Question
In: Finance
You will have to search for your dream house, calculate the down payment, and the monthly...
You will have to search for your dream house, calculate the down payment, and the monthly payments for a 30 and 15 years fixed loan. You will use the loan payment formula to determine your monthly payments for a 30-year fixed loan with an APR of 3.75% and for a 15-years fix loan with an APR of 2.97% with a down payment of 5%. You will make a decision on which loan you would take and provide reasons for your choice based on comparing the monthly payment amounts and the total interest paid amounts.
There are many websites available to find property listings
- - property value with address
- – down payment amount and the value of the loan
- – monthly payments for 30 and 15 years
- – conclusion
Solutions
jeff jeffy answered 1 year agoRelated Solutions
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Say you buy your dream car for 223,695. Determine the monthly
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A. 2% interest rate for 36 months
B. 3% interest rate for 48 months
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You found your dream house. It will cost you $200000 and you will put down $35000...
You found your dream house. It will cost you $200000 and you
will put down $35000 as a down payment. For the rest you get a
30-year 5.5% mortgage. What will be your monthly mortgage payment
in $ (assume no early repayment)?
Your Answer:
Question 11 options:
Answer
Hide hint for Question 11
Mortgage monthly payment
N=30 years*12 month each year=360
I/Y=monthly interest rate= annual interest rate/12
PV= house price- down payment (money you will need to borrow
from the...
You found your dream house. It will cost you $300000 and you will put down $50000...
You found your dream house. It will cost you $300000 and you
will put down $50000 as a down payment. For the rest you get a
30-year 5.5% mortgage. What will be your monthly mortgage payment
in $ (assume no early repayment)?
You found your dream house. It will cost you $300000 and you will put down $30000...
You found your dream house. It will cost you $300000 and you
will put down $30000 as a down payment. For the rest you get a
30-year 5.5% mortgage. What will be your monthly mortgage payment
in $ (assume no early repayment)
You found your dream house. It will cost you $200000 and you will put down $40000...
You found your dream house. It will cost you $200000 and you
will put down $40000 as a down payment. For the rest you get a
30-year 5.5% mortgage. What will be your monthly mortgage payment
in $ (assume no early repayment)?
You found your dream house. It will cost you $300000 and you will put down $45000...
You found your dream house. It will cost you $300000 and you
will put down $45000 as a down payment. For the rest you get a
30-year 4.5% mortgage. What will be your monthly mortgage payment
in $ (assume no early repayment)?
You are ready to buy a house and you have $50,000 for a down payment and...
You are ready to buy a house and you have $50,000 for a down
payment and closing costs. Closing costs are estimated to be 2.5%
of the loan value. You have an annual salary of
$200,000. The bank is willing to allow your housing costs –
mortgage, property tax and homeowners insurance to be equal to 28%
of your monthly income. You have estimated that property tax will
be $1,000/month and homeowner’s insurance will be $100/month. The
interest rate on...
You are ready to buy a house and you have $50,000 for a down payment and...
You are ready to buy a house and you have $50,000 for a down
payment and closing costs. Closing costs are estimated to be 2.5%
of the loan value. You have an annual salary of
$200,000. The bank is willing to allow your housing costs –
mortgage, property tax and homeowners insurance to be equal to 28%
of your monthly income. You have estimated that property tax will
be $1,000/month and homeowner’s insurance will be $100/month. The
interest rate on...
You are ready to buy a house, and you have $25,000 for a down payment and...
You are ready to buy a house, and you have $25,000 for a down
payment and closing costs. Closing costs are estimated to be 4% of
the loan value. You have an annual salary of $48,000 (monthly
income $4000) , and the bank is willing to allow your monthly
mortgage payment to be equal to 25% of your monthly income. The
interest rate on the loan is 7.2% per year with monthly compounding
(.6% per month) for a 30-year fixed...
You are ready to buy a house and you have $50,000 for a down payment and...
You are ready to buy a house and you have $50,000 for a down
payment and closing costs. Closing costs are estimated to be 2.5%
of the loan value. You have an annual salary of
$200,000. The bank is willing to allow your housing costs –
mortgage, property tax and homeowners insurance to be equal to 28%
of your monthly income. You have estimated that property tax will
be $1,000/month and homeowner’s insurance will be $100/month. The
interest rate on...
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