Question
In: Statistics and Probability
Jaime is buying her first house. He has saved $30,000 for a down payment. The bank...
Jaime is buying her first house. He has saved $30,000 for a down payment. The bank requires 20% down and she found a 30-year loan for 4.9% interest. Jaime finds a house for the maximum amount he could afford. (A) How much can Jaime afford for her house? (B) Find the amount of the mortgage. (C) Find the monthly payment. (D) How much did he end up paying? How much of that was interest?
Solutions
orchestra answered 3 years agoRelated Solutions
Suppose you are buying the first house for $500,000 with 20% down payment. You have arranged...
Suppose you are buying the first house for $500,000 with
20% down payment. You have arranged to finance the remaining amount
with a 15-year, monthly payment, amortized mortgage at nominal
annual rate of 3.6%. What is remaining balance after 10 years with
120 monthly payments?
$180,68.90
$79,777.39
$167,123.45
$157,881.37
Which of the following statements is/are
INCORRECT?
Unlimited liability and limited life are two key
advantages of the corporate form over other forms of busiess
organizations.
Limited liability is an advantage...
The Turners have purchased a house for $160,000. They made an initial down payment of $30,000...
The Turners have purchased a house for $160,000. They made an
initial down payment of $30,000 and secured a mortgage with
interest charged at the rate of 7%/year compounded monthly on the
unpaid balance. The loan is to be amortized over 30 yr. (Round your
answers to the nearest cent.)
(a) What monthly payment will the Turners be required to
make?
$
(b) How much total interest will they pay on the loan?
$
(c) What will be their equity...
The Taylors have purchased a $310,000 house. They made an initial down payment of $30,000 and...
The Taylors have purchased a $310,000 house. They made an
initial down payment of $30,000 and secured a mortgage with
interest charged at the rate of 7%/year on the unpaid balance.
Interest computations are made at the end of each month. If the
loan is to be amortized over 30 years, what monthly payment will
the Taylors be required to make? (Round your answer to the nearest
cent.)
$
What is their equity (disregarding appreciation) after 5 years?
After 10...
1) April wants $7,000 saved in 4 years to make a down payment on a house....
1)
April wants $7,000 saved in 4 years to make a down payment on a
house. How much money should she invest now at 3.15% compounded
semiannually in order to meet her goal?
2)
How much will need to be invested at the beginning of every 2
months at 7.7% compounded every 2 months, to pay off a debt of
$24,000.00 in 5 years?
The every 2 months payments are $. (Round to 2 decimal places.)
Shaun has enough money to put a 20% down payment on the new house he and...
Shaun has enough money to put a 20% down payment on the new
house he and his family have picked out, but they will lose the
emergency fund. Putting less than this down will increase his
payments. What tradeoffs should he consider?
Mr. Jones has just bought a house for $250,000. He will make a down payment of...
Mr. Jones has just bought a house for $250,000. He will make a
down payment of 5% on the house, and pay for the rest with a
mortgage. The Bank Le Friendly offers 10-year mortgage loans at 13%
APR compounded semi-annually, with monthly mortgage payments
starting today. What is the amount of Mr. Jones’s monthly mortgage
payment?
A. $3,462.31 B. $3,498.84 C. $3,546.13 D. $3,647.40 E.
$3,605.56
Jingfei bought a house 6 years ago for $200,000. Her down payment on the house was...
Jingfei bought a house 6 years ago for $200,000. Her down
payment on the house was the minimum required 10% at that time she
financed the remainder with a 30-year fixed rate mortgage. The
annual interest rate was 8% and she was required to make monthly
payments, and she has just made her 72th payment. A new bank has
offered to refinance the remaining balance on Jingfei's loan and
she will have to pay $1,320 per month for the next...
if you are buying a house valued at $210,000 with 10% down payment. You will borrow...
if
you are buying a house valued at $210,000 with 10% down payment.
You will borrow the remaininf 90% of the purchase prices at 6% APR
and the loan will be paid off in 30 years, how much do you still
owe two months from now?
Loretta Scholten bought a home for $210,000 with a down payment of $30,000. Her rate of...
Loretta Scholten bought a home for $210,000 with a down payment
of $30,000. Her rate of interest is 6% for 35 years. Calculate the
total cost of interest for Loretta Scholten. (Round your
answer to the nearest cent.)
Total cost of interest
You are buying a house for $350,000 with a 20% down payment. You use a 30-year...
You are buying a house for $350,000 with a 20% down payment. You
use a 30-year monthly amortized mortgage at a 5.75% nominal
interest rate. Monthly payments are &1,634. What is the
estimated payoff on the mortgage after you have paid for 10
years?
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