Please provide working to the solution for the question below: Anna and Bob have decided to buy an apartment. The cost of the apartment is RM150,000. They can get a 25-year mortgage at 8% and plan to make a down payment of 20% of the selling price. What will be their monthly mortgage payment?
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Please provide working to the solution for the question below:
Anna and Bob have decided to buy an apartment. The cost of the apartment is RM150,000. They can get a 25-year mortgage at 8% and plan to make a down payment of 20% of the selling price. What will be their monthly mortgage payment?
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- Anna and Bob have decided to buy an apartment. The cost of the apartment isRM150,000. They can get a 25-year mortgage at 8% and plan to make a downpayment of 20% of the selling price. What will be their monthly mortgage payment?Carl and Melissa have a monthly income of $6000. They want to buy a house for $200,000 and make a down payment of $40,000. The monthly payment on a 15-year mortgage will be $2,000. On a 30-year mortgage, the monthly payment will be $1,350. Which of the following would you recommend? Why?You are looking to buy a $415,000.00 home in Haverhill. If Bank of America will give them a 15-year mortgage at 3.25% annual interest rate for the cost of the house after they receive a 20% down payment. Determine the loan amount? How much their monthly payment will be?
- Bill and Alice have decided to open a 30-year home mortgage loan with a rate of 3.80% monthly. If the home costs $240,000.00 and Bill and Alice agree to pay $24,000 down, then what is the monthly payment.Refer the attached Case Study to solve, Enrico has planned to have $40,000 at the end of 10 years to place a down payment on a condo. Property taxes and insurance can be asmuch as 30% of the monthly principal and interest payment (i.e., for a principal and interest payment of $1,000, taxes and insurance would be an additional $300).What is the maximum purchase pricehe can afford if he’d like to keep his housing costs at $950 per month?Anna and Doug are in the market for a new house. The maximum payment they can afford is $700 per month. Of this payment, property taxes and home owner’s insurance amount to $150 per month. If the interest rate on the mortgage is 4.5% per year, how much house can Anna and Doug afford to finance? The duration of the mortgage loan is 30 years (360 months).
- Aaron is planning to buy an apartment. He earn a monthly income of RM40,000 and plans to put aside 25% of his salary. Aaron has set aside ready cash for the 20% down payment on his apartment and the remaining balance will borrow from the bank. The bank charges the nominal rate of 10% for a 20-year mortgage loan. What is the price of the most expensive apartment that Aaron can buy?You decide to buy PhP 1,800,000 home. If you make a 25% down payment, you can get a 20-year mortgage at 9%, but if you can make a 10% down payment, you can get a 25-year mortgage at 7%. Which is the better options for you?Let's say that you are planning to purchase a house. You have $32,000 set aside as a down payment towards teh purchase price of the house, and you are looking at a 20 year loan at 6.12% interest compounded monthly. Your financial planner has advised you that your mortgage payments for the year should not exceed 20% of your take-home pay. If your yearly take-home pay is $24,000, then find the maximum price of the house that you could purchase (while following the advice of your financial planner). Do not use TVM solver.
- Manuel and Aponi want to buy a $221,000 home. They plan to pay 20% as a down payment, and take out a 30 year loan at 3.85% interest for the balance.a) How much is the loan amount going to be?b) What will the monthly payment be for Manuel and Aponi?c) How much of the first payment is interest?d) What is the total of the payments?e) How much interest was paid?A couple requires a mortgage loan of $182,000. They figure they can afford $1400 a month. If they find a mortgage paying j2 = 7.5%, how many full monthly payments will be required and what will be the size of the smaller concluding payment?The McBertys have $30,000 in savings to use as a down payment on a new home. They also have determined that they can afford between $1,500 and $2,000 per month for mortgage payments. If the mortgage rates are 11% per year compounded monthly, what is the price range for houses they should consider for a 30-year loan? (Enter solutions from smallest to largest. Round your answers to the nearest cent.)$ to $