tom arranged for a mortgage loan for 80 percent of the $2.5 million purchase price of the house. the monthly payment wil...
Homework Answers
Loan Amount = 2,500,000(0.80) = $2,000,000
Calculating APR on Loan,
Using TVM Calculation,
I = [PV = 2,000,000, PMT = -10,400, FV = 0, N = 360]
I = 4.72%
EAR = (1 + 0.0472/12)12 - 1
EAR = 4.82%
Add Answer to:
tom arranged for a mortgage loan for 80 percent of the $2.5 million purchase price of the house. the monthly payment wil...
USZ bV bolta sco sitiz - otot - form Cash Flo - Mr. Tom arranged for...
USZ bV bolta sco sitiz - otot - form Cash Flo - Mr. Tom arranged for a mortgage loan for 80 percent of the $2.5 million purchase price of a home. The monthly payment will be $10,400 and the mortgage term is 30 years. What she EAR on this loan?
Estimate the affordable monthly mortgage payment, the affordable mortgage amount, and the affordable home purchase price...
Estimate the affordable monthly mortgage payment, the affordable mortgage amount, and the affordable home purchase price for the following situation. Use Exhibit 7-6, Exhibit 7-7 (Round your intermediate and final answers to the nearest whole dollar.) Monthly gross income Other debt (monthly payment) 20-year loan at Down payment to be made (percent of purchase price) Monthly estimate for property taxes and insurance $ 3,480 $ 240 5 percent 10 percent $ 2ee Affordable monthly mortgage payment Affordable mortgage amount Affordable...
Suppose you've just purchased a new warehouse for $4,500,000. To finance the purchase, you've arranged for...
Suppose you've just purchased a new warehouse for $4,500,000. To finance the purchase, you've arranged for a 30-year mortgage for 80% of the $4,500,000 purchase price. The monthly payment on this loan will be $27,500. What is the APR on this loan? What is the EAR?
Estimate the affordable monthly mortgage payment, the affordable mortgage amount, and the affordable home purchase price...
Estimate the affordable monthly mortgage payment, the affordable
mortgage amount, and the affordable home purchase price for the
following situation. (Refer to Exhibit 9-8 and Exhibit 9-9) (Round
time value factor to 2 decimal places, intermediate and final
answers to the nearest whole number.)
Monthly gross income
$
3,450
Down payment to be made (percent of purchase price)
20
Percent
Other debt (monthly payment)
$
220
Monthly estimate for property taxes and insurance
$
280
30-year loan
7.0
Percent
Affordable...
Estimate the affordable monthly mortgage payment, the affordable mortgage amount, and the affordable home purchase price...
Estimate the affordable monthly mortgage payment, the affordable
mortgage amount, and the affordable home purchase price for the
following situation. (Refer to Exhibit 9-8 and Exhibit 9-9)
(Round time value factor to 2 decimal places, intermediate
and final answers to the nearest whole dollar.)
Monthly gross income
$
4,700
Down payment to be made (percent of purchase
price)
20
percent
Other debt (monthly payment)
$
260
Monthly estimate for property taxes and
insurance
$
490
30-year loan
8.5...
Question 9 3 pts You have just purchased a new warehouse. To finance the purchase, you've arranged for a 25-year mo...
Question 9 3 pts You have just purchased a new warehouse. To finance the purchase, you've arranged for a 25-year mortgage for 80 percent of the $1,800,000 purchase price. The monthly payment on this loan will be $10,800. What is the APR? The EAR? 7.75 percent; 8.03 percent 07.67 percent; 8.03 percent O 7.72 percent; 7.94 percent 7.72 percent; 8.03 percent 7.67 percent; 7.94 percent
Problem 9-2 Estimating a Monthly Mortgage Payment (L09-4) Estimate the affordable monthly mortgage payment, the affordable...
Problem 9-2 Estimating a Monthly Mortgage Payment (L09-4) Estimate the affordable monthly mortgage payment, the affordable mortgage amount, and the affordable home purchase price for the following situation. (Refer to Exhibit 9-8 and Exhibit 9-9) (Round time value factor to 2 decimal places, Intermediate and final answers to the nearest whole number.) Monthly gross income Down payment to be made (percent of purchase price) Other debt (monthly payment) Monthly estimate for property taxes and insurance 30-year loan $6,800 15 Percent...
