Alec bought a home for $202,000. He had a $48,000 down payment and got a 30-year fixed ratemortgage at 7.8%. After 30 years, Alec has just made his final mortgage payment! How much didAlec pay total over the entire life of the mortgage?Round your answer to two decimal places.

The PMT function is a type of financial function which helps to determine the total monthly payment…

Answered: Alec bought a home for $202,000. He had…

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter5: Gross Income: Exclusions

Section: Chapter Questions

Problem 19DQ

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Similar questions

Rob, a friend of yours, has recently purchased a home for $125,000, paying $25,000 down and the remainder financed by a 10.5% twenty-year mortgage , payable at $998.38 a month. At the end of the first month, Rob receives a statement from the bank indicating that only $123.38 of principle was paid during the month. At this rate, he calculates it will take over 67 years to pay off the mortgage. Is he right? Discuss.
Tom Burke bought a home in Virginia for $160,000. He puts down 25% and obtains a mortgage for 30 years at 8%. What is Tom's (A) monthly payment, as well as (B) the total interest of the loan?
When Christian bought his home, he borrowed $315,700 at 4.2% interest, compounded monthly for 25 years. If he makes all 300 payments, repaying his loan on schedule, how much interest will he pay? (Assume all payments are of equal amount)
Amos takes out a 25-year repayment (amortising) mortgage of £100,000 at an annual interest rate of 6% to buy a home. He does not want to have to pay the mortgage for 25 years and intends to pay the mortgage off early by simultaneously investing £9,000 in an investment product that pays a compound annual rate of interest of 4%. At the end of which year will Amos be able to pay off all the outstanding mortgage?
Smith's family purchases a home with a $280,000 mortgage at 4% for 30 years with monthly payments. What will the remaining balance on their mortgage be after 5 years?
Pat bought a home for $165,000 and made a $25,000 down payment. She got a fixed rate mortgage at 5% for 30 years. What will her payments be? What is the total interest over the life of the loan?

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Alec bought a home for $202,000. He had a $48,000 down payment and got a 30-year fixed r mortgage at 7.8%. After 30 years, Alec has just made his final mortgage payment! How much Alec pay total over the entire life of the mortgage?