a. What is the outstanding​ balance?   b. Suppose you cannot make the mortgage payment and you are in danger of losing your house to foreclosure. The bank has offered to renegotiate your loan. The bank expects to get $119,799 for the house if it forecloses. They will lower your payment as long as they will receive at least this amount​ (in present value​ terms). If current 22​-year mortgage interest rates have dropped to 6.198% ​(APR), what is the lowest monthly payment you could make for the remaining life of your loan that would be attractive to the​ bank

Q: You want to buy a house that costs $100,000. You have $10,000 for a down payment, but your credit is…

A: Mortgage is long-term amortized loan which is used to buy fixed assets, generally houses. Mortgages…

Q: The Nicols are buying a house selling for ​$445,000. They pay a down payment of ​$45,000 from the…

A: Given Information: Cost of the house is $445,000 Down payment is $45,000 Mortgage term is 15 years…

Q: Suppose you take out a 30-year mortgage for a house that costs $303,023. Assume the following: The…

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

Q: You want to buy a house thatcosts $140,000. You have $14,000 for a down payment, but your credit is…

A: Excel Spreadsheet: Excel Workings:

Q: Your mortgage has 24 years​ left, and has an APR of 6.303% with monthly payments of $1,449. a. What…

A: Outstanding loan balance is calculated by present value of annuity formula. New monthly payments is…

Q: You want to buy a $177,500 home. You plan to pay 30% as a down payment, and take out a 30-year loan…

A: Closing cost is the cost which has to be paid by either seller or the buyer to the government when…

Q: Suppose you want to buy a rent to own house worth P450,000. You made a down payment of 15% of the…

A: The term mortgage can be defined as the contract between two parties namely lender and  borrower,…

Q: The Fritzes are buying a house that sells for ​$196,000. The bank is requiring a minimum down…

A: Mortgage is a value or an amount which is borrowed from other sources for particular time and this…

Q: You are in financial trouble and are delinquent on your mortgage payment.Your bank has agreed to a…

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

Q: You would like to buy a house that costs $350,000. You have $50,000 in cash that you can put down on…

A: PV of annuity: For any given period, the present value (PV) formula would calculate the present…

Q: What is the cost of two points on the mortgage?

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

Q: 1. Suppose that 10 years ago you bought a home for $160,000, paying 10% as a down payment, and…

A: Mortgage/ Borrowings:  Borrowings are the loan which is taken by the individual to meet its…

Q: A borrower took a mortgage loan 7 years ago for $160,000 at 10.25% interest for 30 years. He now…

A: Mortgage is loan contract that enables individuals or organization to purchase capital asset such as…

Q: The Fritzes are buying a house that sells for $158,000. The bank is requiring a minimum down payment…

A: Equated Monthly Installments are one part of the equally divided monthly outgoes to clear off an…

Q: Your current mortgage payment is $1,558.50 per month, with a balance of $217,800. Suppose you have a…

A: Mortgage is a loan contact used to buy capital assets such as houses. In Mortgages, title of asset…

Q: Suppose a borrower with two mortgages deffaults. At the time of the default, the first lien has a…

A: Given, balance of first lien is $200,000. Balance of second lien is $50,000. Property taxes is…

Q: Suppose you want to purchase a house. Your take-home pay is $2790 per month, and you wish to stay…

A: Note: We are considering that the monthly payment is ¼ of the take home pay. Given: Take home pay =…

Q: Suppose you have graduated from college and want to purchase a house. Your take-home pay is $4560…

A: To Find: Total Cost of House for 15-year mortgage. Maximum i can afford with a 30 -year mortgage.

Q: norigage has 21 years left, and has an APR of 8.707% Withn montniy payments of $1,449. at is the…

A: The mortgage loans are to be paid by the monthly payments and these monthly payments carry the…

Q: You would like to buy a house that costs $350,000. You have $50,000 in cash that you can put down on…

A: PV is the current worth of cash flows that are expected to occur in the future.

