1.
Calculate the monthly payments on a home loan for $200, 000 at an
APR of 5.1% if the loan is for...
a) 10 years
b) 15 years
c) 30 years
Then recalculate the payments if you are able to put 20%
down.
When Gustavo and Serrana bought their home, they had a 5.1% loan
with monthly payments of $870.60 for 30 years. After making 78
monthly payments, they plan to refinance for an amount that
includes an additional $35,000 to remodel their kitchen. They can
refinance at 4.5% compounded monthly for 25 years with refinancing
costs of $625 included with the amount refinanced.
A) Find the amount refinanced. (Round your answer to the nearest
cent.)
(b) Find their new monthly payment. (Round...
You need a loan of $160,000 to buy a home. Calculate your
monthly payments and total closing costs for each choice below.
Choice 1: 30 year fixed rate at 5% with closing costs if $2300
and no points.
Choice 2: 30 year fixed rate at 4.5% with closing costs of $2300
and 5 points.
What is the monthly payment for choice one?
What is the monthly payment for choice two?
what is the total closing cost for choice one?
what...
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?
You need a loan of $140 comma 000 to buy a home. Calculate your
monthly payments and total closing costs for each choice below.
Briefly discuss how you would decide between the two choices.
Choice 1: 15-year fixed rate at 7% with closing costs of $1400
and no points. Choice 2: 15-year fixed rate at 6.5% with closing
costs of $1400 and 3 points. What is the monthly payment for
choice 1? $ what (Do not round until the final...
You're offered a 5.200% rate (APR) on your mortgage loan. With
monthly payments, what is the Effective Annual Rate on the loan?
5.326% 5.314% 5.146% 5.402%
You obtain a $95.000 home loan for 15 years at 5.1% interest
compounded monthly. If you made the first payment was made on
August 15, 2009, how much interest will be paid in the year
2014?
You're offered a 5.200% rate (APR) on your mortgage
loan. With monthly payments, what is the Effective
Annual Rate on the loan?
5.402%
5.326%
5.314%
5.146%
Amortize a 30-year, $120,000 loan with end-of-month payments.
The APR is 12%. What is the monthly payment? What are the interest
and repayment portions of the payment in month 12? What is the
ending balance after one year (month 12)?