Year | PV factor 10% [1/(1+r)^]n |
1 | 0.909 |
2 | 0.826 |
3 | 0.751 |
4 | 0.683 |
5 | 0.621 |
6 | 0.564 |
7 | 0.513 |
8 | 0.467 |
9 | 0.424 |
10 | 0.386 |
11 | 0.350 |
12 | 0.319 |
13 | 0.290 |
14 | 0.263 |
15 | 0.239 |
16 | 0.218 |
17 | 0.198 |
18 | 0.180 |
19 | 0.164 |
20 | 0.149 |
21 | 0.135 |
22 | 0.123 |
23 | 0.112 |
24 | 0.102 |
25 | 0.092 |
26 | 0.084 |
27 | 0.076 |
28 | 0.069 |
29 | 0.063 |
30 | 0.057 |
Total PV Factor | 9.427 |
Cost of house | 250,000.00 | $ |
Down payment | 36,000.00 | $ |
Loan amount | 214,000.00 | $ |
Life of loan | 30 | Years |
Interest rate | 10% | |
Total PV factor | 9.427 | |
Annual payment | Loan amount/ Total PV factor | |
Annual payment | 22,700.75 | $ |
Time Remaining: 01:56.19 Submit Quiz Quiz: Chapter 4 Quiz (Copy) This Question: 1 pt 5 of...
Quiz: Chapter 4 Quiz (Copy) Time Remaining: 01:53:47 Submit Quiz This Quiz: 9 pts possible This Question: 1 pt 5 of 9 You are thinking of purchasing a house. The house costs $400,000. You have $57,000 in cash that you can use as a down payment on the house, but you need to borrow the rest of the purchase price. The bank is offering a 30-year mortgage that requires annual payments and has an interest rate of 9 % per...
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XP 4-35 (similar to) You are thinking of purchasing a house. The house costs $250,000. You have $36,000 in cash that you can use as a down payment on the house, but you need to borrow the rest of the purchase price. The bank is offering a 30-year mortgage that requires annual payments and has an interest rate of 8% per year. What will be your annual payment if you sign this mortgage? The annual payment is $ . (Round...
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You are thinking of purchasing a house. The house costs $350,000. You have $50,000 in cash that you can use as a down payment on the house, but you need to borrow the rest of the purchase price. The bank is offering a 30-year mortgage that requires monthly payments and has an APR of 6% per year. What will your monthly payment be if you take this mortgage?
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