You are considering buying a house with a 15-year amortized mortgage loan. The value of the house is $650,000, and the interest rate for a 15-year mortgage loan is 6.5%, based on your FICO score. If you decide to buy the house with a $25,000 down payment, what would be the repayment of principal in the third month? $2,081 $3,363 $5,444
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- Suppose you are buying your first home for $144,000, and you have $17,000 for your down payment. You have arranged to finance the remainder with a 30-year, monthly payment, amortized mortgage at a 6.40% nominal interest rate, with the first payment due in one month. What will your monthly payments be? Group of answer choices $831.93 $857.64 $753.30 $714.27 $794.39You 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. $2,519Suppose you want to purchase a home for $425,000 with a 30-year mortgage at 5.74% interest. Suppose also that you can put down 30%. What are the monthly payments? (Round your answer to the nearest cent.)$ What is the total amount paid for principal and interest together? (Round your answer to the nearest cent.)$ What is the amount saved if this home is financed for 15 years instead of for 30 years? (Round your answer to the nearest cent.)$
- Suppose you want to purchase a home for $475,000 with a 30-year mortgage at 4.54% interest. Suppose also that you can put down 30%. What are the monthly payments? (Round your answer to the nearest cent.) $ What is the total amount paid for principal and interest? (Round your answer to the nearest cent.) $ What is the amount saved if this home is financed for 15 years instead of for 30 years? (Round your answer to the nearest cent.)You are looking to buy a $415,000.00 home in Haverhill. If Bank of America will give them a 30-year mortgage at 3.25% annual interest rate for the cost of the house after they receive a 20% down payment. How much interest will they have paid? What percent increase over the cost of the home does this interest represent?You buy a house and finance the purchase with a $600,000 mortgage. What are your monthly payments if the mortgage is for 30 years and the nominal annual mortgage interest rate is 5.00%? Group of answer choices $2,898.84 $2,576.74 $3,207.56 $3,220.93 $1,666.67
- You are looking to buy a $415,000.00 home in Haverhill. If Bank of America will give them a 15-year mortgage at 3.25% annual interest rate for the cost of the house after they receive a 20% down payment. How much interest will they have paid?Let’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 are buying a house and will borrow $225,000 on a 30-year fixed reate mortgage with monthly payments to finance the purchase. your loan officer has offered you a mortgage with an APR of 4.3%. Alternatively, she tells you that you can “ buy down ” the interest rate to 4.05% if you pay points up front on the loan is 1 % ( one percentage point) of the loan value. you believe that you will live in the house for only eight years before selling the house and buying another house. this means that in eight years, you will pay off the remaining balance of the original mortgage. how many points, at most, would you be willing to pay to buy down the interest rate? Question) maximum points?
- Suppose you want to purchase a house. Your take-home pay is $2830 per month, and you wish to stay within the recommended guidelines for mortgage amounts by only spending 1/4 of your take-home pay on a house payment. You have $15,700 saved for a down payment and you can get an APR from your bank of 3.95%, compounded monthly. What is the total cost of a house you could afford with a 15-year mortgage? Round your answer to the nearest cent, if necessary.You are thinking of purchasing a house. The house costs $300,000. You have $43,000 in cash that you can use as a down payment on the house, but you need to borrow the rest of the purchase price. The bank is offering a 30-year mortgage that requires annual payments and has an interest rate of 7% per year. What will be your annual payment if you sign this mortgage? The annual payment is $__________________________ (Round to the nearest dollar.)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 $1,788.65