Good news! Louie has been approved for a 25-year mortgage with an 8% interest rate for the dollar amount of $95,000. What will Louie's monthly payment be (to the nearest cent).
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- QUESTION 15 You have found your dream house for your family. The house is listed at $500,000. You are planning to take out a mortgage of a principal of $350,000 to finance the purchase. The mortgage market is competitive and the current market rate for 30-year fixed rate mortgage is 6%. Of the first payment, the interest payment is , while the amount of principal is . a. $2,042; $287 b. $1,750; $348 c. $1,164; $1,164 d. $1,049; 1,0498. Congrats on buying your first home. You were able to take out a loan for $225,000 at 7% interest for a thirty year loan. (A)What will your monthly mortgage payments be? (B) How much goes to interest the first month? (C) How much goes to principal the first month?Week # 5 Homework Assignment (Chapter 7 - 8) Q1. You plan to purchase a $100,000 house using a 30-year mortgage obtained from your local credit union. The mortgage rate offered to you is 8.25%. You will make a down payment of 20 percent of the purchase price. Calculate your monthly payments on this mortgage. Calculate the amount of interest and, separately, principal paid in the 25thpayment. Calculate the amount of interest paid over the life of this mortgage.
- Practice Question 2You need to borrow $800,000 to buy a house.You borrow the money from a bank via amortgage with a 25-year term. The mortgagerequires you to make monthly repayments, withthe first payment one month from now. If themonthly interest rate is 0.5%, work out the fairmonthly repayment that you will have to make.Narrative 14-1For problems in this section, use Table 14-1 from your text to find the monthly mortgage payments, whennecessary. Refer to Narrative 14-1. You purchase a home for $69,750 at 6.75% for 30 years. The property taxes are $2,450per year, and the hazard insurance premium is $256 semiannually. Find the monthly PITI payment. Group of answer choices 699.51 $594.73 $1,059.40 $246.83eBook Chapter 7Financial Planning Exercise 6Calculating monthly installment loan payments Using the simple interest method, find the monthly payments on a $1,000 installment loan if the funds are borrowed for 30 months at an annual interest rate of 12%. Use financial calculator to answer the question. Round the answer to the nearest cent.$ per month
- Stephen has just purchased a home for $128000 A mortgage company has approved his loan application for a 30-year fixed-rate loan at 4.75 %. Stephen has agreed to pay 30% of the purchase price as a down payment. Find the down payment, amount of mortgage, and monthly payment. LOADING... Click the icon to view the table of the monthly payment of principal and interest per $1,000 of the amount financed. Question content area bottom Part 1 The down payment is about? (Round to the nearest cent as needed.) Part 2 The mortgage amount is about? (Round to the nearest cent as needed.) Part 3 The monthly mortgage payment is about? (Round to the nearest cent as needed.)QUESTION 14 You purchase a home priced at 1,750,000 Php. You paid 10% as the down payment and the remaining balance under a bank amortization plan to be paid in 8 years. At an effective quarterly interest rate of 1.5%, How much interest will you pay in the 2nd year Solve on white paper or typed. Not in excelQUESTION 5 Please use excel Robert has borrowed $339,000 to purchase a house in the current year at 5.5% interest rate, with a commitment to repay the loan (principal and interest) in equal annual instalments over the following 15 years. Calculate the: a) the yearly annuity payment is = $ b) the amount of the principal repayment in year 2 is = $ c) total amount of interest paid = $ d) if the interest rate decreases to 3% the total amount paid over the life of the loan would be = $ Provide your answers to 2 decimal places. Show all your working in your spreadsheet.
- Ma3. Please give only typed answer. You take out a $92,000,000 mortgage for 30 years, compounded monthly at 3% interest. In your second month's payment, how much was just interest?eBook Chapter 7Financial Planning Exercise 9Calculating interest and APR of installment loan Assume that interest is the only finance charge. Use financial calculator to answer the questions.How much interest would be paid on a $6,000 installment loan to be repaid in 36 monthly installments of $199.53? Round the answer to 4 decimal places. % per monthWhat is the APR on this loan? Round the answer to 2 decimal places. %QUESTION 14 You purchase a home priced at 1,750,000 Php. You paid 10% as the down payment and the remaining balance under a bank amortization plan to be paid in 8 years. At an effective quarterly interest rate of 1.5%, How much interest will you pay in the 2nd year Solve on the white paper or typed. Not explain in the excel.
