You want to buy a house and will need to borrow $200,000. The interest rate on your loan is 5.23 percent compounded monthly and the loan is for 30 years. What are your monthly mortgage payments? Multiple Choice $1,112.78 $1,097.15 $1,157.03 $1,101.93 $1,065.20
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- You want to buy a house and will need to borrow $220,000. The interest rate on your loan is 5.47 percentcompounded monthly and the loan is for 20 years. What are your monthly mortgage payments?Multiple ChoiceA. $1,585.11B. $1459.31 C. $1,530.30D. $1.502.78E. $1,509.63You are considering purchasing a new home. You will need to borrow $280,000 to purchase the home. A mortgage company offers you a 20-year fixed rate mortgage (240 months) at 9% APR (0.75% month). If you borrow the money from this mortgage company, your monthly mortgage payment will be closest to: A. $2,015 B. $3,527 C. $4,030 D. $2,519I. M. Greedy Mortgage Bank offers you a $60,000, eleven-year term loan at a 5% annual interest rate to help you buy a home. What will your annual loan payment be?
- You buy a house and finance the purchase with a $200,000 mortgage. What are your monthly payments if the mortgage is for 30 years and the nominal annual mortgage interest rate is 6.50%? O $1,137.72 $1,011.31 O $1,264.14 $555.56 $1,200.93Let’s assume that you plan to purchase a house which is selling for $350,000 today. You will make a monthly payment for the next 30 years, with an annual interest rate of 3%. What will be the amount of your monthly mortgage (i.e., home loan) payment? answer choices $1,890.37 $1,400.01 $1,475.61 $1,228.14You bought a house with a $378016 mortgage that you will pay off over 26 years. Given your credit score, your interest rate is 7.65%. What is your monthly payment? show fomular and work. Answer:
- Suppose you purchase a house using a 30-year fixed rate mortgage. The APR on the loan is 3.2% and you will be required to make monthly payments of $3,700 what is the price you paid for your home?You can afford a $800 per month mortgage payment. You've found a 30 year loan at 8%6 interest a) How big of a loan can you afford? b) How much total money will you pay the loan company? c) How much of that money is interest?1. You plan to buy a $100,000 home 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. 1. Calculate your monthly payments on this mortgage. 2. Calculate the amount of interest and, separately, the principal paid in payment 25. 3. Calculate the amount of interest and, separately, the principal paid in payment 225. 4. Calculate the amount of interest paid over the life of this mortgage.
- You want to buy a house that costs $290,000. You will make a down payment equal to 10 percent of the price of the house and finance the remainder with a loan that has an APR of 5.51 percent compounded monthly. If the loan is for 20 years, what are your monthly mortgage payments? Group of answer choices $1,736.96 $1,886.70 $1,821.54 $1,796.86 $1,788.65You want to buy a house that costs $320,000. You will make a down payment equal to 20 percent of the price of the house and finance the remainder with a loan that has an interest rate of 4.00 percent compounded monthly. If the loan is for 30 years, what are your monthly mortgage payments? Multiple Choice $1,425.85 $14,804.51 $1.52773 $1.222.18 $1,18066 DIn order to purchase a home, you must take out a mortgage with a total loan amount $150000. If the nominal yearly interest rate for your 15 year mortage is 3.5% how much will your monthly payment be?