), she decided to pay down 21%. She got a 30-year fully amortized fixed rate mortgage at 4.75% interest rate and her closing costs and discount points were about $5,600 (around 1.5% of loan amount). 1. What is Jamie’s monthly payment?
Suppose that you bought a house worth $400,000 by putting a down payment of $50.000 and by taking...
Suppose that you bought a house worth $400,000 by putting a down payment of $50.000 and by taking out a loan for the rest at an interest rate of 42% compounded montly, payable with monthly payments for 30 years. Assume the payments are due at the end of each month. a. Find your monthly payments b. Suppose that 10 years later the house was worth $460,000. How much do you still owe on the house at that point. c. And...
you want to buy a house that costs $225,000. you will make a down payment equal...
you want to buy a house that costs $225,000. you will make a down payment equal to 20 percent of the price of the house and finance the remainder with a loan that has an apr of 5.25 percent compounded monthly. If the loan is for 30 years, what are your monthly mortgage payments?
A house costing RM120,000 cash is purchased by making a down payment of RM40,000 and the...
A house costing RM120,000 cash is purchased by making a down payment of RM40,000 and the balance is to be settled by making 120 monthly payments at 6% compounded monthly. (a) Find this monthly payment. (b) If the buyer intends to settle all of the loan by making a single payment immediately after seven years, find this single payment.
A house can be purchased for $140000, and you have $10000 cash for a down payment....
A house can be purchased for $140000, and you have $10000 cash for a down payment. You are considering the following two financing options: bullet Option 1. Getting a new standard mortgage with a 7.5% (APR) interest and a 30-year term. bullet Option 2. Assuming the seller's old mortgage, which has an interest rate of 5.5% (APR), a remaining term of 25 years (the original term was 30 years), a remaining balance of $92 comma 983, and payments of $571...
A $234,000 home is purchased with a 10% down payment, and a 30-year loan for the remaining amount. a. How much is the loan amount going to be? $S b. What are the monthly payments if the interest rate is 6%? $ C. What are the monthly payments if the interest rate is 7%?$ Get help: Videdo
27. Gotham billionaire Bruce Wayne has purchased a house for 102,000,000. Wayne makes a down payment of 2,000,000 and finances the rest of the mortgage through 15 years of end of month payments. The first payment is due exactly one month from today. The nominal rate of interest is 15% convertible monthly. The first 120 payments all contain 100,000 in principal. The last 60 payments go as follows. The 121st payment is X. Then each subsequent payment is 10% greater...
Suppose that you bought a house worth $400,000 by putting a down payment of $50.000 and by taking out a loan for the rest at an interest rate of 42% compounded montly, payable with monthly payments for 30 years. Assume the payments are due at the end of each month. a. Find your monthly payments b. Suppose that 10 years later the house was worth $460,000. How much do you still owe on the house at that point. c. And...
A house costing RM120,000 cash is purchased by making a down payment of RM40,000 and the balance is to be settled by making 120 monthly payments at 6% compounded monthly. (a) Find this monthly payment. (b) If the buyer intends to settle all of the loan by making a single payment immediately after seven years, find this single payment.
Most questions answered within 3 hours.
-
A spherical surface completely surrounds a collection of
charges. Find the electric flux through the surface...
asked 57 seconds from now -
A student measures the following data in a calorimetry
experiment designed to determine the specific heat...
asked 13 minutes ago -
1) 2H2O(g) → 2H2 (g) + O2 (g) DH = 483.6 kJ
If 5 moles of...
asked 18 minutes ago -
Suppose that Alicia has $30,000 in invested as follows: $10,000
in TJX Cos., $15,000 in Macy’s,...
asked 32 minutes ago -
Volunteer Pharmaceuticals (VP) wants to set aside money in the
R&D fund to seek supplemental drug...
asked 33 minutes ago -
What is precedent?
an order by the court.
the power of a court to overrule a...
asked 39 minutes ago -
Classify the tonicity of a solution made by dissolving 12mg of
sodium chloride in 1.0mL of...
asked 45 minutes ago -
Consider the equilibrium reaction: 2A (aq) + 3B (aq) <-->
C (aq) (in my notation <-->...
asked 46 minutes ago -
A recent poll found that 21% of a random sample of 1200 people
lost jobs due...
asked 52 minutes ago -
Indicate whether aqueous solutions of the following substances
contain ions. If so, write formulas for the...
asked 47 minutes ago -
Include at least one psychology theory, model or concept
discussed in Chapter 1, 2 or the...
asked 57 minutes ago -
Need help in drawing out a map pathway of pentose phosphate
pathway and pyruvate dehydrogenase/citric acid...
asked 1 hour ago