How much of a mortgage could you afford? a.) $224,787.34 b.) $227,478.34 c.) $227,847.25 d.) $228,743.72
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Suppose a bank offers you a 4.99% interest rate on a 20-year mortgage to be paid back with monthly payments. Suppose the most you can afford to pay in monthly payments is $1500. How much of a mortgage could you afford?
a.) $224,787.34
b.) $227,478.34
c.) $227,847.25
d.) $228,743.72
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- Suppose a bank offers you a 10% interest rate on a 20-year mortgage to be paid back with monthly payments. Suppose the most you can afford to pay in monthly payments is $700. How much of a mortgage could you afford? $72,537.23 $75,732.25 $76,237.53 $76,375.32Suppose a bank offers you an 8% interest rate on a 30-year mortgage to be paid back with monthly payments. Suppose the most you can afford to pay in monthly payments is $1800. How much of a mortgage could you afford? Show your work.Suppose a bank offers you an 6 25% interest rate on a 30-year mortgage to be paid back with monthly payments Suppose the most you can afford to pay in monthly payments is $1700 How much of a mortgage could you afford? Show your work EN 10 (Mac)
- Assume that you have taken out a 30-year mortgage of $240,000 and that your monthly payments are 1,853.90. What is your annual interest rate on the mortgage loan? (find the closest answer)8.55 % 8.61 % 8.89 % 9.1490 9.45%Suppose you purchase a home and obtain a 15-year fixed-rate loan of $195,000 at an annual interest rate of 6.0%. a) What is your monthly payment? N: months I %: P.V: $ PMT: $ F.V: 0 P/Y: 12 C/Y: 12 b) Of the first month's mortgage payment, how much is interest? HINT: I=Prt Interest: I=$ c) Of the first month's mortgage payment, how much is applied to the principal? HINT: PMT - Interest Amount Applied to Principal: $ d) How much is your outstanding balance after the first month’s payment? HINT: Principal - Amount Applied to Principal Outstanding Balance after first payment: $What interest rate would it take for a 30 year mortgage to buy a $415,000 house with a $2,000 monthly payment? 3. A) 3.636% 4. B) 4.078% 5. C) 4.276% 6. D) 4.897% N= 360
- Give typing answer with explanation and conclusion Suppose your gross monthly income is $5,900 and your current monthly payments are $575. If the bank will allow you to pay up to 36% of gross monthly income (less current monthly payments) for a monthly house payment, what is the maximum loan you can obtain if the rate for a 30-year mortgage is 4.65%? (Round your answer to the nearest cent.)1. You have just obtained a commercial mortgage for $6.25M with a 5-year term, 25-year amortization period and 6.50% mortgage interest rate. (a) Construct an amortization table for the term of the loan assuming annual payments. What is the annual payment? What is the balance at maturity? (b) What is the e¤ective cost of borrowing if the borrower pays an origination fee of $30,000? (c) The borrower can repay the balance of the loan at any time prior to its maturity, but must pay a penalty of 5% of the outstanding balance. What is the cost of borrowing if the borrower pays an origination fee of $30,000 and pays off the remaining balance of the loan after making payments for 4 years?The following formula is used for figuring out a monthly home mortgage payment: 7(12t) r Lr1+ 12 M = 12t 12 1+ 12 -1 Where: L = the loan amount in dollars the annual interest rate expressed as decimal t = the number of years of the loan M= the monthly payment in dollars r = You are looking to buy a $275,599.00 home in Haverhill. If Bank of America will give them a 30-year mortgage at 6.75% annual interest rate for the cost of the house after they receive a 10% down payment. A. Determine the loan amount? B. How much their monthly payment will be? C. At the end of the 30-years, how much total money will you have paid to Bank of America for your home? In another word how much did the $275,599.00 house really cost the couple? D. How much interest will they have paid? E. How many of her monthly payment go toward the interest? F. What percent increase over the cost of the home does this interest represent? G. Redo and re-answer all questions, but this time for 15 years? Do analysis…
- ii) Suppose one estimates that they can afford to repay £1200 a month for 25 years on a mortgage. Interest is calculated at 4.3% p.a., payable monthly. How large a mortgage can the individual afford?You can afford a $1350 per month mortgage payment. You've found a 30 year loan at 8% interest. a) How big of a loan can you afford? $ 142,944 b) How much total money will you pay the loan company? $ 486,012. X c) How much of that money is interest? $ 343,058.82 XSuppose you are buying your first home for $210,000, and you have $15,000 for your down payment. You have arranged to finance the remainder with a 30-year, monthly payment, amortized mortgage at a 6.5% nominal interest rate, with the first payment due in one month. What will your monthly payments be? Select the correct answer. a. $1,231.53 b. $1,233.53 c. $1,232.53 d. $1,234.53 e. $1,230.53