Q: maximum loan

A: Loan amount refers to the amounts which a person borrowed at any given time under the mortgage. It…

Q: You want to take out a mortgage on a house worth $50,000 and pay it back in 10 years. Since your…

A: Here, Mortgage Amount is $50,000 Simple Interest Rate is 2% per month Time Period of loan is 10…

Q: Smith is looking for a fully amortizing 30 year Fixed Rate Mortgage with monthly payments for…

A: A loan is a sort of debt that is taken on by an individual or another institution. The lender, which…

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

A: Down payment: Hence, the down payment is $17000. Mortgage loan: Hence, the mortgage loan is…

Q: The bank issued a $200,000 30-year mortgage (monthly payments) with an annual interest rate of 9.4%,…

A: A mortgage is the type of loan taken by the individual or the corporate to purchase an immovable…

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: Larry makes Linda a loan with zero payments and negative amortization at a semi annual compounding…

A: The effective annual rate is the actual rate of interest after taking compounding into effect.…

Q: I need a detailed explanation on how to solve this problem: You want to buy a house for $245,000, on…

A: Balloon Payment: It is a singular amount paid toward the finish of a loan's term that is essentially…

Q: The Fritzes are buying a house that sells for $117,000. The bank is requiring a minimum down payment…

A: If the person takes a loan to get the finance for the purchase of property, it is known as mortgage.…

Q: uppose you want to purchase a house. Your take-home pay is $3040 per month, and you wish to stay…

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

Q: Your monthly mortgage payment (principal plus interest) is $1,500. If you have a 30-year loan with a…

A: Installment is the amount of periodic payments a lender has to make to its borrower in order to pay…

Q: You have a loan outstanding. It requires making three annual payments of $7,000 each at end of the…

A: The following table will show the final payment which bank required-

Q: You have a loan outstanding. It requires making 8 annual payments at the end of the next 8 years of…

A: Present value is defined as the sum of the funds, which are used to get invested for achieving the…

Q: The Fritzes are buying a house that sells for ​$152,000. The bank is requiring a minimum down…

A: Mortgage is a value which is borrowed by other sources like banks for a time period and amount in…

Q: Suppose you take a 15-year mortgage for a house that costs $253,368. Assume the following: The…

A: To determine the minimum monthly salary.

Q: Sandra has a 30-year, P100,000 mortgage with a nominal interest rate of 10 percent and monthly…

A: Home Mortgages is a loan facility provided by several US Banks and Institutions that supports…

Q: Ma & Pa General Store is taking out a mortgage for a new building. It is going to be an…

A: Given, Rate = 4.25% Year = 15 years

Q: You want to buy a $145,000 home. You plan to pay 20% as a down payment, and take out a 30 year loan…

A: Hi, since you have posted a question with multiple sub-parts, we will answer the first three…

Q: You are ready to buy a house and you have $15,000 for a down payment and closing costs. Closing…

A: "Hi, Thanks for the Question, Since you asked multiple question, we can provide solution of first…

Q: The mortgage on your house is five years old. It required monthly payments of $1,422​, had an…

A: a. Calculate the monthly repayments on the new loan as follows: Therefore, monthly loan payment is…

Q: You want to buy a house that costs $100,000. You have $10,000 for a down payment, but your credit is…

A: House cost = $ 100,000 Down Payment = $10,000 Interest rate = 7% Time period =3 years

Q: You want to buy a $212,000 home. You plan to pay 15% as a down payment, and take out a 30 year loan…

A: a) Amount of down payment = cost of house * % of down payment

Q: For your loan, there are 180 payments remaining, the outstanding balance is $350,000, the mortgage…

A: "Since you have posted multiple questions, we have solved the first question for you. To get it…

Q: Assume we have a $500,000 mortgage at 3.5% original interest rate, with a 30-year term and monthly…

A: Loan (mortgage) amortization schedule refers to a schedule which is prepared to shows the periodic…

Q: Suppose you want to purchase a house. Your take-home pay is $⁢2830 per month, and you wish to stay…

A: Monthly affordable payment (M) = (1/4) of $2830 = $707.50 r = 3.95% per annum = 0.329167% per month…

Q: You want to buy a $130,000 home. You plan to pay 5% as a down payment, and take out a 30 year loan…

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…

Q: homeowner has been paying a monthly mortgage payment of $716.40 on a 40-year loan at a fixed annual…

A: Solution Given Monthly mortgage payment 716.40 Number of year 40 years Annual rate…

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.