A house is being purchased for $138,000.00. The 30-year mortgage has a 10% down payment, an interest rate of 4.875%, and a PMI payment of $25.88 each month for 77 months. The yearly taxes are $2400.00, and the insurance is $750.00 per year, which is to be placed into an escrow account. What is the total cost of the loan? Round your answer to the nearest $100.00. Enter a number, such as $123,500.00.

Q: You borrowed $300,000 for your new house with a 15-year fixed-rate loan at an annual interest rate…

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

Q: A house is being purchased for $138,000.00.$138,000.00. The 3030-year mortgage has a 10%10% down…

A: The loan which is taken for the purchase of a house or property is known as mortgage. The amount of…

Q: You've decided to buy a house that is valued at $1 million. You have $250,000 to use as a down…

A: Mortgage Payment: It is the payment of mortgage amortization paid by the borrower to the lender.…

Q: Suppose you secure a $250,000 mortgage loan to be paid off over 30 years at an annual interest rate…

A: Calculator steps: I/y = rate = 7.1%/12 = 0.5916667% NPER = Number of periods = 30*12 = 360 PV =…

Q: You've decided to buy a house that is valued at $1 million. You have $250,000 to use as a down…

A: Since you have asked multiple questions, we will solve the first one for you. If you want any…

Q: Your firm has taken out a $535,000 loan with 8.6% APR (compounded monthly) for some commercial…

A: Loan (L) = $535000 r = 8.6% per annum = 0.7167% per month n = 15 years = 180 months M = Monthly…

Q: You have just purchased a new warehouse. To finance the purchase, you have arranged for a 30-year…

A: The calculation is:

Q: Suppose you obtain a 30-year mortgage loan of $196,000 at an annual interest rate of 7.9%. The…

A: To find the monthly payment for the mortgage, Property tax and fire insurance for 30 year loan of…

Q: A $385,000 house is to be purchased for 25% down and monthly payments of $1200 for as long as…

A: Calculate effective annual rate = (1+nominal rate/no. of compounding)^ no. of compounding -1…

Q: A home mortgage with monthly payments for 30 years is available at 6% interest. The home you are…

A: “Hey, since your question has multiple sub-parts, we will solve first three sub-parts for you. If…

Q: A homeowner just obtained a 30-year (360-month) mortgage for $120,000. The mortgage has a fixed…

A: A mortgage, often known as a mortgage loan, is a contract between you (the borrower) and a mortgage…

Q: You want to buy a house, and a local bank will lend you $100,000. The loan will be fully amortized…

A: EAR: EAR stands for Effective Annual Rate, and it is the interest rate. Compounding periods are…

Q: Roger Sterling has decided to buy an ad agency and is going to finance the purchase with seller…

A: If it had been normal payments we would have used the simple formula. However, since there is a…

Q: Suppose you take out a 20-year mortgage for a house that costs $399,842. Assume the following: The…

A: Here,

Q: a. What is the APR on this loan? (Do not round intermediate calculations and enter your answer as a…

A: Effective annual rate (EAR) refers to a real interest rate which an investor is expect from his…

Q: How much money will the bank loan you? How much can you offer for the house?

A: Loan payments: These are payments made by the borrower to the lender of the loan. These payments…

Q: a) What is the size of each quarterly payment? b) What is the outstanding principal at the end of…

A: Mortgage amortization refers to a schedule which is prepared to shows the periodic loan payments,…

Q: A building is sold for ₱10,000,000 and the bank requires 18% down payment. If the effective rate of…

A: Down payment = 18% Mortgage payment = 100% - 18% = 82% Mortgage amount (M) = 82% of P 10,000,000 = P…

Q: You have just purchased a new warehouse. To finance the purchase, you’ve arranged for a 30-year…

A: Annual Percentage Rate (APR) refers to the percentage rate which shows the interest rate…

Q: Suppose you obtain a 20-year mortgage loan of $194,000 at an annual interest rate of 8.2%. The…

A: Periodic Payments (PMT) refers to the amount need to de deposits regularly ( Yearly, Quarterly,…

Q: What is the effective annual rate of interest on the additional 10% of house value borrowed on the…

