Question
In: Finance
You would like to buy a house and will need a down payment of $19,367 in...
You would like to buy a house and will need a down payment of $19,367 in 8 months. How much would you have to invest, each month, starting next month, for 8 months to exactly pay for the down payment if your investments earn 2.58% APR compounded monthly?
Solutions
jeff jeffy answered 2 years agoRelated Solutions
You would like to buy a house and will need a down payment of $18,119 in...
You would like to buy
a house and will need a down payment of $18,119 in 6 months.
How much would you
have to invest, each month, starting next month, for 6 months to
exactly pay for the down payment if your investments earn 3.7% APR
compounded monthly?
Ann would like to buy a house. It costs $2,500,000. Her down payment will be $50,000....
Ann would like to buy a house.
It costs $2,500,000.
Her down payment will be $50,000.
She will take out a mortgage for the remainder.
It will be a 30 year, fully amortizing, FRM, with constant
monthly payments and monthly compounding.
The annual interest rate is 4.50%.
She will pay $5,000 in closing costs at origination.
She will also pay 1.75% of the balance in buy-down points at
origination.
Note: the home is bought and the loan is taken in...
You would like to accumulate $12,000 for a down payment on a house by depositing $400...
You would like to accumulate $12,000 for a down payment on a
house by depositing $400 on the first of every month in a savings
account that pays 12% annual interest, compounded monthly. How long
will it take you to reach your goal?
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...
Kari would like to save $10,000 for a down payment on a house. Illustrate the difference...
Kari would like to save $10,000 for a down payment on a house.
Illustrate the difference in years it will take her to double her
current $5,000 savings,
$5000 invested today at 6% would be worth $10000 in ? years.
$5000 invested today at 12% would be worth $10000 in ?
years.
$5000 invested today at 18% would be worth $10000 in ? years
You take out a mortgage to buy a house worth $300,000. If the down payment is...
You take out a mortgage to buy a house worth $300,000. If the
down payment is 30%, the annual interest rate is 6% compounded
monthly, and the term of the mortgage is 30 years, what are your
monthly mortgage payments?
a) $1,079
b) $1,259
c) $1,439
d) $1,505
e) $1,719
You are planning to buy a house in New Jersey. You put a 20% down payment,...
You are planning to buy a house in New Jersey. You put a 20%
down payment, and 15-year mortgage rates are at 4.2% -Price of the
house is $400,000.
a. Calculate the monthly payments.
b- Calculate the 1st month interest payment.
c-Calculate the 1st month principal payments
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