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In: Finance
You purchase a $450,000 town home and you pay 20 percent down. You obtain a 30-year...
You purchase a $450,000 town home and you pay 20 percent down. You obtain a 30-year fixed-rate mortgage with an annual interest rate of 6.5 percent. After five years you refinance the mortgage for 25 years at a 5.75 percent annual interest rate. After you refinance, what is the new monthly payment (to the nearest dollar)?
Solutions
jeff jeffy answered 2 years agoRelated Solutions
You purchase a $225,000 town home and you pay 20% down. You obtain a 30 year...
You purchase a $225,000 town home and you pay 20% down. You
obtain a 30 year fixed rate mortgage with an annual interest rate
of 3.75%. After 20 years you refinance the mortgage for 10 years at
a 3.25% annual interest rate. After you refinance what is the new
monthly payment to the nearest dollar? 1.) 797 2.)814 3.) 932
4.)1,335 5.) 1,500
You purchase a $325,000 town home and you pay 25 percent down. You obtain a 30-year...
You purchase a $325,000 town home and you pay 25 percent down.
You obtain a 30-year fixed-rate mortgage with an annual interest
rate of 5.75 percent and monthly payments. After five years you
refinance the mortgage for 25 years at a 5.1 percent annual
interest rate. After you refinance, what is the new monthly payment
(to the nearest dollar)?
1. You purchase a $350,000 town home and you pay 25% down. You obtain a 30...
1. You purchase a $350,000 town home and you pay 25% down. You
obtain a 30 year fixed rate mortgage with an annual interest rate
of 6.25%. After 5 years you refinance the mortgage for 25 years at
a 5% annual interest rate. After you refinance what is the new
monthly payment?
2. You plan to purchase a $175,000 house using a 15-year
mortgage obtained from your local bank. The mortgage rate offered
to you is 7.75%. You will make...
PLEASE SHOW IN EXCEL You purchase a $325,000 town home and you pay 25 percent down....
PLEASE SHOW IN EXCEL
You purchase a $325,000 town home and you pay 25 percent down.
You obtain a 30-year fixed-rate mortgage with an annual interest
rate of 5.75 percent and monthly payments. After five years you
refinance the mortgage for 25 years at a 5.1 percent annual
interest rate. After you refinance, what is the new monthly payment
(to the nearest dollar)?
You purchase a home for $120,000. You obtain a 30 year loan from Bank Second, paying...
You purchase a home for $120,000. You obtain a 30 year loan
from Bank Second, paying 20% down, with your loan to be paid off in
monthly payments.
a. If the annual interest rate is 8.5% and your first payment
is in February, what is your outstanding principal balance after
your April payment?
b. How much interest would you save by obtaining a 15 year
loan versus a 30 year loan? Show all work.
You purchase a home for $120,000. You obtain a 30 year loan from Bank Second, paying...
You purchase a home for $120,000. You obtain a 30 year loan
from Bank Second, paying 20% down, with your loan to be paid off in
monthly payments.
a. If the annual interest rate is 8.5% and your first payment
is in February, what is your outstanding principal balance after
your April payment?
b. How much interest would you save by obtaining a 15 year
loan versus a 30 year loan? Show all work.
You put 20% down on a home with a purchase price of $250,000. The down payment...
You put 20% down on a home with a purchase price of $250,000.
The down payment is thus $50,000, leaving a balance owed of
$200,000. A bank will loan you this remaining balance at 3.91% APR.
You will make monthly end-of-the-period payments with a 30-year
payment schedule. What is the monthly annuity payment under this
schedule?
You purchase a $1,250,000 home by providing a down payment equal to 20% of the purchase price.
You purchase a $1,250,000 home by providing a down payment
equal to 20% of the purchase price. You take out a loan for the
remaining balance that requires equal end-of -month payments over
the next 30 years with an EAR of 3.8%. How interest will be paid
with the first two payments?
You want to buy a $188,000 home. You plan to pay 20% as a down payment,...
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%?
$
You want to buy a $198,000 home. You plan to pay 20% as a down payment,...
You want to buy a $198,000 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
6%?
$
c) What will your monthly payments be if the interest rate is
7%?
$
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