A: Effective Annual Rate of Interest: It refers to the effective rate of the annual stated rate and…

Q: You are buying vehicle for $20,000 and are paying $2,000 as a down payment. You have negotiated a…

A: Annuity means finite no. of payments which are same in size and made in equal intervals. This…

Q: A property is expected to have NOI of $100,000 the first year. The NOI is expected to increase by 5…

A: given information Net operating income = $100,000 NOI percentage increase = 5% property value =…

Q: A young couple has made monthly payments (of equal size, rounded to the nearest cent) over the past…

A: Earlier Agreement: Borrowed amount :- $64000 Interest rate is 5% compounded semi annually Time…

Q: You are going to buy new machinery worth$36,200. The dealer computes your monthly paymentto be…

A: The effective annual rate of interest is the actual or the real rate of interest paid or received…

Q: The Taylors have purchased a $150,000 house. They made an initial down payment of $20,000 and…

A: Monthly payment for  the loan can be calculated using the formula of present value of annuity

Q: You decide to purchase a building for $30,000 by paying $5,000 down and assuming a mortgage of…

A: The annual percentage rate (APR): It is the total interest expressed as percentage paid on an loan.

Q: Suppose you purchase a car for a total price of $24,790 including taxes and licensee and finance…

A: To find the monthly payment, we will use the present value of annuity formula and adjust it to find…

Q: To buy an $180,000 condominium, you put down $30,000 and take out a mortgage for $150,000 at an APR…

A: The calculation is:

Q: Suppose you obtain a 20-year mortgage loan of $197,000 at an annual interest rate of 7.9%. The…

A: To calculate monthly payment on mortgage, present value of annuity concept is used. The mortgage…

Q: You have just purchased a new warehouse. To finance the purchase, you’ve arranged for a 31-year…

A: The annual interest rate that is charged by the lenders or at which the investors earn additional…

Q: You are looking to purchase a Tesla Model X sport utility vehicle. The price of the vehicle is…

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

Q: What is the monthly payment? 2) How much of the first payment goes toward interest? 3) How much of…

A: As per company policy, it is only possible to solve the first 3 sub parts of this question.

Q: Find the total monthly payment for a $280,000 mortgage loan at 3.5% for 20'years. The assessed value…

A: Here, Mortgage Amount is $280,000 Interest Rate is 3.5% Time Period of Loan is 20 years Assessed…

Q: You are getting a mortgage. Your home is worth $237,324, and you will make a $63,651 down payment.…

A: Cost of home= $ 237324 Down payment done= $ 63651 Loan= $ 237324- $ 63651 =$ 173673

Q: Property is available for sale that could normally be financed with a fully amortizing $80,000 loan…

A: Repayment of loan refers to paying back money of the banks or creditors which company must had taken…

Q: Suppose you obtain a 30-year mortgage loan of $195,000 at an annual interest rate of 8.6%. The…

A: Monthly property tax =Annual property tax /12 Monthly property tax = $969/12 Monthly property tax =…

Q: Suppose you obtain a 30-year mortgage loan of $193,000 at an annual interest rate of 8.6%. The…

A: Mortgage loan is a kind of secured loan, whereby, the lender provides the desired funds to the…

Q: Consider a $180,000 15-year, fixed-rate mortgage with an annual interest rate of 7.40% and monthly…

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

Q: You have just purchased a new warehouse. To finance the purchase, you've arranged for a 38-year…

A: Annual Percentage Rate: The annual percentage rate (APR) of a loan to a borrower is the total cost…

Q: If you buy a computer directly from the manufacturer for $2,241 and agree to repay it in 48equal…

A: Using Excel PMT function.

Q: An auto parts store sells for  $300,000  and a  30%  down payment is made. A  20 -year mortgage…

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

Q: Oppenheimer Bank is offering a 30-year mortgage with an EAR of 5 3/8%. If you plan to borrow…

A: A mortgage is taken to purchase or maintain real estate. The borrower pays the lender regular…

Loans

A loan is a term that we are all familiar with. The processing of loans is one of the most important functions of a bank. It keeps our economy stable and facilitates the implementation of monetary policies. Let's take a look at the different forms of loans and get some answers to some common questions.