Determine the monthly mortgage and total cost for a $285,000 home financed at

Q: Determine the monthly principal and interest payment for a 15​-year mortgage when the amount…

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

Q: Determine the monthly principal and interest payment for a 15​-year mortgage when the amount…

A: The monthly payment on a loan includes the payment towards the loan amount as well as the interest…

Q: Find the indicated amounts for the fixed-rate mortgages. Monthly payment Mortgage per $1,000…

A: Mortgage is a long-term amortized loan where loan is provided to buy certain capital asset and pay…

Q: Investigate the effect of the interest rate on home loans by finding the monthly payment and the…

A: Data Given, Loan Amount (Principle) = $150000 Time period of loan (n)= 20 years Payment Interval =…

Q: Estimate the affordable monthly mortgage payment, the affordable mortgage amount, and the affordable…

A: The question is to find out eligibility of mortgage payment as per monthly income and remaining…

Q: Calculate the housing expense ratio and the total obligation ratio (in %) for the following mortgage…

A: 1) Housing Expense Ratio:  = Monthly PITI Expense/ Montly gross income = ($605/ $ 3700) *100 =…

Q: calculate the required information for the mortgage

A: An amortisation of loan is a type of loan. In this type of loan the borrower makes scheduled and…

Q: to determine the regular payment amount, rounded to the nearest cent. The cost of a home is financed…

A: Calculation of PMT =[$120000*(0.04/12)]/[1-(1+(0.04/12))(-20*12)]…

Q: Use the formula or a calculator application to find the monthly payment on a home mortgage of…

A: Mortgage = Monthly Payment * PVAF ( Monthly rate, Number of months )

Q: calculate the monthly principal and interest, PI (in $),

A: Re-payment of loan consist of payment of principal and interest. Annuity is the payment of fixed…

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: Determine the monthly principal and interest payment for a 15-year mortgage when the amount financed…

A: Given, Principal amount= $95,000 Time period= 15 years Annual percentage rate= 6%   The next step…

Q: Calculate the housing expense ratio and the total obligation ratio (in %) for the following mortgage…

A: PITI (Principles, interest, taxes and insurance) forms a part of mortgage payments and is used for…

Q: Using this table as needed, calculate the required information for the mortgage. Number Table…

A: Borrowings are the liability of the company which is used to finance the requirement of the funds.…

Q: Calculate the housing expense ratio and the total obligation ratio (in %) for the following mortgage…

A: Housing expense ratio = PITI ExpenseGross Income×100 =$605$3,700×100=.1635×100=16.35%

Q: Calculate Jack's mortgage payment  using the 5% rate for 30 years on a mortgage balance of $233,000

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

Q: calculate the monthly principal and interest, PI (in $), using this table and the monthly PITI (in…

A: Loan is contract between lender and borrower where lender provides funds to borrower for definite…

Q: Find the monthly payment for a 289,500.00 home with 20% down payment. The terms of the mortgage are…

A: The cost of home = 289,500 The down payment = 20%  Interest rate on mortgage = 8.5%  The time period…

Q: Find the indicated amounts for the fixed-rate mortgages. Monthly payment Mortgage рayment Purchase…

A: The present value of any future payment or series of payments gives the value at present by using a…

Q: a. What is the monthly payment on the 25-year mortgage b. What is the total interest paid on the…

A: in this we have to calculate monthly payments of both options.

Q: Find the monthly house payments necessary to amortize the following loan. What are the total…

A: Loans can be secured and unsecured. The loan is the amount borrower takes from the bank or financial…

Q: As one of the loan officers for Grove Gate Bank, calculate the monthly principal and interest, PI…

A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: What is the total mortgage for a $200,000 purchase, a 15% down payment, and the closing costs hown…

A: Total mortgage will be the sum of all the costs incurred and loan amount

Q: P Use PMT = to determine the regular payment amount, rounded to the nearest cent. The cost of a home…

A: Given, Cost of home $120,000 Term of loan 20 years Rate 4%.

