Suppose you want to buy a $148,000 home. You found a bank that offers a 30-year loan at 3.5% APR.What will be your monthly payment? (Round to the nearest cent.)$How much would you end up paying the bank for the home after 30 years? (Round to the nearest cent.)$Suppose you wanted to reduce the time of your loan to 25 years. What would be your new monthly payment? (Round to the nearest cent.)$How much would you end up paying the bank for the home after 25 years? (Round to the nearest cent.)$How much did you save by reducing the time of your mortgage loan? (Round to the nearest cent.)$

Q: You want to buy a boat, and a local bank will lend you $25,000. The loan will be fully amortized…

A: Loan amortization is the process of reimbursement of loan periodically by the borrower of the loan…

Q: You want to buy a car, and a local bank will lend you $20,000. The loan would be fully amortized…

A: A loan is an agreement where an amount is forwarded in exchange for periodic payments that cover the…

Q: You want to buy a $199,000 home. You plan to pay 10% as a down payment, and take out a 30 year loan…

A: Formula; Loan amount = Home value * (1 - Down payment)   Loan amount = $199,000 * (1 - 0.10) Loan…

Q: You want to buy a $260,000 home. You plan to pay $26000 as a down payment, and take out a 30 year…

A: When a person does not have enough money to buy any assets, he would consider taking a loan. The…

Q: Suppose you want to purchase a home for $425,000 with a 30-year mortgage at 4.84% interest. Suppose…

A: PMT function gives the payment for the loan for the constant payment and the constant rate of…

Q: You want to buy a house, and a local bank will lend you $100,000. The loan will be fully amortized…

A: Monthly loan payment: It is the amount of money that is given to the lender by the borrower on the…

Q: You want to buy a $210,000 home. You plan to pay $10500 as a down payment, and take out a 30 year…

A: The loan amount would be the remaining amount after deducting the down payment from the purchase…

Q: You want to buy a $260,000 home. You plan to pay 5% as a down payment, and take out a 30 year loan…

A: a) Loan Amount = Total price of house - Down payment  = 260,000 - (260,000 * 5%) = 260,000 - 13,000…

Q: Suppose you want to purchase a home for $525,000 with a 30-year mortgage at 5.44% interest. Suppose…

A: Note: No intermediate rounding is done for successive parts as well.   Value of house = $525,000…

Q: Suppose you want to purchase a home for $425,000 with a 30-year mortgage at 5.84% interest. Suppose…

A: 30 years 15 years Purchase of house 425000 425000 Downpayment(25%) 106250 106250 Amount…

Q: the amount of the down payment?

A: “Since you have posted a question with multiple sub-parts, we will solve the first three subparts…

Q: You are buying a home that cost $110,000 and are putting 20% down to avoid PMI. What would their…

A: Cost of house is $110,000 , down payment is 20% of cost = $22000. Therefore, loan amount is $88,000.…

Q: You need a home loan of $95,000 after your down payment. How much will your monthly house payment be…

A: Loan amount (PV) = $95000 Interest rate = 6.25% Monthly interest rate (r) = 6.25%/12 =…

Q: You are buying a house for $280,000.00 with a downpayment of $56,000.00. The loan will be paid back…

A: Loan amount = Cost of House - Downpayment To calculate the concluding amount of loan, excel formula…

Q: You want to buy a $195,000 home. You plan to pay 10% as a down payment, and take out a 30 year loan…

A: The loan amount would be price of home less down payment. Monthly payment =Loan amountPVAIF (…

Q: You want to buy a car, and a local bank will lend you $30,000. The loan would be fully amortized…

A: An effective annual rate (EAR) is the actual rate of interest to be paid annually after taking…

Q: Suppose you want to purchase a home for $525,000 with a 30-year mortgage at 5.54% interest. Suppose…

A: Given: Particulars Amount Cost of home $525,000 Year 30 Interest rate 5.54% Down payment…

Q: You are thinking of purchasing a house. The house costs $200,000. You have $29,000 in cash that you…

A: The value for mortgage would be considered as the agreement between the bank and individual party…

Q: 1. You want to buy a car, and a local bank will lend you $15,000. The loan will be fully amortized…

A: " Since this question contains multiple parts, we will answer only the first part for you. Kindly…

Q: You decide to buy a house costing $400,000. You pay $100,000 down, and the remainder will be paid in…

A: Loans are a way through which individual finance their big expenditures. These types of loans help…

Q: You want to buy a $198,000 home. You plan to pay 15% as a down payment, and take out a 30 year loan…

A: Installment is the amount of periodic payments a borrower makes to its lender in order to pay back…

Q: What is the monthly loan payment?

