I bought my home January 1st 2020 If my home costs 580,000$ The down payment is 5% the mortgage rate is 5% for the entirety of the mortgage the amortization period is 25 years the growth rate is 2% over the entire mortgage amortization period What are the overall housing costs in November 2023 (excluding taxes and maintenance costs)
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I bought my home January 1st 2020 If my home costs 580,000$ The down payment is 5% the mortgage rate is 5% for the entirety of the mortgage the amortization period is 25 years the growth rate is 2% over the entire mortgage amortization period What are the overall housing costs in November 2023 (excluding taxes and maintenance costs)
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- The amount that is borrowed on your house mortgage was $175,000 dollars to be repayed through monthly payments for 25 years at 5.6% APR. a. Find the amount of the monthly payment that would amortize this loan. b. Suppose you have been making your payments for the last 7 years and would like to apply for a home equity loan to put an in ground pool in your yard. Calculate what remains to be paid on your mortgage. c. Calculate the equity you have in your home if your home is currently worth $205,000.assume you purchased a house on january 1, 2020 for $200,000. you had made a down payment of 20% on the house and the balance was financed with a 30 year loan at 5% per annum stated apr with monthly payments to be made beginning january 1, 2020. what are your monthly payments?1. You are purchasing a home for $150,000 at an 8% APR. Your loan period is 360 months. If your payment is $1,100.65, what is your loan balance after 10 years? $104,658 $131,586 $135,386 $121,543 2. You are purchasing a home for $150,000 at an 8% APR. Your loan period is 360 months. If your payment is $1,100.65, what will your equity be after 10 years? $18,414 $28,627 $14,538 $34,579
- The original amount that was borrowed for your home mortgage was 175,000 dollars, to be repaid through monthly payments for 25 years at 5.6% APR . a. Find the amount of the monthly payment that would amortize this loan. b. Suppose you have been making your payments for the last 7 years, and would like to apply for a home equity loan to put an in-ground pool in your yard. Calculate what remains to be paid on your mortgage. c. Calculate the equity you have In your home if your home is currently worth $205,000.You borrow $100,000 to buy a house; if the annual interest rate is 6% and the term of the loan is 20 years, what is the annual payment required to retire the mortgage loan? Clue: Present ValueThe following table shows annual rates for various types of loans in 2021. Assume monthly payments and compounding periods. HINT [See Examples 5 and 7.] Loan 30-Year 15-Year Type Mortgage Mortgage Rate 3.03% New Car Loan Used Car Loan Credit Cards 2.30% 9.20% 9.45% 13.99% Six years into your 15-year $600,000 mortgage begun in 2021, you inherit your rich uncle's estate and decide to pay off the outstanding principal on your mortgage. What is that amount? Hint [Use the formula in the Before we go on discussion in Example 6.] (Do not round the payment amount to the nearest cent. Round the final outstanding principal to the nearest cent.) $
- Suppose you are buying your first home for $144,000, and you have $17,000 for your down payment. You have arranged to finance the remainder with a 30-year, monthly payment, amortized mortgage at a 6.40% nominal interest rate, with the first payment due in one month. What will your monthly payments be? Group of answer choices $831.93 $857.64 $753.30 $714.27 $794.39Calculation question take home $3,200.00 per month. You purchase a home, taking out a $250,000.00 mortgage. The deal is 2% annual interest for the first 24 months of your 30 year mortgage, then the rate goes to 8%. What is your initial monthly payment? (2% annual interest, 30 year loan, monthly payment)) Assume it is 2023 and you are comfortable in your new job from which youIf I purchase a home for $150,000. I do a fixed 30-year mortgage at 6%. I have to put down 10% or $15,000. What would be my annual payment? A. $6,456.72 B. $9,376.24 C. $9,712.72 D. $12,345.67
- I understand i Have to use Monthly Compounding but With the added 20% of the down payment I am so confused the Question: Assume you purchased a house on January 1, 2020 for $200,000. You had made a down payment of 20% on the house and the balance was financed with a 30 year loan at 5% per annum stated APR with monthly payments to be made beginning January 1, 2020. What are your monthly payments?Suppose you took out a 30 year mortgage on August 2, 2012 for $200,000. You decide to pay off the mortgage in 25 years. You calculate your new monthly payment to be $1007.69. Complete the table below and calculate how much you save by paying off your mortgage early.The following table shows annual rates for various types of loans in 2021. Assume monthly payments and compounding periods. HINT [See Examples 5 and 7.] Credit Cards Loan 30-Year Type Mortgage Rate 3.03% 15-Year New Car Used Car Mortgage Loan Loan 2.30% 9.20% 9.45% 13.99% Ten years into your 15-year $500,000 mortgage begun in 2021, you inherit your rich uncle's estate and decide to pay off the outstanding principal on your mortgage. What is that amount? Hint [Use the formula in the Before we go on discussion in Example 6.] (Do not round the payment amount to the nearest cent. Round the final outstanding principal to the nearest cent.)
