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- A couple take a 30-year home mortgage of $120,000 at 7.8% compounded monthly. They make their regular monthly payments for 5 years, then decide to pay $1000 per month. a. Find their regular monthly payment. b. Findtheunpaidbalancewhentheybeginpayingthe$1000. c. How many payments of $1000 will it take to pay off the loan? Give the answer correct to one decimal place. d. Use your answer to part(c)to find how much interest they save by paying the loan this way.Marry are buying her first house for $220,000, and are paying $30,000 as a down payment. You have arranged to finance the remaining $190,000 30-year mortgage with a 7% nominal interest rate and monthly payments. What are the equal monthly payments you must make? Select one: a. $1,110$ b. $1,976 c. $1,264 d. 1,513Mortgage A couple secures a 30-year loan of $100,000 at 9.75 % per year, compounded monthly, to buy a house. Draw a timeline of cashflows. (a) What is the amount of their monthly payment? (b) What total amount will they pay over the 30-year period? (c) If, instead of taking the loan, the couple deposits the monthly payments in an account that pays 9.75% interest per year, compounded monthly, how much will be in the account at the end of the 30-year period?
- A couple buys a $200000 home, making a down payment of 19%. The couple finances the purchase with a 15 year mortgage at an annual rate of 3.18%. Find the monthly payment. $1 If the couple decides to increase the monthly payment to $1200, find the number of payments.Barbara and Jerry can afford a mortgage payment of $1, 500 per month. If interest rates are 3.25% for 30 years, how much can they afford to borrow?Group of answer choices a: $540,000.00 b: $566.53 c: S344, 664.11 d: S912, 558.71A couple buys a $190,000home, making a down payment of 16%. The couple finances the purchase with a 15 year mortgage at an annual rate of 2.88%. Find the monthly payment. If the couple decides to increase the monthly payment to $1100, find the number of payments.
- A family buys a house worth $326,000. They pay a $75,000 deposit and take a mortgage for the balance at J12=9% p.a. to be amortized over 30 years with monthly payments. Find the value of the mortgage on their house? Find the value of the monthly payment? Find the loan outstanding after making 20 payments? Find the principal repaid in the 21st payment?If George wants to purchase a new home for $400,000 and finance $320,000 with a 4%, 30 year mortgage with a monthly payment of 12,697.43. How much interest would be paid in the first 12th payment? A.) 1,049.47 B.)1,504.45 C.) 1,240.67 D.) 1,120.67A family has a $95,877, 25-year mortgage at 5.1% compounded monthly (A) Find the monthly payment and the total interest paid (B) Suppose the family decides to add an extra $100 to its mortgage payment each month starting with the very first payment How long will it take the family to pay off the mortgage? How much interest will the family save? (A) Monthly payment: $(Round to two decimal places)
- Assume an elderly couple owns a $400,000 home that is free and clear of mortgage debt. A reverse annuity mortgage (RAM) lender has agreed to a $300,000 RAM. The loan term is 15 years, the contract is 5.25%, and payments will be made at the end of each month. What portion of the loan balance at the end of year 15 represents interest (rounded to thousands)? Excel a) $95,000 O b) $102,000 O c) $174,000 d) $198,000 e) $205,000A couple who wants to purchase a home with a price of $290,000 has $50,000 for a down payment. If they can get a 20-year mortgage at 7% per year on the unpaid balance, find each of the following. (a) What will be their monthly payments? (b) What is the total amount they will pay before they own the house outright? (c) How much interest will they pay over the life of the loan? (a) Their monthly payments would be approximately $. (Do not round until the final answer. Then round to the nearest hundredth as needed.)A homeowner has been paying a monthly mortgage payment of $716.40 on a 40-year loan at a fixed annual interest rate of 5.5%. After making payments for 7 years, the homeowner must sell the house and move to another state for a new job. What is the payoff for the mortgage? Round your answer to the nearest cent. $138,900.00 $261,660.50 $65,321.29 $130,747.24
