Question

You are buying a house that costs $440000 and plan on taking out a 30-year fixed rate mortgage at an annual interest rate of 2.4%.

1)You make a 15% down payment of 66000, and take out a loan for the remaining $374000. How much would your mortgage payments be? (Ignore taxes, fees, and other charges, and round to the nearest penny.)  .

2)You make this mortgage payment at the end of the first month. Your mortgage payment at the end of the second month will be........ higher/lower/the same

3)The amount of your second mortgage payment that goes towards the principal will be ...........higher/lower/the same than the first month's payment.

Extra question:
You are buying a house that costs $380000 and plan on taking out a 30-year fixed rate mortgage at an annual interest rate of 4.2%.

4)Your mortgage payments are $1486.61. How much do you pay for the house in its entirety after the 30 years?   .

5)How much money did you pay in interest?

Answer 1

Hoy loan Anut $ 374000 1 Calculating motgue payments ENI Pxrx l1tr4 Where la Principal Leen - $374000 ra periedad inthest rete = 0.024/12 -0.002 he ne-a perieds - Bours x 12 math = 360 - EMI - 374 wo x 0.002 (1+0.002) ((1+0.002)36-1) - 748 x (2.052957) (2.052957-1) - $ 1458.38 Mortgage Payments = $ 1458.38 Mortgage Paynent et the Same . Became loan , mortgages are loon period, enda the month will be į malgye konpayments bared same fureughout the 3) The amount of Goes Towards your the second mortgye payment that principes will he same ut for have Entirety 2 $ 1486.61 X 30yrs x 12 maths) - $ 337 335179.6 s) Interest Payments 189535129.6 - 380, cos = $ IS5179.6.

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