Q: Find the indicated amounts for the fixed-rate mortgages. Purchase price of home Down Mortgage…

A: Purchase price of the house = $130,000 Down payment = $0 Interest rate per year = 5% Number of years…

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…

Q: Consider a mortgage on a house valued at $480,000 with an interest rate of 6% compounded…

A: Mortgage loan: These loans are issued with the nominal rate that is compounded semi-annually,…

Q: a. What are the monthly principal and interest payments for each loan? b. What is the total amount…

A: Loan Amortization: It is the process of paying the loan amount by the borrower in periodic payments…

Q: As one of the loan officers for Grove Gate Bank, calculate the monthly principal and interest, PI…

A: Amount Financed = $129,700 Interest Rate = 6.75% Term of loan = 15 years No. of compounding periods…

Q: Find the amount of interest and the monthly payment for the loan described. Purchase of a living…

A: Formula: A= P×r×1+rn1- 1+rn where, A is Periodical payments P is Principal Amount r is rate of…

Q: Calculate the housing expense ratio and the total obligation ratio (in %) for the following mortgage…

A: Mortgages are loans that are taken by individuals or corporations and are given by financial…

Q: Find the monthly payment (in $) and the total interest (in $) for a mortgage of $46,000 at 5 3/4 %…

A: Mortgage amount (PV) = $ 46000 Interest rate = 5 3/4% = 5.75% Monthly interest rate (r) = 5.75%/12 =…

Q: A loan used for buying a home is called a mortgage. The Fortunato family is borrowing $430,000 to…

A: Given, {P} Amount = $ 430,000 {R} Interest = 3.55% ~  {T} Time period = 30 years = 30*12 = 360…

Q: Using this table as needed, calculate the required information for the mortgage. Number Table…

A: Total interest of loan is equal to total PMTs made less the original principal.

Q: Find the monthly payment (in $) and the total interest (in $) for a mortgage of $46,000 at  5 1 4%…

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

Q: Calculate the housing expense ratio and the total obligation ratio

A: Housing expenses ratio is the ratio which represents the income expenses and the gross income…

Q: Using this table as needed, calculate the required information for the mortgage. Amount Financed…

A: Data given: Amount financed = $ 89,500 Interest rate = 8% n= 30 years

Q: Calculate the housing expense ratio and the total obligation ratio (in %) for the following mortgage…

A: Housing Expense Ratio % =Monthly PITI Expense (Housing Expense)/Monthly Gross Income   Total…

Q: Calculate the housing expense ratio and the total obligation ratio (in %) for the following mortgage…

A: Please see the next step for the solution

Q: Consider a home mortgage of ​$ at a fixed APR of ​% for years. a. Calculate the monthly payment. b.…

A: APR=12% loan term=1 year

Q: A house is to be purchased by financing $ 341,998 with a mortgage. A conventional 30-year loan is…

A: Given information :  Amount of mortgage = $341,998 Number of years = 30 Annual interest rate = 4%

Q: Using this table as needed, calculate the required information for the mortgage. Number Monthly…

A: Mortgage: These are loans used by individuals or firms to purchase properties. Hence the borrower…

Q: A mortgage applicant who has a monthly gross income of $4,705.00 applies for a mortgage with monthly…

A: Monthly gross income = $4705 Monthly PITI = $1411.50 Other financial obligations = $282.30

Q: The total monthly payment for a home mortgage loan isaffected by the property tax and insurance.…

A:

Q: Calculate the housing expense ratio and the total obligation ratio (in %) for the following mortgage…

A: Housing expense ratio compares housing expense of a person, an individual or a family to its pre-tax…

Q: Calculate the housing expense ratio and the total obligation ratio (in %) for the following mortgage…

A: A housing expense ratio compares housing costs to pre-tax income. Bankers frequently use it to…

Q: assuming 320 psa for a given mortgage pool, what is the monthly prepayment rate for month 340?

A: A legal arrangement in which a bank, building society, or other financial institution loans money at…

Q: Calculate the housing expense ratio and the total obligation ratio (in %) for the following mortgage…

A: Monthly Gross Income = $3700 Monthly PITI Expense = $705 Monthly Financial Obligations = $720

Renting Vs Buying

Renting means occupying a house for a period and paying an amount in exchange for such service. Renting does not require huge investments. Payments under renting are periodic and the amount is relatively low compared to EMIs.