A home buyer buys a house for $1,016,000. She pays 20% cash, and takes a fixed-rate...
A home buyer buys a house for $1,016,000. She pays 20% cash, and takes a fixed-rate mortgage for ten years at 7.5% APR. If she makes semi-monthly payments, which of the following is closest to each of her payment?
Homework Answers
![Down payment = $203,200 ( 1016000*0.2] Amount borrowed = $812,800 (1016000-203200 ] Semi monthly payment =PMT = Loan = [(1-(1](http://img.homeworklib.com/questions/31123c40-75c2-11ea-a6d0-230dee708b7e.png?x-oss-process=image/resize,w_560)
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A home buyer buys a house for $1,016,000. She pays 20% cash,
and takes a fixed-rate...
A home buyer buys a house for $948,000. She pays 20% cash, and takes a fixed-rate...
A home buyer buys a house for $948,000. She pays 20% cash, and takes a fixed-rate mortgage for ten years at 7.1% APR. If she makes semi-monthly payments which of the following is closest to each of her payment? O A. $5,301.51 O B. $3,534.34 O c. $4,859.72 O D. $4,417.92
10) A home buyer buys a house for $2,155,000. She pays 20% cash, and takes a...
10) A home buyer buys a house for $2,155,000. She pays 20% cash, and takes a fixed-rate mortgage for ten years at 7.70% APR. If she makes semi-monthly payments, which of the following is closest to each of her payment? A) $11,342.47 B) $10,311.34 C) $12,373.61 D) $8249.07
Howard is saving for a long holiday. He deposits a fixed amount every month in a...
Howard is saving for a long holiday. He deposits a fixed amount every month in a bank account with an EAR of 14.5%. If this account pays interest every month then how much should he save from each monthly paycheck in order to have $9,000 in the account in two years' time? A. $328 В. $460 С. $525 D. $263 A home buyer buys a house for $800,000. She pays 20% cash, and takes a fixed-rate mortgage for ten years...
A man buys a house for $255,000. He pays $40,000 down and takes out a mortgage...
A man buys a house for $255,000. He pays $40,000 down and takes out a mortgage at 6.9% on the balance. Find his monthly payment and the total amount of interest he will pay if the length of the mortgage is (a) 15 years; (b) 20 years; (c) 25 years. (d) When will half the 20-year loan be paid off? (a) For the 15-year mortgage, the man will make monthly payments of $| (Do not round until the final answer....
Ms. Juliet bought a house for $360,000 exactly five years ago. After making a 20%...
Ms. Juliet bought a house for $360,000 exactly five years ago. After making a 20% down-payment, she borrowed the rest of the house payment in the form of a 15-year mortgage from her local cooperative credit union. She negotiated a mortgage rate of 3.5% APR with semi-annual compounding. She makes mortgage payments of an equal dollar amount every two weeks (i.e., biweekly), and her first mortgage payment was due two weeks after she signed the mortgage contract. If Ms....
Ms. Juliet bought a house for $360,000 exactly five years ago. After making a 20% down-payment,...
Ms. Juliet bought a house for $360,000 exactly five years ago. After making a 20% down-payment, she borrowed the rest of the house payment in the form of a 15-year mortgage from her local cooperative credit union. She negotiated a mortgage rate of 3.5% APR with semi-annual compounding. She makes mortgage payments of an equal dollar amount every two weeks (i.e., biweekly), and her first mortgage payment was due two weeks after she signed the mortgage contract. d. What is...
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...
John takes out a 50 000 mortgage on a home at 12 72 % convertible semiannually....
John takes out a 50 000 mortgage on a home at 12 72 % convertible semiannually. He pays off the mortgage with monthly payments for 20 years, the first one due one month after the mortgage is taken out. Immediately after his 60th payment, John renegotiates the loan. He agrees to repay the remainder of the mortgage by making immediate cash payments of 10 000 and repaying the balance by means of monthly payments for ten years at 11% convertible...
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...
10) An investment will pay you 51 20 in one year and $200 in two years....
10) An investment will pay you 51 20 in one year and $200 in two years. If the interest rate is 7%, what is the present value of these cash flows? A) $294.69 B) $286.84 C) $299.07 D) $320.00 10) 11). TU) A bank is negotiating a loan. The loan can either be paid off as a lump sum of $120,000 at the end of five years, or as equal annual payments at the end of each of the next...
A home buyer buys a house for $948,000. She pays 20% cash, and takes a fixed-rate mortgage for ten years at 7.1% APR. If she makes semi-monthly payments which of the following is closest to each of her payment? O A. $5,301.51 O B. $3,534.34 O c. $4,859.72 O D. $4,417.92
Howard is saving for a long holiday. He deposits a fixed amount every month in a bank account with an EAR of 14.5%. If this account pays interest every month then how much should he save from each monthly paycheck in order to have $9,000 in the account in two years' time? A. $328 В. $460 С. $525 D. $263 A home buyer buys a house for $800,000. She pays 20% cash, and takes a fixed-rate mortgage for ten years...
A man buys a house for $255,000. He pays $40,000 down and takes out a mortgage at 6.9% on the balance. Find his monthly payment and the total amount of interest he will pay if the length of the mortgage is (a) 15 years; (b) 20 years; (c) 25 years. (d) When will half the 20-year loan be paid off? (a) For the 15-year mortgage, the man will make monthly payments of $| (Do not round until the final answer....
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...
John takes out a 50 000 mortgage on a home at 12 72 % convertible semiannually. He pays off the mortgage with monthly payments for 20 years, the first one due one month after the mortgage is taken out. Immediately after his 60th payment, John renegotiates the loan. He agrees to repay the remainder of the mortgage by making immediate cash payments of 10 000 and repaying the balance by means of monthly payments for ten years at 11% convertible...
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...
10) An investment will pay you 51 20 in one year and $200 in two years. If the interest rate is 7%, what is the present value of these cash flows? A) $294.69 B) $286.84 C) $299.07 D) $320.00 10) 11). TU) A bank is negotiating a loan. The loan can either be paid off as a lump sum of $120,000 at the end of five years, or as equal annual payments at the end of each of the next...
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