Consider a 30-year mortgage with a 5% interest rate and a 20% down payment. If you can afford a Php1000 monthly payment. Show and explain all supporting calculations. a. How expensive a house can you buy? b. How large is the down payment?
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- Use the tables in Appendix B to answer the following questions. A. If you would like to accumulate $2,500 over the next 4 years when the interest rate is 15%, how much do you need to deposit in the account? B. If you place $6,200 in a savings account, how much will you have at the end of 7 years with a 12% interest rate? C. You invest $8,000 per year for 10 years at 12% interest, how much will you have at the end of 10 years? D. You win the lottery and can either receive $750,000 as a lump sum or $50,000 per year for 20 years. Assuming you can earn 8% interest, which do you recommend and why?Do you want to buy $187,000 home. You plan to pay 20% as a down payment and then take out a 30 year mortgage for the rest. a) how much will the loan amount be? b) what will your monthly payments be if the interest rate is 6% ? c) what will your monthly payments be if the interest rate is 7%?You want to buy a $205,000 home. You plan to pay 10% as a down payment, and take out a 30 year loan at 4.15% interest for the rest. a) How much is the loan amount going to be? b) What will your monthly payments be? c) How much of the first payment is interest?
- Suppose you purchase a house using a 30-year fixed rate mortgage. The APR on the loan is 3.2% and you will be required to make monthly payments of $3,700 what is the price you paid for your home?You want to buy a $214,000 home. You plan to pay 10% as a down payment, and take out a 30 year loan at 5.6% interest for the rest.a) How much is the loan amount going to be?b) What will your monthly payments be?c) How much of the first payment is interest?Suppose you want to purchase a $ 165000 house. If you put 20% down and finance the rest in a 30 year mortgage at an interest rate of 3.5%, what will your monthly payments be? Monthly payment =
- . Suppose you want to purchase a home for $440,000 with a 30-year mortgage at 4.24% interest. Suppose also that you can put down 25%. Find (a) What are the monthly payments? (b) What is the total amount paid for principal and interest? (c) What is the amount saved if this home is financed for 15 years instead of for 30 years?Suppose you want to purchase a home for $475,000 with a 30-year mortgage at 4.34% interest. Suppose also that you can put down 25%. What are the monthly payments? (Round your answer to the nearest cent.)In order to purchase a home, you must take out a mortgage with a total loan amount $150000. If the nominal yearly interest rate for your 15 year mortage is 3.5% how much will your monthly payment be?
- Suppose you want to purchase a home for $475,000 with a 30-year mortgage at 4.54% interest. Suppose also that you can put down 30%. What are the monthly payments? (Round your answer to the nearest cent.) $ What is the total amount paid for principal and interest? (Round your answer to the nearest cent.) $ What is the amount saved if this home is financed for 15 years instead of for 30 years? (Round your answer to the nearest cent.)You want to buy a $248,000 home. You plan to pay 5% as a down payment, and take out a 30 year loan for the rest.a) How much is the loan amount going to be?b) What will your monthly payments be if the interest rate is 5%?c) What will your monthly payments be if the interest rate is 6%?You are going to buy a house and borrow $542474 with a 30-year mortgage. Your interest rate is 3.37%. What will be your monthly payment? (Remember that you need a monthly "r" and a monthly "t".) Answer:
