You want to buy a $280000 home. You plan to pay $56000 as a down payment, and take out a 15 year loan at 3.5% interest for the rest. a) What is the amount of the payment? b) If the bank charges 3 points on the loan, what is the amount charged for points? c) If the bank charges 3 points on the loan, what is the true interest rate?
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You want to buy a $280000 home. You plan to pay $56000 as a down payment, and take out a 15 year loan at 3.5% interest for the rest.
a) What is the amount of the payment?
b) If the bank charges 3 points on the loan, what is the amount charged for points?
c) If the bank charges 3 points on the loan, what is the true interest rate?
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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?You want to buy a $190000 home. You plan to pay $19000 as a down payment, and take out a 15 year loan at 4.25% interest for the rest.a) What is the amount of the payment?$b) If the bank charges 2 points on the loan, what is the amount charged for points?$c) If the bank charges 2 points on the loan, what is the true interest rate?$ TVM SOLVERYou want to buy a $200000 home. You plan to pay $20000 as a down payment, and take out a 20 year loan at 5.25% interest for the rest. a) What is the amount of the payment? $ b) If the bank charges 1.5 points on the loan, what is the amount charged for points? $ c) If the bank charges 1.5 points on the loan, what is the true interest rate? $ Question Help: D Video Submit Question
- You want to buy a $216,000 home. You plan to pay 5% as a down payment, and take out a 30 year loan at 3.25% interest for the rest.a) What is the amount of the down payment?b) What will the amount of the mortgage?c) The bank charges 2 points on the loan. What is the amount charged for points?Do you want to By A home for $330,000. You plan to pay 33,000 as a down payment and take out a 15 year loan at 3.5% interest for the rest. What is the amount of the payment? If the bank charges 1.5 points on the loan what is the amount charge for points? If the bank charges 1.5 points on the loan what is the true interest rate?You want to buy a $170000 home. You plan to pay $51000 as a down payment, and take out a 15 year loan at 5.25% interest for the rest. After 6 years, you decide to pay off the entire loan.a) What is the amount of the payment?$ b) What is the outstanding principal after 6 years?$c) If the bank charges 2 points on the loan, what is the amount charged for points?$d) If the bank charges 2 points on the loan, what is the true interest rate?$ TVM SOLVER
- You want to buy a $195,000 home. You plan to pay 5% as a down payment, and take out a 30 year loan at 5.35% interest for the rest. The bank will charge 1.5 points on the amount financed.a) What is the amount of the down payment?$b) How much is the loan amount going to be?$c) What will be the amount charged for 1.5 points?d) Find the amount of the monthly payment.Pls help on ur own.Suppose you take out a car loan that requires you to pay $8,000 now, $5,000 at the end of year 1, and $7,000 at the end of year 2. The interest rate is 5% now and increases to 9% in the next year. What is the present value of the payments?You want to buy a $140000 home. You plan to pay $14000 as a down payment, and take out a 20 year loan at 4.75% interest for the rest. After 7 years, you decide to pay off the entire loan. a) What is the amount of the payment? b) What is the outstanding principal after 7 years? c) If the bank charges 3.5 points on the loan, what is the amount charged for points? $ d) If the bank charges 3.5 points on the loan, what is the true interest rate?
- You want to buy a $160,000 home. You plan to pay 5% as a down payment, and take out a 30 year loan at 4.65% interest for the rest. The bank will charge 2 points on the amount financed. a) What is the amount of the down payment? b) How much is the loan amount going to be? $ c) What will be the amount charged for 2 points? d) Find the amount of the monthly payment. $You want to buy a $150,000 home. You plan to pay 5% as a down payment, and take out a 30 year loan at 4.9% interest for the rest. The bank will charge 3 points on the amount financed. a) What is the amount of the down payment? b) How much is the loan amount going to be? c) What will be the amount charged for 3 points? *1 point is 1 % of the mortgage amount d) Find the amount of the monthly payment. (Do not add the cost of the points to the loan amount) Hint: click here Question Help: D Video Message instructor %24You want to buy a $170000 home. You plan to pay $34000 as a down payment, and take out a 20 year loan at 4.5% interest for the rest. After 14 years, you decide to pay off the entire loan.a) What is the amount of the payment? b) What is the outstanding principal after 14 years?c) If the bank charges 3.5 points on the loan, what is the amount charged for points?d) If the bank charges 3.5 points on the loan, what is the true interest rate?
