Solve the problem with complete solution. 9. You plan to buy a house and lot through home loan from a bank. The selling price is 1,800,000 and the bank requires a down payment of 20% of the selling price. How much is the down payment?
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- Suppose you want to buy a car. You have surveyed the dealers' newspaper advertisements, and the one shown has caught your attention. You can afford to make a down payment of $2,678.95, so the net amount to be financed is $20,000.(a) What would the monthly payment be?(b) After the 25th payment, you want to pay off the remaining loan in a lumpsum amount. What is this lump sum?You have saved $14000 for a down payment on a house. Your bank requires a minimum down payment of 13%. What is the maximum price? You can offer for a home in order to have enough money for the down paymentThey plan to use their $40,000 is savings to cover the closing costs the bank will charge them,which are 1% of the amount they borrow from the bank. The rest of the savings will be used as adown payment. For example, if they borrow $330,000 using $20,000 for a down payment, theclosing costs will be $3,300, which still leaves them some savings. Determine the largestamount they can use for a down payment and still pay the closing costs.
- You have saved $22,000 for a down payment on a house. Your bank requires a minimum down payment of 19%. What is the maximum price you can offer for a home in order to have enough money for the down payment? Round to the nearest dollar.You want to buy a $160,000 home. You plan to pay 5% as a down payment, and take out a 30 year loan at 4.5% interest for the rest. The bank will charge 3.5 points on the amount financed.a) What is the amount of the down payment?b) How much is the loan amount going to be?c) What will be the amount charged for 3.5 points?d) Find the amount of the monthly payment.Suppose you decide to wait 5 years to save up before buying the house. You are able to put a down payment of $30,000 on the house, so that you only need to borrow $170,000 from the bank. Assume the interest rate is still the same, but you are now in a better financial position, and you can pay off the loan in 240 equal monthly payments. Answer the following questions about this loan. After making 240 monthly payments, how much of what you paid the bank was interest? $ . ROUND TO THE NEAREST CENT. THANKS APPRECIATE THE HELP!!!
- [This is a loan payment problem. Also considered a time value of money or TVM problem. You need to solve for PMT.] Marco is buying a home. The selling price is $240,000. The seller is paying a 6% commission, the bank is requiring a 20% down payment, Marco has a credit score of 750, the loan interest is 5.5%, and the length of the loan is 30 years. a. What is the monthly house payment for principal and interest? (Answer in dollars). b. What is the total Marco will pay for the house over the 30 years? (Answer in dollars).You have saved $22,000 for a down payment on a house. Your bank requires a minimum down payment of 11%. What is the maximum price you can offer for a home in order to have enough money for the down payment? (Round your answer to two decimal places.)Suppose you want to buy a new house. You currently have $15 000 and you figure you need to have a 10% down payment plus an additional 5% of the loan amount in closing costs. If the type of house you want costs about $150 000 and you can earn 7,5% per year, how long will it be before you have enough money for the down payment and closing costs?
- Suppose you found a house which comes with a price tag of $200,000. Your bank is willing to finance your upcoming purchase of your house . The bank has a two lines of loans : Loan to Value Ratio: 90, 8%APR, 30 year term; 80%loan to value ratio, 7%APR, 25 year Term. If you found a house with an asking price of $200,000 and you have $ 40,000 investment earning 16% annual return , How much is the additional Loan - to-Value coverage costing you , meaning getting the 90 % LTV vs. 80 % LTV ?Please use formula in solving. You are interested in buying a house worth P1,200,000. You paid P250,000 as down payment. In order to pay for the remaining amount, you take out a loan from the bank at a 9% interest rate to be paid for 25 years. a) What is your monthly payment?b) What is the total interest paid for the loaned amount?c) How much of the principal has been paid after 10 years? d) After 15 years, you decide to sell the house. How much should the selling price be to cover the remaining balance of the payments?An executive is looking to buy a Bugatti for $1.9 million. The car dealer can offer financing at a 4.9% rate over 5 years. If $900,000 is put down towards the purchase and the financing terms accepted, what will the monthly payment for the loan be? and what formula would i use to calculate this in excel?