Question
In: Statistics and Probability
A family needs to take out a 30-year home mortgage loan of $140,000 through a local...
A family needs to take out a 30-year home mortgage loan of $140,000 through a local bank. Annual interest rates for 30-year mortgages at the bank are 8.1 % compounded monthly.
(a) Compute the family's monthly mortgage payment under this loan.
(b) How much interest will the family pay over the life of the loan?
Solutions
orchestra answered 2 years agoRelated Solutions
A family takes out a mortgage for $277,400.00 from the local bank. The loan is for...
A family takes out a mortgage for $277,400.00 from the local
bank. The loan is for 30 years of monthly payments at a 4.32% APR
(monthly compounding). What will the family’s balance be on the
mortgage after 6.00 years?
Suppose that you take out a 30-year mortgage loan of $200,000 at an interest rate of...
Suppose that you take out a 30-year mortgage loan of $200,000 at
an interest rate of 10%.
What is your total monthly payment?
How much of the first month’s payment goes to reduce the size of
the loan?
If you can afford to pay $2,000 per month, how long would it
take you to pay
for this loan (still at 10% interest)?
If you can only pay $1,700 per month, and still want to finish
paying in 30
years, what...
You want to take out a $324,000 mortgage (home loan). The interest rate on the loan...
You want to take out a $324,000 mortgage (home loan). The
interest rate on the loan is 5.3%, and the loan is for 30 years.
Your monthly payments are $1,799.19.
How much will still be owed after making payments for 10 years?
$__________Round your answers to the nearest dollar.
How much will still be owed after making payments for 15 years?
$__________ Round your answers to the nearest dollar.
How much will still be owed after making payments for 20...
You take out a 30-year $450,000 mortgage loan with an APR of 7.75 percent and monthly...
You take out a 30-year $450,000 mortgage loan with an APR of
7.75 percent and monthly payments. In 16 years, you decide to sell
your house and payoff the mortgage. What is your monthly payment?
What is the principal balance on the loan? What is your total
payment? What is your principal payment? What is your interest
payment?
You take out a 30-year $200,000 mortgage loan with an APR (monthly) of 4.5% and monthly...
You take out a 30-year $200,000 mortgage loan with an APR
(monthly) of 4.5% and monthly payments. In 12 years you decide to
sell your house and pay off the mortgage. What is the principal
balance on the loan?
Solve Using excel spreadsheet: A young couple take out a 30-year home mortgage of $134,000.00 at...
Solve Using excel spreadsheet:
A young couple take out a 30-year home mortgage of $134,000.00
at 8.7% compounded monthly. They make their regular monthly payment
for 5 years, then decide to up their monthly payment to
$1,250.00.
A. What is the regular monthly payment? Correct answer:
$1049.40
B. What is the unpaid balance when they begin paying the
accelerated monthly payment of $1,250.00?
C. How many monthly payment of $1,250.00 will it take to pay off
the loan?
D. How...
You take out a 30-year $200,000 mortgage with a 4.5% mortgage rate. a. What are the...
You take out a 30-year $200,000 mortgage with a 4.5% mortgage
rate.
a. What are the month payments?
b. How much of the first payment was interest and
principal?
In order to estimate the mean 30-year fixed mortgage rate for a home loan in the...
In order to estimate the mean 30-year fixed mortgage rate for a
home loan in the United States, a random sample of 24 recent loans
is taken. The average calculated from this sample is 6.80%. It can
be assumed that 30-year fixed mortgage rates are normally
distributed with a population standard deviation of 0.5%. Compute
95% and 99% confidence intervals for the population mean 30-year
fixed mortgage rate. (Round intermediate
calculations to at least 4 decimal places. Round "z" value...
The Rhodes family is applying for a 30-year FHA mortgage loan at 4.00% interest per year....
The Rhodes family is applying for a 30-year FHA mortgage loan at
4.00% interest per year. Based upon the front-end ratio, what is
the maximum loan the family can afford? Use the most conservative
FHA ratio. Their financial situation is as follows:
Item
Amount
Frequency
Time Remaining
Familly Income
50000
annual
Car loan
350
monthly
36 months
Student loans
180
monthly
110 months
Boat loan
400
monthly
7 months
. A borrower takes out a 30 - year adjustable rate mortgage loan for $200,000 with...
. A borrower takes out a 30 - year adjustable rate mortgage loan
for $200,000 with monthly payments. The first two years of the loan
have a “teaser” rate of 4%, after that, the rate can reset with a
2% annual rate cap. On the reset date, the composite rate is 5%.
What would the Year 3 monthly payment be?
(A) $955
(B) $1,067
(C) $1,071
(D) $1,186
(E) Because of the rate cap, the payment would not change.
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