Jason and Mary purchase a house for $550,000. They obtain a home loan for 80% of...
Jason and Mary purchase a house for $550,000. They obtain a home loan for 80% of the purchase price. They wish to pay off the mortgage monthly over 25 years. Assume a fixed interest rate of 4.5% p.a. What will be the amount of each monthly repayment? IN DEPTH ANSWER PLEASE SHOW ALL CALCULATIONS PLEASE.
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?
Sarah secured a bank loan of $190,000 for the purchase of a house. The mortgage is...
Sarah secured a bank loan of $190,000 for the purchase of a house. The mortgage is to be amortized through monthly payments for a term of 15 years, with an interest rate of 3%/year compounded monthly on the unpaid balance. She plans to sell her house in 10 years. How much will Sarah still owe on her house at that time? (Round your answer to the nearest cent.)
USZ bV bolta sco sitiz - otot - form Cash Flo - Mr. Tom arranged for a mortgage loan for 80 percent of the $2.5 million purchase price of a home. The monthly payment will be $10,400 and the mortgage term is 30 years. What she EAR on this loan?
Estimate the affordable monthly mortgage payment, the affordable mortgage amount, and the affordable home purchase price for the following situation. Use Exhibit 7-6, Exhibit 7-7 (Round your intermediate and final answers to the nearest whole dollar.) Monthly gross income Other debt (monthly payment) 20-year loan at Down payment to be made (percent of purchase price) Monthly estimate for property taxes and insurance $ 3,480 $ 240 5 percent 10 percent $ 2ee Affordable monthly mortgage payment Affordable mortgage amount Affordable...
Estimate the affordable monthly mortgage payment, the affordable
mortgage amount, and the affordable home purchase price for the
following situation. (Refer to Exhibit 9-8 and Exhibit 9-9) (Round
time value factor to 2 decimal places, intermediate and final
answers to the nearest whole number.)
Monthly gross income
$
3,450
Down payment to be made (percent of purchase price)
20
Percent
Other debt (monthly payment)
$
220
Monthly estimate for property taxes and insurance
$
280
30-year loan
7.0
Percent
Affordable...
Estimate the affordable monthly mortgage payment, the affordable
mortgage amount, and the affordable home purchase price for the
following situation. (Refer to Exhibit 9-8 and Exhibit 9-9)
(Round time value factor to 2 decimal places, intermediate
and final answers to the nearest whole dollar.)
Monthly gross income
$
4,700
Down payment to be made (percent of purchase
price)
20
percent
Other debt (monthly payment)
$
260
Monthly estimate for property taxes and
insurance
$
490
30-year loan
8.5...
Question 9 3 pts You have just purchased a new warehouse. To finance the purchase, you've arranged for a 25-year mortgage for 80 percent of the $1,800,000 purchase price. The monthly payment on this loan will be $10,800. What is the APR? The EAR? 7.75 percent; 8.03 percent 07.67 percent; 8.03 percent O 7.72 percent; 7.94 percent 7.72 percent; 8.03 percent 7.67 percent; 7.94 percent
Problem 9-2 Estimating a Monthly Mortgage Payment (L09-4) Estimate the affordable monthly mortgage payment, the affordable mortgage amount, and the affordable home purchase price for the following situation. (Refer to Exhibit 9-8 and Exhibit 9-9) (Round time value factor to 2 decimal places, Intermediate and final answers to the nearest whole number.) Monthly gross income Down payment to be made (percent of purchase price) Other debt (monthly payment) Monthly estimate for property taxes and insurance 30-year loan $6,800 15 Percent...
Sarah secured a bank loan of $190,000 for the purchase of a house. The mortgage is to be amortized through monthly payments for a term of 15 years, with an interest rate of 3%/year compounded monthly on the unpaid balance. She plans to sell her house in 10 years. How much will Sarah still owe on her house at that time? (Round your answer to the nearest cent.)
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