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A homebuyer bought a house for $250,000. The buyer paid 22 percent down. If the borrower took out a 30-year fixed-rate mortgage at a 7 percent annual interest rate, how much interest will the borrower pay over the life of the mortgage?
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- A homeowner took out a 15-year fixed-rate mortgage of $160,000. The mortgage was taken out 5 years ago at a rate of 8 percent. If the homeowner refinances, the charges will be $1,200. What is the highest interest rate at which it would be beneficial to refinance the mortgage?A homeowner just obtained a 30-year (360-month) mortgage for $120,000. The mortgage has a fixed nominal annual rate of 8%, with monthly payments. What percentage of the total payments made during the first 3 months will go toward payment of interest?A homeowner has been paying a monthly mortgage payment of $762.03 on a 35-year loan at a fixed annual interest rate of 5.5%. After making payments for 8 years, the homeowner must sell the house and move to another state for a new job. What is the payoff for the mortgage?
- A family has taken a mortgage loan of 1,000,000 AED. They are required to pay 100,000 at the end of each year over twenty years. What is the yield to maturity of this mortgage loan?The MacEacherns wish to buy a new house that costs $279,000. The bank charges 5.25% interest. A) If the MacEacherns take out a 20-year mortgage, what will their monthly payment be? B) How much total interest will the MacEacherns pay if they only paid the minimum monthly payment found int part A and paid for the entire 20 years? C) If the home insurance premium for the year will be $1,224 and they will need to pay an annual property tax amount of $2,136, what is the PITI? D) What is the finance charge for the first payment? E) How much of the first monthly payment will go toward the balance/principal? F) What is the new balance on the loan?J. D. Homeowner has just bought a house with a 20-year, 9%, $70,000 mortgage on which he is paying $629.81 per month (a.)If J. D. sells the house after 10 years, how much must he pay the bank to completely pay off the mortgage at the time of the 120th payment? (b)How much of the first $629.81 payment on the loan is interest?
- A borrower purchased a $250,000 house with 5 percent down payment taking a mortgage loan for the rest of the amount. Private mortgage insurance covers 6 percent of the loan. Suppose the borrower defaults after the loan has been paid down to $223,000. Suppose further the lender is able to sell the foreclosed house for $211,000. What compensation from the mortgage insurer does the lender get?You have just taken out a mortgage of $50,000 for 30 years, with monthly payments at 6% interest. The same day you close on the mortgage you receive a $25,000 gift from your parents to be applied to the mortgage principal. What amount of time will now be required to pay off the mortgage if you continue to make the original monthly payments? What is the amount of the last payment? (Assume any residual partial payment amount is added to the last payment.)Suppose that 10 years ago you bought a home for $170,000, paying 10% as a down payment, and financing the rest at 7% interest for 30 years. What is your current monthly payment on your existing mortgage?
- To buy an $180,000 condominium, you put down $30,000 and take out a mortgage for $150,000 at an APR of 9% compounded monthly. Five years later, you sell the house for $205,000 (after all selling expenses are factored in). What equity (the amount that you can keep before any taxes are taken out) would you realize with a 30-year mortgage repayment term? (Assume that the loan is paid off when the condo is sold in lump sum.)Suppose you take out a 20-year mortgage for a house that costs $440,800. Assume the following: The annual interest rate on the mortgage is 5%. The bank requires a minimum down payment of 17% at the time of the loan. The annual property tax is 1.7% of the cost of the house. The annual homeowner's insurance is 0.9% of the cost of the house. The monthly PMI is $52 Your other long-term debts require payments of $521 per month. If you make the minimum down payment, what is the minimum gross monthly salary you must earn in order to satisfy the 28% rule and the 36% rule simultaneously? Round your answer to the nearest dollar.You buy a house for $800,000. It is a 20 Year mortgage where the payments are made monthly. If the annual interest rate is 9% find the interest repaid in year 17?
