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 1 year 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%? $

You want to buy a $198,000 home. You plan to pay 20% as a down payment,...

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 want to buy a $252,000 home. You plan to pay 10% 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 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)

Assume that you decides to buy a house for $187,600. You will pay 20% down payment...

Assume that you decides to buy a house for $187,600. You will pay 20% down payment by your saving and fund the remaining amount (i.e., 80% of the house price) using a mortgage loan. The bank offers 30-year mortgage with monthly interest 0.5313%. You will pay backthe loan in equal amount at the end of each month for the next 30 years. (In other words, just like real-world practice, you will pay back the loan using equal-amount monthly payments). How much...

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