A 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.

Q: Suppose Allison purchases a condominium and secures a loan of $134,000 for 30 years at an annual…

A: Loan amount (X) = $134000 Number of payments (n) = 30 * 12 = 360 r = 6.5% per annum = 0.54167% per…

Q: A family has a $95,877, 25-year mortgage at 5.1% compounded monthly (A) Find the monthly payment and…

A: A written agreement through which a lender gets the right to take the property that is put as a…

Q: and Lana take a 30-vear home mortgage of $126,000 at 7.5%, compounded monthly. They make their…

A: Mortgage Amount = $126,000 Time Period = 30 Years Interest Rate = 7.5%

Q: s are purchasing a $240,000 home with a 30-year fixed mortgage at an APR of 4.5%. They made a 10%…

A: Mortgages are paid by the monthly payments that carry the payment for the loan and interest rate.…

Q: James has a mortgage of $98,500 at 4% for 20 years. The property taxes are $3,700 per year, and the…

A: PITI payment : It refers to mortgage payment made by an individual and such payment includes loan…

Q: James has a mortgage of $98,500 at 8% for 15 years. The property taxes are $3,700 per year, and the…

A: Mortgage amount = $98500 Rate = 8% Period = 15 years Property taxes = $3700 per year Insurance…

Q: You take out a 30-year $100,000 mortgage loan with an APR of 6% and monthly payments. In 12 years…

A: Principal balance Amount outstanding and owing for satisfying the payoff the amount of an underlying…

Q: What is the payoff on Angela's loan? (Round your answer to two decimal places.)

A: Loan is financial agreement where a person (lender) lends lump-sum money to other person (borrower)…

Q: Felipe and Suzie want to calculate the difference in monthly payments on a $110,000 home as a result…

A: Using excel PMT function

Q: A woman buys a house for $290,000. She pays $60,000 down and takes out a mortgage at 6.9% on the…

A: Since you have asked a question with multiple parts, we will solve the first 3 parts for you. Please…

Q: Ms. Tweeter is buying a house with a cost of $350,000. She will make a down payment of $20,000 on…

A: There are various ways through which one can obtain finance, one of them is through a mortgage loan.…

Q: Daniel and Jan agreed to pay $552,000 for a four-bedroom colonial home in Waltham, Massachusetts,…

A: Cost of home = $552,000 Down Payment = $50,000 Time period = 30 years  Interest rate = 6%

Q: Clark and Lana take a 30-year home mortgage of $125,000 at 7.6%, compounded monthly. They make their…

A: Loan Repayment Concept

Q: 2) Ahmet bought a new house for 1 100 000 TL and financed 70 percent of the purchase price with a…

A: Monthly Payment refers to the payment that is to be paid monthly for a specific period of time to…

Q: find the monthly payment and total interest paid (B) suppose the family decides to add an extra $100…

A: A mortgage can be defined as a type of loan where the borrower borrows money from the lender to…

Q: Angelina is buying a home for $208,000. She has a $37,000 down payment and the bank b offered her a…

A: Loans are paid by the monthly payments and these are equal monthly installments and these carry the…

Q: James has a mortgage of $98,500 at 8% for 15 years. The property taxes are $3,900 per year, and the…

A: A written agreement through which a lender gets the right to take the property that is put as a…

Q: A family has a $95,877, 25-year mortgage at 5.1% compounded monthly (A) Find the monthly payment and…

A: Using the PMT function in excel

Q: James has a mortgage of $94,500 at 8% for 15 years. The property taxes are $3,900 per year, and the…

A: Given, Mortgage amount = $94,500 Interest rate = 8% Taxes = $3,900 Insurance premium = $754.50

Q: A woman buys a house for $290,000. She pays $60,000 down and takes out a mortgage at 6.9% on the…

A: House Purchase Price = 290,000 Down Payment = 60,000 Loan Amount = House Purchase Price - Down…

Q: A family has an $80,000, 20-year loan at 8% compounded monthly. (a) Find the monthly payment and…

A: A loan represents the borrowings that are taken by an individual or corporation from a bank or any…

Q: James has a mortgage of $84,500 at 4% for 15 years. The property taxes are $3,700 per year, and the…

A: Borrowings are the liability of the borrower which is used to finance the requirement. The borrower…

Q: You are looking to buy a $415,000.00 home in Haverhill. If Bank of America will give them a 30-year…

A: For the calculation I have used the above given formula and got the monthly payment to be…

Q: A couple buys a $200000 home, making a down payment of 20%. The couple finances the purchase with a…

