Question
In: Finance
Esmerelda buys a house for $450000. She makes a 20% downpayment on the house and for...
Esmerelda buys a house for $450000. She makes a 20% downpayment on the house and for the remaining balance takes out a 30-year mortgage at 4.25% annual interest compounded monthly. a. What are her monthly payments? (1 point) dollars Show your work: (12 points) b. 20 years into the mortgage, she inherits enough money to pay off the remaining balance. How much is the remaining balance? (1 point) dollars Show your work: (3 points)
Solutions
jeff jeffy answered 1 year agoRelated Solutions
Helen purchased a house for $450,000. She made a downpayment of 15% of the value of...
Helen purchased a house for $450,000. She made a downpayment of
15% of the value of the house and received a mortgage for the rest
of the amount at 5.50% compounded semi-annually for 15 years. The
interest rate was fixed for a 5-year term.
a. Calculate the size of the monthly
payments.
Round to the nearest cent
b. Calculate the principal balance at the end
of the 5-year term.
Round to the nearest cent
c. Calculate the size of the...
A home buyer buys a house for $ 1630000. She pays 20% cash, and takes a...
A home buyer buys a house for $ 1630000. She pays 20% cash, and
takes a fixed-rate mortgage for ten years at 8.75% APR. If she
makes semi-monthly payments, which of the following is closest to
each of her payment?
A. $ 9794.42
B. $ 6529.62
C. $ 8162.02
D. $ 8978.22
Suppose the minimum downpayment on a house is currently 5%. But, the government suddenly passes a...
Suppose the minimum downpayment on a house is currently 5%. But,
the government suddenly passes a law making the minimum downpayment
25%. How will this affect the likelihood of “defaults” and
foreclosures? Explain.
Bill is borrowing money for a house and puts down a 20%
downpayment. The bank representative is worried that Bill does not
have the ability to make payments; in fact, the bank representative
thinks it is very likely that Bill will default. But, the bank
decides to...
In March 2020, Ana buys a house worth $440,000 in Florida. She puts 5% down and...
In March 2020, Ana buys a house worth $440,000 in Florida. She
puts 5% down and takes out a mortgage loan for the rest of the
balance. In May 2020, Ana decides to add John to the deed of the
house as joint owner. John gives Ana $18,000 to help her recoup
some of the costs of the purchase and agrees to pay half of the
mortgage, but, is not placed on the mortgage loan.
For this question, assume that...
In March 2020, Ana buys a house worth $440,000 in Florida. She puts 5% down and...
In March 2020, Ana buys a house worth $440,000 in Florida. She
puts 5% down and takes out a mortgage loan for the rest of the
balance. In May 2020, Ana decides to add John to the deed of the
house as joint owner. John gives Ana $18,000 to help her recoup
some of the costs of the purchase and agrees to pay half of the
mortgage, but, is not placed on the mortgage loan.
For this question, assume that...
Finley buys a $10,000 e-bicycle from Spoke House, Inc., on credit but makes no payments on...
Finley buys a $10,000 e-bicycle from Spoke House, Inc., on
credit but makes no payments on the account. Ruby, the owner of
Spoke House, calls Finley at home on a Monday morning at three a.m.
On the phone, Ruby represents herself as IOU Collection Agency and
demands payment “or else.” The next day, Ruby sends Finley notice
that she has thirty days in which to request verification of the
debt and that if she makes such request, her payments due...
Using excel! Snape buys a home for $450000 and puts $50000 down. He finances the rest at...
Using excel!
Snape buys a home for $450000 and puts $50000
down. He finances the rest at 5.4% for 30
years. He begins paying an extra $700 per month after 5
years
How much will he end up saving?
When will it be paid off assuming he purchased the home June 1,
1999?
You want to buy a house that costs $194,000. You plan on making downpayment of 10%....
You want to buy a house that costs $194,000. You plan on making
downpayment of 10%. You found a loan with a 5.9% annual rate
compounded monthly for 20 years. How much interest is paid over the
life of the loan.
Round your answer to two decimal places. Do not include the $
sign in your answer.
Eowyn wants to buy a house that is priced at $235,000. She makes a down payment...
Eowyn wants to buy a house that is priced at $235,000. She makes
a down payment of 20% and then finances the balance with a loan
that will require her to make monthly payments for thirty years,
with the first payment due one month after the purchase of the
house. If her lender charges 4.25% per year compounded monthly,
find the outstanding loan balance after she makes 7 years of
payments.
Ella purchases a new house for $400,000. She put 20% down and will finance the rest...
Ella purchases a new house for $400,000. She put 20% down and
will finance the rest over 30 years at 4.5%. What is her monthly
payment? Group of answer choices $1,721.35. $1,621.4 $405.34
$1,635.98.
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