If the Morgans can afford a monthly amortization payment of ?$800 then the following formula can be used to calculate the amount P of their 15-year mortgage loan at an annual interest rate of 3.6?% per year. Find the total amount of the mortgage loan that the Morgans can afford.
800= 0.0071980 •P
The Morgans can afford a $__ loan.
Show your calculations!
800= 0.0071980 •P
P=800/0.0071980
P=$111142
The Morgans can afford a $ 111142 loan.
If the Morgans can afford a monthly amortization payment of ?$800 then the following formula can...
5. a) You can afford a monthly loan payment of $500. If current mortgage rates are 3.75% for a 30-year fixed rate loan, how much can you afford to borrow? b) If you are required to make a 20% down payment and you have the cash on hand to do it, how expensive a home can you afford to buy? (Hint: You will need to solve the loan payment formula for P.)
5. a) You can afford a monthly loan payment of $500. If current mortgage rates are 3.75% for a 30-year fixed rate loan, how much can you afford to borrow? b) If you are required to make a 20% down payment and you have the cash on hand to do it, how expensive a home can you afford to buy? (Hint: You will need to solve the loan payment formula for P.)
You can afford monthly payments of S 00 i current mortgage rates are 2 52% for a 15-year fixed rate loan. how much can you a ord to borrow, if you are re used to make a 20% down payment and you have the cash on hand to do it, how expensive a home can you a ord? Hnt: You will need to solve the loan payment formula for P) How much can you afford to borrow? Round to the...
James wants to take out a loan. He can afford to make monthly
payments of 100 dollars and wants to pay the loan off after exactly
30 years.
What is the maximum amount that James can afford to borrow if
the bank charges interest at an annual rate of 8 percent,
compounded monthly?
(Give your answer, in dollars, correct to the nearest
dollar.)
Nicola borrows 60000 dollars from a bank that charges interest
at an annual rate of 10 percent,...
9. Can I afford this home? - Part 1 Can Alden and Jesse Afford This Home Using the Monthly Income Loan Criterion? Next week, your friends Alden and Jesse want to apply to the Fourth Global Bank for a mortgage loan. They are considering the purchase of a home that is expected to cost $155,000. Given your knowledge of personal finance, they've asked for your help in completing the Home Affordability Worksheet that follows. (Note: When completing the form, round...
Mortgage Amortization Complete the loan amortization schedule for a Mortgage that will be repaid over 360 months and answer the following questions (The details about the loan are shown below): Correct Answers 1. What is your monthly payment? 2. What is the total $ amount of payments made over the life of the loan Enter Answers Here. 3. How many months will it take to pay off the loan if you pay an extra $465.71 per month? Note: Enter the...
you want to purchase a home for $300,000. you have calculated that you can afford monthly payments of $1300 for principal and interest and that you can obtain a 30 year mortgage with monthly payments at an APR of 4.5% how much is maximum loan amount? based on the loan amount, how much must your down payment be in order to purchase the home? Please show work and BAII Plus
2 Q008 Negative Amortization a. Negative amortization occurs when the principal balance on a occurs when the principal balance on a loan (usually a mortgage) increases because the borrower's payments don't cover the total amount of interest that has accrued. des to purchase a house that costs $199.500. The bank requires a 10% downpayment and will provide a 15 year mortgage at a annual interest rate of 6%. The bank tells Mary that her monthly mortgage payments will be $1,510.14...
Construct a Loan Amortization Schedule Question Consider the following monthly amortization schedule: Payment # Payment Debt Payment Balance Interest 1 1, 167.34 259,873.20 540.54 626.80 2 1, 167.34 539.24 628.10 259, 245.10 3 1, 167.34 With the exception of column one, all amounts are in dollars. Calculate the annual interest rate on this loan. Give your answer to the nearest hundredth percent. Do not include the % sign in your response. Provide your answer below
Construct a Loan Amortization Schedule...
Can Abigail and Alexander Afford This Home Using the Installment Debt Loan Criterion? Next week, your friends Abigail and Alexander want to apply to the Third Universal Bank for a mortgage loan. They are considering the purchase of a home that is expected to cost $215,000. Given your knowledge of personal finance, they've asked for your help in completing the Home Affordability Worksheet that follows. (Note: When completing the form, round each dollar amount to the nearest whole dollar.) To...