Ben Brown bought a home for $225,000. He put down 20%. The mortgage is at 6 ½% for 30 years. Using the formula or calculator, his monthly payment is: Multiple Choice $1,422.15 $1,319.40 $1,216.80 $1,137.72
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Ben Brown bought a home for $225,000. He put down 20%. The mortgage is at 6 ½% for 30 years. Using the formula or calculator, his monthly payment is:
-
$1,422.15
-
$1,319.40
-
$1,216.80
-
$1,137.72
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- Chin Woo bought a home for $160,000. He put down 20%. The mortgage is at 8 1/2% for 25 years. What is the total of his monthly payments for one year? Multiple Choice $1,030.69 $12,368.28 $15,460.32 $1,288.36Ben Brown bought a home for \$225.000 . He put down 20\% The mortgage is at 6 1 2 \% 30 years . Using the formula or calculator , his monthly payment is5:35 ll LTE D a webassign.net Table 14-1: Monthly Payments to Amortize Principal and Interest per $1,000 Financed Monthly Payments (Necessary to amortize a loan of $1,000) Interest 10 15 20 25 30 35 40 Rate (%) Years Years Years Years Years Years Years Years 3.50 18.19 9.89 7.15 5.80 5.01 4.49 4.13 3.87 3.75 18.30 10.01 7.27 5.93 5.14 4.63 4.28 4.03 4.00 18.42 10.12 7.40 6.06 5.28 4.77 4.43 4.18 4.25 18.53 10.24 7.52 6.19 5.42 4.92 4.58 4.34 4.50 18.64 10.36 7.65 6.33 5.56 5.07 4.73 4.50 4.75 18.76 10.48 7.78 6.46 5.70 5.22 4.89 4.66 5.00 18.87 10.61 7.91 6.60 5.85 5.37 5.05 4.82 5.25 18.99 10.73 8.04 6.74 5.99 5.52 5.21 4.99 5.50 19.10 10.85 8.17 6.88 6.14 5.68 5.37 5.16 5.75 19.22 10.98 8.30 7.02 6.29 5.84 5.54 5.33 6.00 19.33 11.10 8.44 7.16 6.44 6.00 5.70 5.50 6.25 19.45 11.23 8.57 7.31 6.60 6.16 5.87 5.68 6.50 19.57 11.35 8.71 7.46 6.75 6.32 6.04 5.85 6.75 19.68 11.48 8.85 7.6 6.91 6.49 6.21 6.03 7.00 19.80 11.61 8.99 7.75 7.07 6.65 6.39 6.21 7.25 19.92 11.74 9.13 7.90 7.23 6.82…
- Nate bought a home for $143,000 with a down payment of $15,000. Nate's rate of interest is 6.75% for 20 years. Calculate his: A. Monthly payment Note: Round your answer to the nearest cent. B. First payment broken down into interest and principal Note: Round your "Principal" answer to the nearest cent. C. Balance of mortgage at end of month Note: Round your answer to the nearest cent.Joe Levi bought a home in Arlington, Texas, for $132,000. He put down 30% and obtained a mortgage for 30 years at 5.00%. (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 cost9. 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.) Total interest cost $
- Michael Sanchez purchased a condominium for $97,000. He made a 20% down payment and financed the balance with a 30 year, 5% fixed-rate mortgage. (Round your answers to the nearest cent. Use this table, if necessary.) (a) What is the amount (in $) of the monthly principal and interest portion, PI, of Michael's loan?Jen Logan bought a home in lowa for $110,000. She put down 20% and obtained a mortgage for 30 years at 51%. What are Jen's monthly payment and total interest cost of the loan? (Use Table 15.1.) Note: Round the intermediate calculation and final answers to the nearest cent. Monthly payment Total interest costMs. Tamper bought a house for $180,000. She put 20% down and obtained a mortgage loan for the balance at 4 1/4% for 30 years. a. Find the monthly payment. b. Find the total interest paid.
- Stephen has just purchased a home for $125,000. A mortgage company has approved his loan application for a 30-year fixed-rate loan at 5.00%. Stephen has agreed to pay 25% of the purchase price as a down payment. Find the total interest Stephen will pay if he pays the loan on schedule. E Click the icon to view the table of the monthly payment of principal and interest per $1,000 of the amount financed. The total interest is S. (Round to the nearest cent as needed.)Stephen has just purchased a home for $153,200. A mortgage company has approved his loan application for a 30-year fixed-rate loan at 4.75%. Stephen has agreed to pay 25% of the purchase price as a down payment. If Stephen made the same loan for 20 years, how much interest would he save? E Click the icon to view the table of the monthly payment of principal and interest per $1,000 of the amount financed. Stephen would save $ (Round to the nearest cent as needed.)Loretta Scholten bought a home for $210,000 with a down payment of $30,000. Her rate of interest is 6% for 35 years. Calculate Loretta’s monthly mortgage payment. (Round your answer to the nearest cent.)