Question
In: Advanced Math
On a $375,000 home loan, you can either finance at 5.6% for 20 or 30 years....
On a $375,000 home loan, you can either finance at 5.6% for 20 or
30 years. Find the monthly payment and the total paid over each
loan. Which loan do you pay more interest on. How much more
interest is paid? Are you shocked at the difference?
need this worked out so i can see every step and formula used
Solutions
Colby Messinger answered 2 years agoRelated Solutions
Assume that you are 10 years into a 30 year home loan at 5%. You owe...
Assume that you are 10 years into a 30 year home loan at 5%. You
owe $200,000 left on your home at this time. You can refinance your
loan at 4% for 20 years; however the TOTAL closing costs will be
around $3,000.
If you go for refinancing, how many more months would you need
to live in the home in order to get the closing cost back? Ignore
time value of money and tax credits of the interest payments...
Math of Finance You obtain a 150,000 home loan for $25 years at 4.8% interest compounded...
Math of Finance
You obtain a 150,000 home loan for $25 years at
4.8% interest compounded monthly. After 8
years the rate is raised to 6.3%
Compute:
a)The new payment if the term of the loan is to remain the
same.
b) The term of the loan if the payment remains the same. What is
the size of the concluding payment?
DO NOT USE EXCEL TO RESPOND TO THIS QUESTION. Use the
appropriate formula and show work instead.
6-Assume that you are 10 years into a 30 year home loan at 5%. You owe...
6-Assume that you are 10 years into a 30 year home loan at 5%.
You owe $200,000 left on your home at this time. You can refinance
your loan at 4% for 20 years; however the TOTAL closing costs will
be around $3,000.
If you go for refinancing, how many more months would you need
to live in the home in order to get the closing cost back? Ignore
time value of money and tax credits of the interest payments...
Suppose you want to purchase a home for $375,000 with a 30-year mortgage at 5.14% interest....
Suppose you want to purchase a home for $375,000 with a 30-year
mortgage at 5.14% interest. Suppose also that you can put down 25%.
What are the monthly payments? (Round your answer to the nearest
cent.)
What is the total amount paid for principal and interest? (Round
your answer to the nearest cent.)
What is the amount saved if this home is financed for 15 years
instead of for 30 years? (Round your answer to the nearest cent.)
$
You plan to buy a condo with a price of $375,000. You can pay 20% of...
You plan to buy a condo with a price of $375,000. You can pay
20% of the total price and need to borrow the rest from the bank.
Currently TD Canada Trust offers you a fixed rate mortgage of
2.14%. You plan to pay back your mortgage loan in 25 years. Please
find out your monthly mortgage payment. After first 4 monthly
payments, please find out the unpaid principal balance of your
mortgage loan. Please show your detail calculation. If...
An investor has $60,000 to invest in a $280,000 property. He can obtain either a $220,000 loan at 9.5 percent for 20 years or a $180,000 loan at 9 percent for 20 years and a second mortgage for $40,000 at 13 percent for 20 years.
An investor has $60,000 to invest in a $280,000
property. He can obtain either a $220,000 loan at 9.5 percent for
20 years or a $180,000 loan at 9 percent for 20 years and a second
mortgage for $40,000 at 13 percent for 20 years. All loans require
monthly payments and are fully amortizinga. Which of alternative should the borrower choose,
assuming he will own the property for the full loan term?b. Would your answer change if the borrower plans...
A recently married couple secure a home loan for 289,000 at 2.985% for 30 years. How...
A recently married couple secure a home loan for 289,000 at
2.985% for 30 years. How much interest will they have paid at the
end of the loan?
You borrow $250,000 to buy a home. The terms of the loan are as follows: 30-year...
You borrow $250,000 to buy a home. The terms of the loan are as
follows: 30-year mortgage loan at a rate of 4.50 percent with
monthly payments. What percentage of your first month's payment
goes toward interest?
A.
67 percent
B.
43 percent
C.
74 percent
D.
89 percent
E.
58 percent
If John wants to purchase a new home for $300,000 and finance $220,000 with either a...
If John wants to purchase a new home for $300,000 and finance
$220,000 with either a 4.%, 30- year mortgage or a 3.5%, 15-year
mortgage.
a. What is the monthly payment on each of the above
alternatives?
b. How much interest would be paid in the first 12 payments for
each of the above alternatives?
c. What would the loan balance be after 10 years for each of the
above alternatives?
If John wants to purchase a new home for $300,000 and finance $220,000 with either a...
If John wants to purchase a new home for $300,000 and finance
$220,000 with either a 4.%, 30- year mortgage or a 3.5%, 15-year
mortgage. a. What is the monthly payment on each of the above
alternatives? b. How much interest would be paid in the first 12
payments for each of the above alternatives? c. What would the loan
balance be after 10 years for each of the above alternatives?
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