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)?

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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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You purchase a $450,000 town home and you pay 20 percent down. You obtain a 30-year...

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You purchase a $225,000 town home and you pay 20% down. You obtain a 30 year...

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