President LaForge recently purchased his first home in Cleveland, MS. The house has a 15-year, 165,000 mortgage. The mortgage has a nominal annual interest rate of 7.75%. All mortgage payments are made at the end of the month. What is the monthy payment on the mortgage? Group of answer choices $1,581.97 $1,322.78 $1,283.61 $1,065.63 $1,553.10

Q: Juliet has a 10-year mortgage of $350,000 with an interest rate of 4.5% APR, compounded…

A: Given: Given:

Q: Jumbo Bato borrowed money from Rovin Patila,payable for 3 years. If the interest rate per year is…

A: Data given: Interest rate (r) = 9% p.a. (assumed simple interest rate) n= 3 years   Loan amount (P)…

Q: James has a mortgage of $98,500 at 8% for 15 years. The property taxes are $3,700 per year, and the…

A: Mortgage amount = $98500 Rate = 8% Period = 15 years Property taxes = $3700 per year Insurance…

Q: A friend of yours has just purchased a house and has takenout a $50,000, 11 percent mortgage,…

A: Given Information: Loan amount : $50,000 Rate : 11% Monthly Installments : $ 476.17

Q: Georgia applied for a home mortgage of 75,000 to finance the purchase of a new home for 30 years.…

A: Loan amount (PV) = 75,000 Annual interest rate (r) = 14% Number of annual payment (n) = 30

Q: A landlord deposits the rent of 1000 USD at the beginning of each month with a monthly interest rate…

A: When the amount is deposited in the beginning of the period (month/year), it is called as the…

Q: Richard Miyashiro purchased a condominium and obtained a 30-year loan of $196,000 at an annual…

A: Mortgage payment can be calculated by using this equation  PMT =PV*i1-1(1+i)n Where PMT= Annual…

Q: Español On April 1, the home mortgage balance was $100,000 for the home owned by Amy Sanchez. The…

A: Interest amount will be calculated Interest amount in April =Mortgage balance*monthly interest rate…

Q: A couple purchase a home and sign a mortgage contract for $150000 to be paid monthly over 25 years.…

A: a. Calculate the monthly payment as follows: Monthly payment is $1,157.72

Q: Tanyarita has a mortgage of $67,500 at 8.5% for 20 years. The property taxes are $2,900…

A: The monthly payment for property tax  = Total due / 6 months   Monthly insurance premium = Total…

Q: A couple purchased a home and signed a mortgage contract for $500, 000 to be paid with half-yearly…

A: Mortgage is a value which is borrowed from the other sources like banks to arrange the funds and…

Q: 16. A young couple has just purchased a 3- bedroom house for GHS400, million payable in twenty…

A: The amortization schedule gives information to the borrower and lender about the amount of loan due…

Q: James has a mortgage of $94,500 at 8% for 15 years. The property taxes are $3,900 per year, and the…

A: Given, Mortgage amount = $94,500 Interest rate = 8% Taxes = $3,900 Insurance premium = $754.50

Q: On December 1, the home mortgage balance was  $202,000  for the home owned by Alice Thompson. The…

A: Amortized loans are the loans which have periodic repayments of principal and interest.

Q: James has a mortgage of $84,500 at 4% for 15 years. The property taxes are $3,700 per year, and the…

A: Borrowings are the liability of the borrower which is used to finance the requirement. The borrower…

Q: To help buy her new condominium, Maria is taking out a $154,000 mortgage loan for 30 years at 3.7%…

A: The loan is a value that is borrowed from external sources like banks and this amount is repaid…

Q: Suppose that you take out a federal direct loan on September 1 before your senior year for $7500…

A:

Q: What is the interest paid in the 2nd year of the mortgage?

A: Mortgage refers to a legal contract based upon which a financial institution such as bank grants a…

Q: An engineer wants to purchase a house for $100,000 and has $20,000 cash to use as the down payment.…

A: Cost of house = $100,000 Down payment = $20,000 Interest rate = 9% Time period = 20 years  Payment…

Q: To help buy his new townhome, Bill is taking out a s163,000 mortgage loan for 30 years at 3.4%…

A: Here, Loan amount = $163,000 Rate of interest = 3.4% Number of year = 30 years Monthly payment of…

Q: Kristina has a mortgage of $575,000 through her bank for property purchased. The loan is repaid by…

A: Formulas:

Q: You are working at Grey Company. You purchased a house in 2020. Gray Company gave you a housing loan…

A: Taxable benefit refers to a mode of payment which is allowed  from an employer to an employee whose…

Q: Assume an elderly couple owns a $400,000 home that is free and clear of mortgage debt. A reverse…

