Jason bought a home in Arlington, Texas, for $127,000. He put down 25% and obtained a...
obtained a mortgage for 30 years at 6%. |
|
a. |
What is Jason’s monthly payment? (Do not round intermediate calculations. Round your answer to the nearest cent.) |
||||||
|
Monthly payment |
$ |
||||||
|
b. |
What is the total interest cost of the loan? (Use the amortization worksheet on the financial calculator.) |
||||||
Homework Answers
Cost of Home = $127,000
Down Payment = 0.25(127,000) = $31,750
Loan Amount = 127,000 - 31,750
Loan Amount = $95,250
Time Period = 30 years
Interest Rate = 6%
Calculating Monthly Payment on Loan,
Using TVM Calculation,
PMT = [PV = 95,250, T = 360, FV = 0, I = 0.06/12]
PMT = $571.07
Monthly Payment = $571.07
Total Interest Cost = Total Amount Paid - Loan Amount
Total Interest Cost = 360(571.07) - 95,250
Total Interest Cost = $110,335.20
Add Answer to:
Jason bought a home in Arlington, Texas, for $127,000. He put
down 25% and
obtained a...
Joe Levi bought a home in Arlington, Texas, for $128,000. He put down 30% and obtained...
Joe Levi bought a home in Arlington, Texas, for $128,000. He put down 30% and obtained a mortgage for 30 years at 5.50%. (Use Table 15.1.) a. What is Joe’s monthly payment? (Round your intermediate values and final answer to the nearest cent.) Monthly payment $ b. What is the total interest cost of the loan? (Use 360 days a year. Round your intermediate values and final answer to the nearest cent.) Total interest cost $
Edit question Joe Levi bought a home in Arlington, Texas, for $135,000. He put down 30%...
Edit question
Joe Levi bought a home in Arlington, Texas, for $135,000. He put
down 30% and obtained a mortgage for 30 years at 5.00%. (Use Table
15.1.)
. What is Joe’s monthly payment?
(Round your intermediate values and final
answer to the nearest cent.)
Monthly payment
$
b. What is the total interest cost of the loan?
(Use 360 days a year. Round your
intermediate values and final answer to the nearest
cent.)
Total interest cost
$
TABLE 15.1...
Joe Levi bought a home in Arlington, Texas, for $126,000. He put down 30% and obtained...
Joe Levi bought a home in Arlington, Texas, for $126,000. He put
down 30% and obtained a mortgage for 30 years at 7.00%. What is the
difference in interest cost if he had obtained a mortgage rate of
5.00%? (Use Table 15.1.) (Use 360 days a
year. Round your intermediate values and final answer to the
nearest cent.)
Difference
$
TABLE 15.1 Amortization table (mortgage principal and interest per $1,000) INTEREST Term in years 34% 5% 5% 6% 6% 7%...
Joe Levi bought a home in Arlington, Texas, for $126,000. He put down 30% and obtained a mortgage for 30 years at 7.00%....
Joe Levi bought a home in Arlington, Texas, for $126,000. He put
down 30% and obtained a mortgage for 30 years at 7.00%. What is the
difference in interest cost if he had obtained a mortgage rate of
5.00%? (Use Table 15.1.) (Use 360 days a
year. Round your intermediate values and final answer to the
nearest cent.)
Difference
$
15.1 TABLE Amortization table (mortgage principal and interest per $1,000) INTEREST Term 8/% 31% s% 61% 7% 92% 102% 10%...
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Use the following amortization chart: Selling price of home Down payment Principal (loan) Rate of...
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Pat Radigan is planning to buy a Toyota hybrid for $18,919 with $2,800 down and plans to finance the car. Citizens' Financial Bank quoted a finance charge at 8% for 48 months; Charter One Bank quoted him a finance charge at 7.5% for 60 months. a. What would be his monthly payment to Citizens' Financial Bank? (Do not round intermediate calculations. Round your answer to the nearest cent.) Monthly payment b. What would be his monthly payment to Charter One...
Edit question
Joe Levi bought a home in Arlington, Texas, for $135,000. He put
down 30% and obtained a mortgage for 30 years at 5.00%. (Use Table
15.1.)
. What is Joe’s monthly payment?
(Round your intermediate values and final
answer to the nearest cent.)
Monthly payment
$
b. What is the total interest cost of the loan?
(Use 360 days a year. Round your
intermediate values and final answer to the nearest
cent.)
Total interest cost
$
TABLE 15.1...
Joe Levi bought a home in Arlington, Texas, for $126,000. He put
down 30% and obtained a mortgage for 30 years at 7.00%. What is the
difference in interest cost if he had obtained a mortgage rate of
5.00%? (Use Table 15.1.) (Use 360 days a
year. Round your intermediate values and final answer to the
nearest cent.)
Difference
$
TABLE 15.1 Amortization table (mortgage principal and interest per $1,000) INTEREST Term in years 34% 5% 5% 6% 6% 7%...
Joe Levi bought a home in Arlington, Texas, for $126,000. He put
down 30% and obtained a mortgage for 30 years at 7.00%. What is the
difference in interest cost if he had obtained a mortgage rate of
5.00%? (Use Table 15.1.) (Use 360 days a
year. Round your intermediate values and final answer to the
nearest cent.)
Difference
$
15.1 TABLE Amortization table (mortgage principal and interest per $1,000) INTEREST Term 8/% 31% s% 61% 7% 92% 102% 10%...
Help Save & Use the following amortization chart: Selling price of home $ 77,eee Down payment $ 5,eee Principal (loan) $ 72,eee Rate of interest 5.0% Years 30 Payment per Monthly mortgage $1,000 payment $ 5.37 $ 386.64 What is the total cost of interest? (Do not round intermediate calculations. Round your answer to the nearest whole dollar) Total cost of interest
Pat Radigan is planning to buy a Toyota hybrid for $18,919 with $2,800 down and plans to finance the car. Citizens' Financial Bank quoted a finance charge at 8% for 48 months; Charter One Bank quoted him a finance charge at 7.5% for 60 months. a. What would be his monthly payment to Citizens' Financial Bank? (Do not round intermediate calculations. Round your answer to the nearest cent.) Monthly payment b. What would be his monthly payment to Charter One...
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