Question
In: Finance
You want to purchase a house: your maximum monthly payment is $1,600, and you also have...
- You want to purchase a house: your maximum monthly payment is $1,600, and you also have a saving of $35,000 as the down payment. You apply for a 30-year fixed mortgage loan with APR 4.49%. What is the maximum house price you can afford to buy?
Solutions
jeff jeffy answered 12 hours agoRelated Solutions
You will have to search for your dream house, calculate the down payment, and the monthly...
You will have to search for your dream house, calculate the down
payment, and the monthly payments for a 30 and 15 years fixed loan.
You will use the loan payment formula to determine your monthly
payments for a 30-year fixed loan with an APR of 3.75% and for a
15-years fix loan with an APR of 2.97% with a down payment of 5%.
You will make a decision on which loan you would take and provide
reasons for your...
You want to buy a house that costs $210,000. You have $21,000 for a down payment,...
You want to buy a house that costs $210,000. You have $21,000
for a down payment, but your credit is such that mortgage companies
will not lend you the required $189,000. However, the realtor
persuades the seller to take a $189,000 mortgage (called a seller
take-back mortgage) at a rate of 5%, provided the loan is paid off
in full in 3 years. You expect to inherit $210,000 in 3 years, but
right now all you have is $21,000, and...
You want to buy a house that costs $180,000. You have $18,000 for a down payment,...
You want to buy a house that costs $180,000. You have $18,000
for a down payment, but your credit is such that mortage companies
will not lend you the required $160,000. However, the realtor
persuades the seller to take a $160,000 mortage (called a seller
take-back mortage) at a rate of 7%, provided the loan is paid off
in full in 3 years. You expected to inherit $180,000 in 3 years;
but right now all you have is $18,000, and...
You want to buy a house that costs $100,000. You have $10,000 for a down payment,...
You want to buy a house that costs $100,000. You have $10,000
for a down payment, but your credit is such that mortgage companies
will not lend you the required $90,000. However, the realtor
persuades the seller to take a $90,000 mortgage (called a seller
take-back mortgage) at a rate of 9%, provided the loan is paid off
in full in 3 years. You expect to inherit $100,000 in 3 years; but
right now all you have is $10,000, and...
You want to buy a house that costs $230,000. You have $23,000 for a down payment,...
You want to buy a house that costs $230,000. You have $23,000
for a down payment, but your credit is such that mortgage companies
will not lend you the required $207,000. However, the realtor
persuades the seller to take a $207,000 mortgage (called a seller
take-back mortgage) at a rate of 8%, provided the loan is paid off
in full in 3 years. You expect to inherit $230,000 in 3 years, but
right now all you have is $23,000, and...
You want to buy a house that costs $100,000. You have $10,000 for a down payment,...
You want to buy a house that costs $100,000. You have $10,000
for a down payment, but your credit is such that mortgage companies
will not lend you the required $90,000. However, the realtor
persuades the seller to take a $90,000 mortgage (called a seller
take-back mortgage) at a rate of 10%, provided the loan is paid off
in full in 3 years. You expect to inherit $100,000 in 3 years, but
right now all you have is $10,000, and...
You want to buy a house that costs $320,000. You have $32,000 for a down payment,...
You want to buy a house that costs $320,000. You have $32,000
for a down payment, but your credit is such that mortgage companies
will not lend you the required $288,000. However, the realtor
persuades the seller to take a $288,000 mortgage (called a seller
take-back mortgage) at a rate of 5%, provided the loan is paid off
in full in 3 years. You expect to inherit $320,000 in 3 years, but
right now all you have is $32,000, and...
What will your monthly payment be for a car you purchase for $70,000 today where the...
What will your monthly payment be for a car you purchase for
$70,000 today where the bank will finance it for you for 72 months
at 2.99% (APR)?
Youu want to buy a house that costs $150,000. You have $15,000 for a down payment,...
Youu want to buy a house that costs $150,000. You have $15,000
for a down payment, but your credit is such that mortgage companies
will not lend you the required $135,000. However, the realtor
persuades the seller to take a $135,000 mortgage (called a seller
take-back mortgage) at a rate of 9%, provided the loan is paid off
in full in 3 years. You expect to inherit $150,000 in 3 years; but
right now all you have is $15,000, and...
You borrow $5,530 to purchase furniture for your house. You agree to make monthly payments for...
You borrow $5,530 to purchase furniture for your house. You
agree to make monthly payments for 4 years to pay for the
furniture. If the interest rate is 5 percent with monthly
compounding, how much are your monthly payments? Assume the first
payment is made one month after purchase. $103.95 $123.18 $127.35
$104.31 $121.90
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