A: A personal loan is an unsecured loan and can be easily received without a need to pledge collateral…

Q: Suppose you want to buy a $153,000 home. You found a bank that offers a 30-year loan at 4.5% APR.…

A: Price of Home (PV) is $153,000 APR (r) is 4.5% Time Period (n) is 30 years and 25 years Compounding…

Q: You want to buy a new sports coupe for $84,500, and the finance office at the dealership has quoted…

A: APR refers to annual percentage rate. An APR is the annual rate that is charged for borrowing or can…

Q: You want to borrow $94,000 from your local bank to buy a new sailboat. You can afford to make…

A: Loan is an agreement between lender and borrower where lender provide funds to borrower which repaid…

Q: You want to buy a car, and a local bank will lend you $35,000. The loan will be fully amortized over…

A: Loan amount is the amount borrowed from the financial institutions such as banks, corporate houses,…

Q: Suppose you want to purchase a home for $475,000 with a 30-year mortgage at 4.54% interest. Suppose…

A: a) Value of home = $475,000 Down payment = 30% = 30%*$475000 = $142500 Loan amount = $332,500 Number…

Q: Suppose you want to purchase a home for $525,000 with a 30-year mortgage at 4.64% interest. Suppose…

A: given, price = $525000 n = 30 years r = 4.64% m = 12 down payment =30%

Q: Suppose you want to buy a $141,000 home. You found a bank that offers a 30-year loan at 3.7% APR.…

A: Given Information:Amount is $141,000 Number of years is 30 APR is 3.7%

Q: You want to buy a car, and a local bank will lend you $35,000. The loan will be fully amortized over…

A: An effective annual rate is the modified interest rate from the nominal rate that represents the…

Q: Suppose you buy a home and finance $295,000 at $2,233.17 per month for 30 years. What is the amount…

A: Financing is the method through which an individual lowers the payable costs and expenses on a…

Q: uppose you want to purchase a house. Your take-home pay is $3040 per month, and you wish to stay…

A: A written agreement through which a lender gets the right to take the property that is put as a…

Q: You were buying a House for $190,000 with a down payment of $57,000. The loan will be paid back over…

A: A study that proves that the future worth of the money is lower than its current value due to…

Q: You want to buy a $194,000 home. You plan to pay 20% as a down payment, and take out a 3.3% APR loan…

A: We will only answer the first three subparts for the remaining subparts kindly resumit the whole…

Q: Suppose you want to buy a $141,000 home. You found a bank that offers a 30-year loan at 3.7% APR.…

A: “Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

Q: Suppose you want to purchase a home for $425,000 with a 30-year mortgage at 4.14% interest. Suppose…

A: We can determine the monthly payments using the PMT function in excel. The syntax is: PMT (rate,…

Q: Suppose you want to save $220,000 for retirement. You will do so by putting monthly deposits into an…

A: Retirement planning involves the set of activities that determines the income goals that an…

Q: Suppose you want to buy a $147,000 home. You found a bank that offers a 30-year loan at 3.3% APR.…

A: Mortgage/ Borrowings:  Borrowings are the loan which is taken by the individual to meet its…

Q: You have just made an offer on a new home and are seeking a mortgage. You need to borrow $600,000.…

A: Mortgage: It is termed as a loan used for purchasing properties, homes, and other real estate…

Q: how much must he put down? (Round your answer to the nearest cent.)

A: Loan amortization refers to a schedule which is prepared to shows the periodic loan payments, amount…

Q: You want to buy a $202,000 home. You plan to pay 20% as a down payment, and take out a 30 year loan…

A: Cost of house is $202,000 Down payment is 20% Time period is  30 years Interest rate is 5.5% To…

Q: Suppose you want to purchase a home for $525,000 with a 30-year mortgage at 4.84% interest. Suppose…

A: Price of Home = $525000 Inetest Rate(r) = 4.84%/12 = 0.4033% Downpayment = 30% Amount financed…

Q: Suppose you want to buy a $150,000 home. You found a bank that offers a 30-year loan at 4.1% APR.…

A: Cost of House is $150,000 Time period is 30 years and 25 years. APR is 4.1% To Find: Monthly…

Q: Suppose you want to buy a $153,000 home. You found a bank that offers a 30-year loan at 4.5% APR.…

A: “Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

Q: Suppose you want to purchase a home for $475,000 with a 30-year mortgage at 5.34% interest. Suppose…

A: Monthly payment: Monthly payment $1,854.655875 Answer: $1,854.66

Q: Suppose you buy a home and finance $265,000 at $2,223.17 per month for 30 years. What is the amount…

A: Cost of home= $265,000 Financing pattern= $2,223.17 per month for 30 years Amount of Interest=?

Q: Suppose you want to purchase a house. Your take-home pay is $⁢2830 per month, and you wish to stay…

A: Monthly affordable payment (M) = (1/4) of $2830 = $707.50 r = 3.95% per annum = 0.329167% per month…

Q: When purchasing a $100,000 house, a borrower is comparing two loan alternatives. The first loan is…

A:

Q: How much is the loan amount going to be? My loan amount will be $________ . B. What will your…

A: A loan is an agreement in which one party lends money to another party. In the loan, the lender…

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.