A: Monthly payments are calculated using excel PMT function

Q: Clark and Lana take a 30-year home mortgage of $129,000 at 7.7%, compounded monthly. They make their…

A: Here, Mortgage Amount is $129,000 Interest Rate is 7.7% Duration of Loan is 30 years Periodic…

Q: A woman buys a house for $325,000. She pays $20,000 down and takes out a mortgage at 6.9% on the…

A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

Q: A family has a $121,857, 15-year mortgage at 7.8% compounded monthly. (A) Find the monthly payment…

A: Excel Spreadsheet: Excel Workings:

Q: A family needs to take out a 15-year home mortgage loan of $100,000 through a local bank. Annual…

A: Monthly payment It is the minimum amount that is paid by the person every month who has taken a…

Q: Jim Thorpe borrows $70,000 toward the purchase of a home at 12 percent interest. His mortgage is for…

A: Solution- Part 1- A=PV/APV IFA12%,30 years    =$700008.055     =$8,690.25Annual payment=$8,690.25

Q: A couple completely owns one home but is purchasing a second home for $120,000. They will put down…

A: Since more than one question are posted at a time the answer for first question is only provided as…

Q: If Clare takes out a mortgage for 22 years at an interest rate of 3% and her monthly repayments are…

A: Given: Time Period (t) = 22 years Rate of interest (r) = 3% = 0.03 Payment per month (PMT) = $984…

Q: Carl and Melissa have a monthly income of $6000. They want to buy a house for $200,000 and make a…

A: Carl and Melissa have a monthly income of $6000. The cost of the house is $200,000. Down payment of…

Q: A young married couple decide to take advantage the current first-time home buyer credit and buy a…

A: The maximum amount that can be borrowed is the present value of annuity.

Q: Marry are buying her first house for $220,000, and are paying $30,000 as a down payment. You have…

A: Please refer to the image below.

Q: Clark and Lana take a 30 you're home mortgage of $122,000 at 7.9%, compounded monthly. They make…

A: a. PMT FORMULA: PMT=p×rm1-1+rm-m×n where, r = rate of interest m = frequency of compounding n = no…

Q: A family takes out a $168,500 mortgage at 6.5% interest compounded monthly with monthly payments for…

A: Solution:- When some amount is borrowed, it can either be repaid as lump sum payment or in…

Q: A family takes out a $168,500 mortgage at 6.5% interest compounded monthly with monthly payments for…

A: A mortgage is the net amount of borrowings that a borrower (who needs money) takes from the lender…

Q: A family has a $115,478, 15-year mortgage at 7.2% compounded monthly. (A) Find the monthly payment…

A: The present value is the value of the sum received at time 0 or the current period. It is the value…

Q: Clark and Lana take a 30-year home mortgage of $123,000 at 7.7%, compounded monthly. They make their…

A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

Q: After making payments of $891.10 for 6 years on your 30-year loan at 8.1%, you decide to sell your…

A: The loan payoff will be the present value of the remaining monthly payments.

Q: James has a mortgage of $86,500 at 8% for 15 years. The property taxes are $3,900 per year, and the…

A: Solution:- Given, James has a mortgage = $86,500 at 8% for 15 years. The property taxes = $3,900 per…

Q: A couple who borrow $100,000 for 30 years at 8.4%, compounded monthly, must make monthly payments of…

A: Loan amount is $100,000 Time period is 30 years Interest rate is 8.4% Monthly payment is $761.84

Q: Bill and Alice have decided to open a 30-year home mortgage loan with a rate of 3.80% monthly. If…

A: A written agreement through which a lender gets the right to take the property that is put as a…

Q: Stephen has just purchased a home for $162,000. A mortgage company has approved his loan application…

A: Mortgage is a value which a person borrowed from the sources like bank and repay it later with extra…

Q: A couple buys a $150000 home, making a down payment of 23%. The couple finances the purchase with a…

A: A mortgage is a sum of money acquired from outside sources such as banks for a defined length of…

Q: After making payments of $917.10 for 4 years on your 30-year loan at 8.1%, you decide to sell your…

A: Loan is a contract between lender and borrower where lender provide funds to borrower for definite…

Q: Peter and Julia decide on a 15 year mortgage valued at $165,000. They are doing some financial…

A: Mortgage securitization is the process of clubbing mortgages of individuals having same features to…

Q: A young couple buying their first home borrow $90,000 for 30 years at 7.4%, compounded monthly, and…

A: Here,