You decide to buy a home for $5,700,000. If you put 10 % down, and borrow the rest at 4.9 % to pay back over 30 years, compounded monthly, what will your monthly mortgage be? (Round to the nearest cent.) O $27,226.28 O $25,367.45 O $570,000 O $5,130,000
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- Use the tables in Appendix B to answer the following questions. A. If you would like to accumulate $2,500 over the next 4 years when the interest rate is 15%, how much do you need to deposit in the account? B. If you place $6,200 in a savings account, how much will you have at the end of 7 years with a 12% interest rate? C. You invest $8,000 per year for 10 years at 12% interest, how much will you have at the end of 10 years? D. You win the lottery and can either receive $750,000 as a lump sum or $50,000 per year for 20 years. Assuming you can earn 8% interest, which do you recommend and why?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 $794.39Let’s assume that you plan to purchase a house which is selling for $350,000 today. You will make a monthly payment for the next 30 years, with an annual interest rate of 3%. What will be the amount of your monthly mortgage (i.e., home loan) payment? answer choices $1,890.37 $1,400.01 $1,475.61 $1,228.14
- You buy a house and finance the purchase with a $200,000 mortgage. What are your monthly payments if the mortgage is for 30 years and the nominal annual mortgage interest rate is 6.50%? O $1,137.72 $1,011.31 O $1,264.14 $555.56 $1,200.93Suppose you are buying your first home for $210,000, and you have $15,000 for your down payment. You have arranged to finance the remainder with a 30-year, monthly payment, amortized mortgage at a 6.5% nominal interest rate, with the first payment due in one month. What will your monthly payments be? Select the correct answer. a. $1,231.53 b. $1,233.53 c. $1,232.53 d. $1,234.53 e. $1,230.53Suppose you are buying your first condo for $280,000, and you will make a $15,000 down payment. You have arranged to finance the remainder with a 30-year, monthly payment, amortized mortgage at a 5.9% nominal interest rate, with the first payment due in one month. What will your monthly payments be? a. $1,571.81 b. $2,039.03 c. $1,652.66 d. $1,660.78 e. $1,564.12
- You are considering purchasing a new home. You will need to borrow $280,000 to purchase the home. A mortgage company offers you a 20-year fixed rate mortgage (240 months) at 9% APR (0.75% month). If you borrow the money from this mortgage company, your monthly mortgage payment will be closest to: O A. $2,015 В. $3,527 C. $4,030 D. $2,519You want to buy a house that costs $320,000. You will make a down payment equal to 20 percent of the price of the house and finance the remainder with a loan that has an interest rate of 4.00 percent compounded monthly. If the loan is for 30 years, what are your monthly mortgage payments? Multiple Choice $1,425.85 $14,804.51 $1.52773 $1.222.18 $1,18066 DYou want to buy a house that costs $393,000. You will finance the home with a mortgage loan that has an APR of 6.19 percent compounded monthly. If the loan is for 30 years, what will be the amount of your monthly mortgage payment? $24,326.70 O $2,404.45 O $29,133.87 O $14,173.44 $2.392.11
- You buy a house and finance the purchase with a $150,000 mortgage. What are your monthly payments if the mortgage is for 30 years and the nominal annual mortgage interest rate is 5.50%? (Ch. 5) Group of answer choices $681.35 $766.52 $416.67 $847.80 $851.68Suppose you are buying your first condo for $240,000, and you will make a $15,000 down payment. You have arranged to finance the remainder with a 30- year, monthly payment, amortized mortgage at a 6.8% nominal interest rate, with the first payment due in one month. What will your monthly payments be? Oa. $1,564.62 O b. $1,900.00 Oc. $1,466.83 Od. $1,555.80 e. $1,458.57You want to buy a house that costs $290,000. You will make a down payment equal to 10 percent of the price of the house and finance the remainder with a loan that has an APR of 5.51 percent compounded monthly. If the loan is for 20 years, what are your monthly mortgage payments? Group of answer choices $1,736.96 $1,886.70 $1,821.54 $1,796.86 $1,788.65