A couple has just purchased a home for $384,100.00. They will pay 20% down in cash,...

A couple has just purchased a home for $384,100.00. They will pay 20% down in cash, and finance the remaining balance. The mortgage broker has gotten them a mortgage rate of 5.64% APR with monthly compounding. The mortgage has a term of 30 years.

How much interest is paid in the first year?

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jeff jeffy answered 3 months ago

A couple has just purchased a home for $312,100.00. They will pay 20% down in cash,...

A couple has just purchased a home for $312,100.00. They will pay 20% down in cash, and finance the remaining balance. The mortgage broker has gotten them a mortgage rate of 5.64% APR with monthly compounding. The mortgage has a term of 30 years. How much interest is paid on the first payment? A couple has just purchased a home for $312,100.00. They will pay 20% down in cash, and finance the remaining balance. The mortgage broker has gotten them...

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A couple has just purchased a home for $311,500.00. They will pay 20% down in cash, and finance the remaining balance. The mortgage broker has gotten them a mortgage rate of 4.08% APR with monthly compounding. The mortgage has a term of 30 years. What is the size of the loan taken out by the couple? What is the monthly payment on the loan? How much interest is paid on the first payment? How much interest is paid in the...

A couple has just purchased a home for $348,400.00. They will pay 20% down in cash,...

A couple has just purchased a home for $348,400.00. They will pay 20% down in cash, and finance the remaining balance. The mortgage broker has gotten them a mortgage rate of 5.04% APR with monthly compounding. The mortgage has a term of 30 years. How much interest is paid in the first year?

A couple has just purchased a home for $314,100.00. They will pay 20% down in cash,...

A couple has just purchased a home for $314,100.00. They will pay 20% down in cash, and finance the remaining balance. The mortgage broker has gotten them a mortgage rate of 3.72% APR with monthly compounding. The mortgage has a term of 30 years. What is the size of the loan taken out by the couple? A couple has just purchased a home for $313,200.00. They will pay 20% down in cash, and finance the remaining balance. The mortgage broker...

A couple has just purchased a home for $327,400.00. They will pay 20% down in cash,...

A couple has just purchased a home for $327,400.00. They will pay 20% down in cash, and finance the remaining balance. The mortgage broker has gotten them a mortgage rate of 5.64% APR with monthly compounding. The mortgage has a term of 30 years. How much interest is paid in the first year? Answer Format: Currency: Round to: 2 decimal places.

1. A couple has just purchased a home for $447,300.00. They will pay 20% down in...

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Fifteen years ago a couple purchased a house for $230,000.00 by paying a 20% down payment and financing the remaining balance with a 30-year mortgage at 4.7% compounded monthly. (a) Find the monthly payment for this loan. (b) Find the balance of the loan after 16 years and after 17 years? (c) Find the total amount of interest paid by the couple during the 17th year.

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Ms. Towne is buying a home for $350,000 and is putting down 20% cash on the purchase. She is financing the rest with a 25 year fixed rate 5.75% mortgage, but is considering a bi-weekly repayment option. How much interest would the bi-weekly option allow her to save and how long would it take her to pay off the loan with this option? a) $45,763; 21.8 years b) $44,330; 21.14 years c) $49,321; 13.27 years d) $37,901; 22.23 years

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You want to buy a $188,000 home. You plan to pay 20% as a down payment, and take out a 30 year loan for the rest. a) How much is the loan amount going to be? $ b) What will your monthly payments be if the interest rate is 5%? $ c) What will your monthly payments be if the interest rate is 6%? $

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