2. You decide it is time to buy a place so you decide to figure out what you can afford. You know you can only afford $1750 per month at a maximum of 4% per year. You figure you could amortize your mortgage over 25 years. Determine how much money the bank will loan you. (A-3) 3. You find a place for $425 000 and realize you were able to save 10% for a down payment. Show your work for full marks. a) Determine how much your down payment will be. (K-2) b) Determine how much money you will need to borrow from the bank. (K-2) c) Calculate your monthly mortgage payment at an interest rate of 3.2% per year amortized for 25 years. (A-3)

You want to buy a $150,000 home. You plan to pay 5% as a down payment, and take out a 30 year loan at 4.9% interest for the rest. The bank will charge 3 points on the amount financed. a) What is the amount of the down payment? b) How much is the loan amount going to be? c) What will be the amount charged for 3 points? *1 point is 1 % of the mortgage amount d) Find the amount of the monthly payment. (Do not add the cost of the points to the loan amount) Hint: click here Question Help: D Video Message instructor %24

You decide to purchase a house for $260,000. You have saved money so you are able to do a down payment of $20,000. You are able to finance your house by getting a 25 year mortgage with an interest rate of 7%.  What are the monthly payments? (Do not round intermediate calculations and round your final answer to 2 decimal places.)  Part 2 - Six years later, you decide to calculate your loan balance? (Use a payment value rounded to 2 decimal places. Round your final answer to 2 decimal places.) (Hint.  Use the remaining years for “N”).   Part 3 - If the house appreciates at 3.12 percent per year, what will be the value of the house in eight years? (Round your final answer to 2 decimal places.)   NOTE: Provide a format and show your work (example: N = 6, PV = XXX, I = X%, etc.)

7. After 5 years, you decide not to use the money for a car. Instead, you'll take $10,000 of it to buy a house. You find a home you love for $375,000. a. Assuming that you get an interest rate of 5.75%, plan on taking about a 30- year mortgage, and you will put a down payment of $8,000, what will your monthly payment be? (hint: find PMT, and don't forget to take out the down payment!) b. Yikes! That payment is way too much! You want to have a mortgage payment of $1200. Assuming that you get an interest rate of 5.75%, plan on taking about a 30-year mortgage, and a payment of $1200 each month, how big of a mortgage should you get? (hint: find PV. Do NOT take out a down payment.) c. After your findings in 5b, you aim for a $200,000 mortgage. Assuming you get an interest rate of 5.75%, plan on taking about a 30-year mortgage, and the mortgage is $200,000, how much will you pay over the life of the mortgage? (hint: find the PMT first) d. How much of that was interest if the loan was…

You want to buy a $195,000 home. You plan to pay 5% as a down payment, and take out a 30 year loan at 5.35% interest for the rest. The bank will charge 1.5 points on the amount financed.a) What is the amount of the down payment?$b) How much is the loan amount going to be?$c) What will be the amount charged for 1.5 points?d) Find the amount of the monthly payment.

You want to buy a $183,000 home. You plan to pay 10% as a down payment, and take out a 30 year loan at 4% interest for the rest.a) What is the amount of the down payment?$b) What will the amount of the mortgage?$c) The bank charges 2 points on the loan. What is the amount charged for points?

A few years down the road you move out, buying your own home. You decide to take another look at your finances. Your outstanding loan of $250 per month only has 10 payments left on it (out of the original 60) with an interest rate of 12.75%. a. What is the finance charge “f”? b. What is the unearned interest “u”? c. How much would it cost to pay it off on payment #51?

You want to buy a home but not take out a mortgage. You want to buy it outright when you are able to do so. You estimate that the home you will want to buy will cost $500,000. You have $20,000 today to set aside for it. The bank will pay you 2.8% annual interest. How long will it be before you can buy your home?

A person is looking at purchasing a house that is priced at $100,000. They plan on using a down payment of $25,000. The bank offers two different mortgages:option A: 3% APR for 20 yearsoption B: 2% APR for 25 yearsExplain which is the better option.

You decide that you need $47,000 in 3 years to make a down payment on a house. You plan to make annual fixed deposits to achieve your goal. If the interest rate is 2.5%, how much should be deposited each time? Hint use the Financial Function “PMT” to solve for the payment, and PV will be zero. You owe $25,000 to your parents. You promise to make 10 annual payments of $3,000 to settle your debt. What interest rate are your parents charging (estimated up to 2 decimal places), if you make the 10 annual payments beginning one year from now? Hint use the Financial Function “RATE”. Note if you need help use the “Help on this function” feature. This help will include an example for you to follow. You are offered an investment that will pay $14,000 per year for 17 years, beginning one year from now. If you feel that the appropriate discount rate is 3.4%, what is the investment worth to you today? Your grandparents offered you some money via the following options. Assuming an annual interest…