You are purchasing a home for $340 The down payment is 25% and the bala will be financed with a 25-year mortgag 8% and 1 discount points. You put down deposit of $10,000 (applied to the down payment) when the sales contract was signed. You also have these expenses: credit report, $80; appraisal fee, $140; insurance premium, 1% of amount finan title search, $300; and attorney's fees, $850. Find your amount due at the clos $340,000

You are purchasing a home for $340 The down payment is 25% and the bala will be financed with a 25-year mortgag 8% and 1 discount points. You put down deposit of $10,000 (applied to the down payment) when the sales contract was signed. You also have these expenses: credit report, $80; appraisal fee, $140; insurance premium, 1% of amount finan title search, $300; and attorney's fees, $850. Find your amount due at the clos $340,000

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 15P

See similar textbooks

Similar questions

You plan to purchase a $100,000 house using a 30-year mortgage obtained from your local credit union. The mortgage rate offered to you is 8.25 percent. You will make a down payment of 20 percent of the purchase price. a. Calculate your monthly payments on this mortgage. b. Calculate the amount of interest and, separately, principal paid in the 25th payment. (pls show solution)
You plan to purchase a $130,000 house using a 15-year mortgage obtained from your local credit union. The mortgage rate offered to you is 5.25 percent. You will make a down payment of 20 percent of the purchase price. a. Calculate your monthly payments on this mortgage. b. Construct the amortization schedule for the first six payments.
You plan to purchase a $100,000 house using a 30 year mortgage obtained from your local credit union. The mortgage rate offered to you is 8.25 percent. You will make a downpayment of 20 percent of the purchase price.Calculate the amount of interest and, separately, principal paid in 25th payment
You plan to purchase a $160,000 house using a 15-year mortgage obtained from your local credit union. The mortgage rate offered to you is 6.75 percent. You will make a down payment of 20 percent of the purchase price. a. Calculate your monthly payments on this mortgage. b. Calculate the amount of interest and, separately, principal paid in the 20th payment c. Calculate the amount of interest and, separately, principal paid in the 150th payment d. Calculate the amount of interest paid over the life of this mortgage. (For all requirements, do not round intermediate calculations. Round your answers to 2 decimal places. (e.g., 32.16)) a. Monthly payment b. Amount of interest Amount of principal C. Amount of interest Amount of principal d. Amount of interest paid Amount
You plan to purchase a S100,000 house using a 30-ycar mortgage obtained from your local credit union. The mortgage rate offered to you is 8.25 percent. You will make a down payment of 20 percent of the purchase price. 1. (LG 7-4) a. Calculate your monthly payments on this mortgage. b. Calculate the amount of interest and, separately, princi- pal paid in thc 25th payment. e. Caleulate the amount of interest and, separately, princi- pal paid in the 225th payment. d. Calculate the amount of interest paid over the life of this mortgage.
You purchase a cottage for $175,000. You obtain a 30-year, fixed rate mortgage loan at 12.5% after paying a down payment of 30%. Of the second month's mortgage payment, how much is interest and how much is applied to the principal? (Round your answers to the nearest cent.) Interest: $ _______ Applied to the principle: $________
Your current mortgage payment is $1,558.50 per month, with a balance of $217,800. Suppose you have a chance to refinance at a certain bank with a 30-year, 5.75% mortgage. The closing costs of the loan are application fee, $90; credit report, $165; title insurance, 0.4% of the amount financed; title search, $360; and attorney's fees, $570. a) Calculate the total refinance closing cost (in $). (Round your answer to the nearest cent.)
You plan to purchase a $240,000 house using a 30-year mortgage obtained from your local credit union. The mortgage rate offered to you is 8 percent. You will make a down payment of 10 percent of the purchase price. a. Calculate your monthly payments on this mortgage. b. Construct the amortization schedule for the first six payments. Complete this question by entering your answers in the tabs below. Required A Required B Construct the amortization schedule for the first six payments. (Do not round intermediate calculations. Round your answers to 2 decimal places. (e.g., 32.16)) Amortization Schedule for first 6 payments (months) Month Beginning Loan Balance Payment Interest Principal Ending Loan Balance 1 2 3 4 5 6
Use the following information to answer the questions. Price of home to purchase- $300,000 Rate- 2.8% (15 year) 3.2% (30 year) Down Payment- $65,000 What would be your monthly payment on a 15 year loan, assuming $2,400 property taxes and $2,400 home insurance?
You plan to purchase an $80,000 house using a 15-year mortgage obtained from your local bank. The mortgage rate offered to you is 8.00 percent. You will make a down payment of 20 percent of the purchase price. a. Calculate your monthly payments on this mortgage.b. Calculate the amount of interest and, separately, principal paid in the 127th payment.c. Calculate the amount of interest and, separately, principal paid in the 159th payment.d. Calculate the amount of interest paid over the life of this mortgage.
You plan to use a 15 year mortgage obtained from a local bank to purchase a house worth $124,000.00. The mortgage rate offered to you is 7.75%. You will make a down payment of 20% of the purchase price. a. Calculate your monthly payments on this mortgage. List in a spreadsheet the cash flow the bank expects to receive from you. Submit the spreadsheet with your answers. b. Calculate the amount of interest and principal for the 60th payment. Show your work. c. Calculate the amount of interest and principal to be paid on the 180th payment. Show your work. d. What is the amount of interest paid over the life of this mortgage?
You plan to purchase a $310,000 house using a 15-year mortgage obtained from your bank. The mortgage rate offered to you is 5.10 percent. You will make a down payment of 20 percent of the purchase price. a. Calculate your monthly payments on this mortgage. b. (1) Construct the amortization schedule for the mortgage. b. (2) How much total interest is paid on this mortgage?