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In: Finance

1.Bob and his wife are buying a $300,000 house. They put 20% down and finance the...

1.Bob and his wife are buying a $300,000 house. They put 20% down and finance the $240,000 balance with a 30-year mortgage at 6.50% APR with monthly compounding. Compute the mortgage portion of their monthly payment.

Round your answer to the nearest penny. For example, $2,371.243 should be entered as 2371.24

2.You just returned from a friend’s overseas wedding and you’ve run up a $5,000 bill on your credit card that charges 19.90% per year, compounded monthly. Your plan is to make $150 payments monthly. How many months will it take you to repay the credit card debt off in full? (Round your answer up to the nearest month.)

Round your answer up to the nearest month.

Solutions

Expert Solution

1.Bob and his wife are buying a $300,000 house. They put 20% down and finance the $240,000 balance with a 30-year mortgage at 6.50% APR with monthly compounding. Compute the mortgage portion of their monthly payment.

Answer: $1516.96

2.You just returned from a friend’s overseas wedding and you’ve run up a $5,000 bill on your credit card that charges 19.90% per year, compounded monthly. Your plan is to make $150 payments monthly. How many months will it take you to repay the credit card debt off in full? (Round your answer up to the nearest month.)

Answer: 49 Months

jeff jeffy answered 1 year ago
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