A loan used for buying a home is called a mortgage. The Fortunato family is borrowing $430,000 to buy a home. They are taking out a 30-year mortgage at a rate of 3.55%. What is the monthly payment? 3. b. What is the total amount paid?

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A: a.

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A: GDSR is a metric that measures housing costs as a proportion of the gross income of the borrower.

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A:

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A: The question can be solved in excel as follows:

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A: A mortgage is a loan taken that has to be repaid in equal periodic installments. The monthly amount…

Q: Suppose that 10 years ago you bought a home for $170,000, paying 10% as a down payment, and…

A: Computation as follows:

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A: Calculation for mortgage debt ratio are as follows.

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A: Using excel PMT function

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A: Hi There, thanks for posting the question. But as per Q&A guidelines, we must answer the first…

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A: Information Provided: Selling Price = $125,000 Downpayment = 20% or $25,000 Loan amount = $100,000…

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A: Adjustable- rate mortgage are those mortgages in which interest rate of the mortgage loan keeps…

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A: Mortgage is a loan to buy a property or asset. The mortgage repayment in equal amount is an annuity…

Q: You are looking to buy a $275,599.00 home in Haverhill. If Bank of America will give them a 30-year…

A: Hi There, thanks for posting the question. But as per Q&A guidelines, we must answer the first…

Q: The annual income of a borrower is $74,000.00. What is the maximum dollar amount he can borrow to…

A: Maximum amount to borrow = Remaining balance for monthly payments/ current mortgage rate

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

Q: You want to buy a $226,000 home. You plan to pay 5% as a down payment, and take out a 30-year loan…

A: Price = $226000 Down payment = 5% Interest rate = 6.55% Monthly interest rate (r) = 6.55%/12 =…

Q: You buy a house and finance $250,000 at 4% per year. One loan is 30 years (360 monthly рayments) and…

A: Monthly payments is calculated by present value of annuity formula. r is annual percentage rate and…

Q: Suppose a family has a gross annual income of $43,200.   a. What is the maximum amount the family…

A: Most financial advisors recommend that one limit his mortagage payment to 28% of the monthly income…

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

Q: The Nicols are buying a house selling for $245,000. They pay a down payment of $45,000 from the sale…

A: One mortgage point is equivalent to 1% of the loan. Payment of mortgage points reduces the…

Q: Based on that size of loan and the $950 monthly payment, how much would they pay in interest on that…

A: The term mortgage refers to the loan taken from the bank against which the bank has collateral and…

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: Suppose Allison purchases a condominium and secures a loan of P13,400,000 for 30 years at an annual…

A: Loan amount (P) = P 13,400,000 Period = 30  Years Number of monthly payments (N) = 30*12 = 360…

Q: Calculate the total amount paid for Mortgage A. Calculate the total interest paid for Mortgage A.…

A: Home loan mortgages are paid on a  monthly basis.  During the initial years interest amounts are…

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A: Loan amortization table shows the bifurcation of each monthly payment in the interest payment and…

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A: Part (a): Calculation of monthly payment and interest paid: Answer: Monthly payment is $908.77…

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A: Since you have posted a question with multiple sub parts, as per answering guidelines we shall be…

Q: A family planning to buy a house can afford a monthly payment of $1650.00. What is the maximum…

A: We can find the value of the loan by using the PMT formula

Q: What would your monthly payment be if you took out a 30 year mortgage on a $110,000 house, paying…

A: a) The loan amount on a house of $110,000 with a down-payment of $22000 (20% * $110000) would be…

Q: You can afford $1050 per month mortgage payment. You’ve found a 30 year loan at 6% interest. a) how…

A: Given information : Monthly payments = $1050 Time period = 30 years Interest rate = 6%

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: You can afford a $1150 per month mortgage payment. You've found a 30 year loan at 6% interest. a)…

A: A loan is an amount of money or funds that are borrowed by a borrower. The loan represents the…

Q: Ben and Mal Scott plan to buy a home for $272,900. They will make a 10% down payment and qualify for…

A: Purchase price of a property can be defined as the amount that should be paid to acquire a property.…

Q: Bobby takes out a mortgage for 30 years at an interest rate of 4% and his monthly repayments are…

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: 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…