You want to buy a $197,000 home. You plan to pay 20% as a down payment,...

You want to buy a $197,000 home. You plan to pay 20% as a down payment, and take out a 30 year loan for the rest. a) How much is the loan amount going to be? $ b) What will your monthly payments be if the interest rate is 5%? $ c) What will your monthly payments be if the interest rate is 6%? $

Expert Solution

The calculation of loan amount and monthly payment is shown below

The working is shown below

jeff jeffy answered 2 years ago

You want to buy a $188,000 home. You plan to pay 20% as a down payment,...

You want to buy a $188,000 home. You plan to pay 20% as a down payment, and take out a 30 year loan for the rest. a) How much is the loan amount going to be? $ b) What will your monthly payments be if the interest rate is 5%? $ c) What will your monthly payments be if the interest rate is 6%? $

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You want to buy a $198,000 home. You plan to pay 20% as a down payment, and take out a 30 year loan for the rest. a) How much is the loan amount going to be? $ b) What will your monthly payments be if the interest rate is 6%? $ c) What will your monthly payments be if the interest rate is 7%? $

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You want to buy a $201,000 home. You plan to pay 20% as a down payment, and take out a 30 year loan for the rest. a) How much is the loan amount going to be? b) What will your monthly payments be if the interest rate is 6%? c) What will your monthly payments be if the interest rate is 7%?

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you plan to buy a boat for $10,000 and the terms are 20% down payment with...

you plan to buy a boat for $10,000 and the terms are 20% down payment with the balance to be paid over 40 months in equal monthly installments. If the first payment is one month from today and the interest rate is 24% per year, what is the value of each installment? (round to the nearest dollar)

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