Homework Answers
| Total cost of interest | = | $ 67,190 | |
| Workings: | |||
| Total Mortgage payments | = | $386.64 X 12 months X 30 years | |
| = | $ 1,39,190 | ||
| Total Mortgage payments | = | $ 1,39,190 | |
| Less: | Principal loan amount | = | $ 72,000 |
| Total cost of interest | = | $ 67,190 |
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Help Save & Use the following amortization chart: Selling price of home $ 77,eee Down payment...
Use the following amortization chart: Selling price of home Down payment Principal (loan) Rate of...
Use the following amortization chart: Selling price of home Down payment Principal (loan) Rate of interest Years Payment per $1,000 Monthly mortgage payment $ 92,000 $ 6,000 $ 86,000 6% 30 $ 6.00 $ 516.00 Assume the interest rate rises to 7.5%. What is the total cost of interest with the new interest rate? (Use Table 15.1). (Do not round intermediate calculations. Round your final answer to the nearest cent.)
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...
Jason bought a home in Arlington, Texas, for $127,000. He put down 25% and obtained a...
Jason bought a home in Arlington, Texas, for $127,000. He put down 25% and 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.)
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. 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...
Use PMT = to determine the regular payment amount, rounded to the nearest cent. The cost...
Use PMT = to determine the regular payment amount, rounded to the nearest cent. The cost of a home is financed with a $190,000 20-year fixed-rate mortgage at 3.5%. a. Find the monthly payments and the total interest for the loan. b. Prepare a loan amortization schedule for the first three months of the mortgage. a. The monthly payment is $ 1101.92. (Do not round until the final answer. Then round to the nearest cent as needed.) The total interest...
PH Use PMT = - to determine the regular payment amount, rounded to the nearest cent....
PH Use PMT = - to determine the regular payment amount, rounded to the nearest cent. The cost of a home is financed with a $110,000 30-year fixed-rate mortgage at 4%. -nt a. Find the monthly payments and the total interest for the loan. b. Prepare a loan amortization schedule for the first three months of the mortgage. a. The monthly payment is $525.16. (Do not round until the final answer. Then round to the nearest cent as needed.) The...
Estimate the affordable monthly mortgage payment, the affordable mortgage amount, and the affordable hom...
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) 15-year loan at Down payment to be made (percent of purchase price) Monthly estimate for property taxes and insurance $3,498 25e 6 percent 15 percent 180 Affordable monthly mortgage payment Affordable mortgage amount Affordable home purchase Exhibit...
Joe Levi bought a home in Arlington, Texas, for $128,000. He put down 30% and obtained...
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Suppose you want to purchase a $287,000 home, and you have the required $64,000 down payment...
Suppose you want to purchase a $287,000 home, and you have the required $64,000 down payment in savings. Complete the table presented by a mortgage broker. Principal $223,000 Interest Rate 3.625% Terms (years) 20 Payment Total of Payments over Life of Loan Total Interest Paid over Life of Loan Complete the table below. (years) | Payment Total of Payments over Life of Loan Principal Interest | Terms Rate $223,000 3.625% 20 (Round to the nearest cent as needed.) Total Interest...
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...
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. 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...
Use PMT = to determine the regular payment amount, rounded to the nearest cent. The cost of a home is financed with a $190,000 20-year fixed-rate mortgage at 3.5%. a. Find the monthly payments and the total interest for the loan. b. Prepare a loan amortization schedule for the first three months of the mortgage. a. The monthly payment is $ 1101.92. (Do not round until the final answer. Then round to the nearest cent as needed.) The total interest...
PH Use PMT = - to determine the regular payment amount, rounded to the nearest cent. The cost of a home is financed with a $110,000 30-year fixed-rate mortgage at 4%. -nt a. Find the monthly payments and the total interest for the loan. b. Prepare a loan amortization schedule for the first three months of the mortgage. a. The monthly payment is $525.16. (Do not round until the final answer. Then round to the nearest cent as needed.) The...
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) 15-year loan at Down payment to be made (percent of purchase price) Monthly estimate for property taxes and insurance $3,498 25e 6 percent 15 percent 180 Affordable monthly mortgage payment Affordable mortgage amount Affordable home purchase Exhibit...
Suppose you want to purchase a $287,000 home, and you have the required $64,000 down payment in savings. Complete the table presented by a mortgage broker. Principal $223,000 Interest Rate 3.625% Terms (years) 20 Payment Total of Payments over Life of Loan Total Interest Paid over Life of Loan Complete the table below. (years) | Payment Total of Payments over Life of Loan Principal Interest | Terms Rate $223,000 3.625% 20 (Round to the nearest cent as needed.) Total Interest...
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