Your parents are moving to Florida and are considering taking out a 30-year mortgage loan for $100,000 with an interest rate of 6 percent plus 4 points. Your mother asked you to calculate the effective annual interest rate on the loan if the loan is carried for all 30 years? 6.4% 6.0% 5.6% 6.6%
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- After making payments of $901.10 for 8 years on your 30 year loan at 8.3%, you decide to sell your home. What is the loan payoff?After making payments of $917.10 for 4 years on your 30-year loan at 8.1%, you decide to sell your home. What is the loan payoff?Can you show me how this is done? Ava Darling plans to buy a home and can deposit $1,703 per year for the next 5 years.. If the annual interest rate is 6%, how much can Ava Darling expect to have for a down payment in 5 years? Selected Answer: 65,579 Correct Answer: 9,600 ± 5
- Your uncle has said that if you agree to finish college he will give you equal payments of $3,500 at the end of each year for the next six years. If the annual interest rate stays constant at 4%, what is the value of these payments in today’s dollars? Round your answer to the nearest whole dollar. $15,595 $22,934 $18,347 $19,081You found out that now you are going to receive payments of $9,500 for the next 13 years. You will receive these payments at the beginning of each year. The annual interest rate will remain constant at 12%. What is the present value of these payments? Round your answer to the nearest whole dollar. $68,347 $92,268 $61,024 $54,678A couple take a 30-year home mortgage of $120,000 at 7.8% compounded monthly. They make their regular monthly payments for 5 years, then decide to pay $1000 per month. a. Find their regular monthly payment. b. Findtheunpaidbalancewhentheybeginpayingthe$1000. c. How many payments of $1000 will it take to pay off the loan? Give the answer correct to one decimal place. d. Use your answer to part(c)to find how much interest they save by paying the loan this way.Listen A couple has a $420,000 mortgage amortized over 30 years with monthly payments. They chose to lock in a rate of j2-D4% for the first 5 years. Calculate their new monthly payment (rounded up to the next cent) if they refinance at j2=5.50% after the first 5 years are up. Your Answer: Answer
- Assume you borrow $200,000 from a bank today to buy a house at 4% interest for 30 years with monthly payments. How much will the monthly payment be? How much interest will you pay over the course of the loan? How much equity do you have in the house after 6 years? What will the loan balance be at the end of year 20? How much interest paid during year 5?Your family recently bought a house. You have a $100,000, 30-year mortgage with a 6% nominal annual interest rate. Interest is compounded monthly and all payments are made at the end of the month. What is your monthly payment and how much of your first monthly payment will go toward the interest payment? a. $599.55 and $500.00 b. $450.00and $99.55 c. $277.78 and $77.78 d. $478.79and $400.00 e. $599.55 and $99.55 What is the principal balance outstanding after you make 10 th payment? a. $45,859.63 b. $79,045.03 c. $83,685.65 d. $98,981.70 e. $99,900.45You're moving to a new location and decide to purchase a new home. You find the house of your dreams for $200,000.00. You are approved for a zero down payment mortgage for 30 years at a 5% APR. What is your monthly payment? O $1,073.64 $107.36 O $10,736.40 O $1,111.11 O $1,095.59
- You have been shopping for a new home. You have the choice of financing for your $300,000. You can choose either a 4.5% 30 year loan or a 5% 15 year loan. A) Assuming you take out the mortgage at age 30 - prepare the amortization schedule for each situation. B) Highlight the payment period when the interest flips on the 15 year note? On the 30? C) At age 45 when you pay off the 15 year mortgage, you decide to invest your previous monthly mortgage payment in a mutual fund earning 6% annually. What is the value of this investment at age 62 (17 years later)?Amna has a housing loan of $50,000 over 15 years with a 6% interest rate. According to the Bank he will be paying $422 monthly on this loan. What is the amount of interest and principal for the first and second installment? Assume that you have saved money for a down payment on your dream house, but you still need to borrow $12000 from your bank to complete the deal. The bank offers you a 30-year mortgage at an annual rate of 7%. Calculate a) Monthly payment/EMI b) Principal Amount and Interest for the first three months. Answer as soon as possible plsss!!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 O B. $3,527 O C. $4,030 O D. $2,519