A: Given: Particulars Amount Loan amount $300,000 Years 15 Interest rate 5.25%

Q: How much is their monthly payment?   Monthly payment    $      Complete the table for the breakdown…

A: A loan is a sort of debt that is taken on by an individual or another institution. The lender, which…

Q: You purchase a cottage for $170,000. You obtain a 25-year, fixed rate mortgage loan at 11.0% after…

A: Hi there. Thank you for the question. Multiple questions are posted. As per company guidelines…

Q: Stephen has just purchased a home for $154,000. A mortgage company has approved his loan application…

A: Introduction Mortgage: A mortgage is a form of loan that can be used to purchase or refinance a…

Q: On September 1, the home mortgage balance was $159,000 for the home owned by Sam Richardson. The…

A: In case or Mortgage Interest is charges on the outstanding balance. we know that Installment…

Q: Kylie has a mortgage of $563,000 through her bank for property purchased. The loan is repaid by end…

A: Preparing loan amortized table

Q: Use the following information to answer the next three questions below: You buy a house on July 1.…

A: Laon amortization schedule means where repayment during the life of loan is written with interest.

Q: Use this table to find the monthly mortgage payments, when necessary. Tanyarita has a mortgage of…

A: Mortgage amount = $52,500 Interest rate = 7.5% Time duration (n) = 20 years. Property tax = $2,600…

Q: You currently have two loans outstanding: a car loan and a student loan. The car loan requires that…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Sandy Kupchack just graduated from State University with a bachelor’s degree in history. During her…

A: Present value: This is the amount of future value reduced or discounted at a rate of interest till…

Q: Bilbo Baggins has just purchased a home and taken out a $400,000 mortgage. The mortgage has a…

A: The monthly payment amount can be calculated with the help of present value of annuity function

Q: On October 1, the home mortgage balance was $166,000 for the home owned by Susan Wilson. The…

A: Balance at the beginning of October Monthly mortgage payment  Interest amount $166,000 $1660…

Q: Virginia Osterman bought a television set on a 12-month installment plan that included a $39.00…

A: Given: Finance charge = $39.00 Monthly Payment = $54 Here, Total number of installments = 12 Settled…

Q: Sandy Kupchack just graduated from State University with a bachelor’s degree in history. During her…

A:

Q: Stephen has just purchased a home for $125,000. A mortgage company has approved his loan application…

A: Introduction Mortgage: A mortgage is a form of loan that can be used to purchase or refinance a…

Q: On January 1, 2021, Stoops Entertainment purchases a building for $610,000, paying $110,000 down and…

A: Total payment over the 15 years $9,12,839 Less: Loan Amount $5,00,000 Interest Expense ($912839…

Q: 1A: You have decided to buy a house and finance it with a 20-year, 4.25% APR mortgage. The house…

A: Mortgage refers to the contract that is used by the lender of the money to make lien on the property…

Q: The Brown family recently bought a house. The house has a 30 year, $165,000 mortgage with a nominal…

A: Here, To Find: Interest paid in month 37 =?

Q: James has a mortgage of $86,500 at 8% for 15 years. The property taxes are $3,900 per year, and the…

A: Solution:- Given, James has a mortgage = $86,500 at 8% for 15 years. The property taxes = $3,900 per…

Q: Stephen has just purchased a home for $162,000. A mortgage company has approved his loan application…

A: Mortgage is a value which a person borrowed from the sources like bank and repay it later with extra…

Q: Stephen has just purchased a home for $146,000. A mortgage company has approved his loan application…

A: Price of home = $146000 Yearly rate of interest(r) = 4.75% = 0.0475 Total Years = 30 Downpayment =…

Q: On September 1, the home mortgage balance was $238,000 for the home owned by Susan Gonzalez. The…

A: Total monthly payments are calculated in such a way that it includes portion of interest as well as…

Q: You currently have two loans outstanding: a car loan and a student loan. The  car loan requires that…

A: In this question equal payment is paid monthly in future. So we have to find present value of loan.

Q: Michael Sanchez purchased a condominium for $89,000. He made a 20% down payment and financed the…

A: Monthly payments (PI) is calculated by EMI formula: Monthly payments (PITI) = Monthly payments (PI)…

Cost of Credit

The cost of credit is an extra amount that the borrower has to pay besides the loan amount. These credit charges may vary from loan to loan. The cost of credit includes interest charges, maintenance charges, and arrangement charges. Some of the costs are mandatorily collected by the lender based on the loan amount and tenure of the loan. The cost of credit is also called finance charges of the credit.