Question

In: Finance

You wish to buy a house today for $350,000. You plan to put 10% down and...

  1. You wish to buy a house today for $350,000. You plan to put 10% down and finance the rest at 5.20%

p.a. for thirty years. You will make equal monthly payments of $_______.

Solutions

Expert Solution

Please upvote if the ans is helpful.In case of doubt,do comment.Thanks.

jeff jeffy answered 1 year ago
Next > < Previous

Related Solutions

You wish to buy a house today for $350,000. You plan to put 10% down and...
You wish to buy a house today for $350,000. You plan to put 10% down and finance the rest at 5.20% p.a. for thirty years. You will make equal monthly payments of $_______.
You've saved up to buy a house and will put $60,000 down on a $350,000 home....
You've saved up to buy a house and will put $60,000 down on a $350,000 home. You're stated interest rate is 4.3%, and you'll make monthly payments for 30 years. What will be your mortgage payment?
You wish to buy a speed boat that costs $45,000. You will put down 10% down...
You wish to buy a speed boat that costs $45,000. You will put down 10% down payment and finance the remaining cost of the boat with a 6-year fully amortized loan at an annual rate of 12%. If you want to make equal quarterly payments with the first payment three months from now, how much will your quarterly payment be? View keyboard shortcuts
You are planning to buy a house today. The house costs $350,000. You have $50,000 in...
You are planning to buy a house today. The house costs $350,000. You have $50,000 in cash that you can use as a down payment on the​ house, but you need to borrow the rest of the purchase price. The bank is offering a 30​-year mortgage that requires annual payments and has an EAR of 5% per year. What will be your annual mortgage​ payment?
You plan to buy a house in July 2019. The sale price is $350,000. You need...
You plan to buy a house in July 2019. The sale price is $350,000. You need to pay 20% down payments and borrow additional 80% from Wells Fargo with a traditional 15-year, 3.6% fixed-rate mortgage loan. You are expected to pay an equal MONTHLY payment starting from August 2019 for a total of 15 years. (1) Calculate your expected monthly mortgage payment. (2) Develop the 2019~2034 amortization table for your mortgage loan. (1) When you prepare your 2019 tax filing,...
You are planning to buy a house in New Jersey. You put a 20% down payment,...
You are planning to buy a house in New Jersey. You put a 20% down payment, and 15-year mortgage rates are at 4.2% -Price of the house is $400,000. a. Calculate the monthly payments. b- Calculate the 1st month interest payment. c-Calculate the 1st month principal payments
You are planning to buy a house in New Jersey. You put a 20% down payment,...
You are planning to buy a house in New Jersey. You put a 20% down payment, and 15-year mortgage rates are at 4.2% -Price of the house is $400,000. A. Calculate the 1st month interest payments B.Calculate the 1st month principal payments C.  Calculate the monthly payments. Place answer in the box below and use 2 decimals and no $ sign
You are planning to buy a house worth $500,000 today. You plan to live there for...
You are planning to buy a house worth $500,000 today. You plan to live there for 15 years and then sell it. Suppose you have $100,000 savings for the down payment. There are two financing options: a 15-year fixed-rate mortgage (4.00% APR) and a 30-year fixed-rate mortgage (5.00% APR). The benefit of borrowing a 30-year loan is that the monthly payment is lower. But since you only plan to hold the house for 15 years, when you sell the house...
1. Suppose you wish to buy a house for $500,000. You make a 25% down payment...
1. Suppose you wish to buy a house for $500,000. You make a 25% down payment and borrow the rest at an interest rate of 6% for 30 years. (a) What is your annual repayment? (b) Repeat the above assuming a mortgage term of 25 years. 2. Suppose you borrow $20,000 to buy a car. The interest rate is 11% and the loan is for 8 years. (a) What is your annual repayment? (b) What is the remaining balance after...
1. Suppose you wish to buy a house for $500,000. You make a 25% down payment...
1. Suppose you wish to buy a house for $500,000. You make a 25% down payment and borrow the rest at an interest rate of 6% for 30 years. (a) What is your annual repayment? (b) Repeat the above assuming a mortgage term of 25 years. 2. Suppose you borrow $20,000 to buy a car. The interest rate is 11% and the loan is for 8 years. (a) What is your annual repayment? (b) What is the remaining balance after...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT