Clark and Lana take a 30-year home mortgage of $125,000 at 7.6%, compounded monthly. They make their regular monthly or 5 years, then decide to pay $1300 per month. (a) Find their regular monthly payment. (Round your answer to the nearest cent.) $125000 X (b) Find the unpaid balance when they begin paying the $1300. (Round your answer to the nearest cent.) $
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- This problem is a complex financial problem that requires several skills, perhaps some from previous sections. Clark and Lana take a 30-year home mortgage of $125,000 at 7.8%, compounded monthly. They make their regular monthly payments for 5 years, then decide to pay $1200 per month. (a) Find their regular monthly payment. (Round your answer to the nearest cent.) $ (b) Find the unpaid balance when they begin paying the $1200. (Round your answer to the nearest cent.) $ (c) How many payments of $1200 will it take to pay off the loan? Give the answer correct to two decimal places. monthly payments (d) Use your answer to part (c) to find how much interest they save by paying the loan this way. (Round your answer to the nearest cent.) $This problem is a complex financial problem that requires several skills, perhaps some from previous sections.Clark and Lana take a 30-year home mortgage of $122,000 at 7.4%, compounded monthly. They make their regular monthly payments for 5 years, then decide to pay $1300 per month. (a) Find their regular monthly payment. (Round your answer to the nearest cent.)$ (b) Find the unpaid balance when they begin paying the $1300. (Round your answer to the nearest cent.)$ (c) How many payments of $1300 will it take to pay off the loan? Give the answer correct to two decimal places. monthly payments(d) Use your answer to part (c) to find how much interest they save by paying the loan this way. (Round your answer to the nearest cent.)This problem is a complex financial problem that requires several skills, perhaps some from previous sections. Clark and Lana take a 30-year home mortgage of $124,000 at 7.5%, compounded monthly. They make their regular monthly payments for 5 years, then decide to pay $1400 per month. (a) Find their regular monthly payment. (Round your answer to the nearest cent.) $ (b) Find the unpaid balance when they begin paying the $1400. (Round your answer to the nearest cent.) $ (c) How many payments of $1400 will it take to pay off the loan? Give the answer correct to two decimal places. monthly payments (d) Use your answer to part (c) to find how much interest they save by paying the loan this way
- Mia Sato purchased a new condominium for $225,000. The bank required a $40,000 down payment. Assume a rate of 6% on a 30-year mortgage. What is Mia’s monthly payment? What is Mia's total interest cost if she pays each payment as scheduled for 30 years? Explanation of how to determine the solution to the problem and the correct answer, please.This problem is a complex financial problem that requires several skills, perhaps some from previous sections.Clark and Lana take a 30-year home mortgage of $125,000 at 7.9%, compounded monthly. They make their regular monthly payments for 5 years, then decide to pay $1200 per month. (a) Find their regular monthly payment. (Round your answer to the nearest cent.) (a) Find their regular monthly payment. (Round your answer to the nearest cent.) (c) How many payments of $1200 will it take to pay off the loan? Give the answer correct to two decimal places. (d) Use your answer to part (c) to find how much interest they save by paying the loan this way. (Round your answer to the nearest cent.)The Garcia family has decided to pay the price of $375,000 for a new home. Their bank offers a 5.4% 30-year loan with 15% down, resulting in a monthly payment of $1790. Find the following. Round to the nearest dollar. Do not use commas. Down payment $ Mortgage $ Total number of months Total amount they will pay for the house. $ Amount of interest paid. $
- A couple plans to purchase a vacation home. The bank requires a 5% down payment on the $230,000 vacation home. The couple will finance the rest of the cost with a fixed-rate mortgage at 6% annual interest with monthly payments over 30 years. Complete the parts below. Do not round any intermediate computations. Round your final answers to the nearest cent if necessary. If necessary, refer to the list of financial formulas. (a) Find the required down payment. s (b) Find the amount of the mortgage. s (c) Find the monthly payment. $0A couple plans to purchase a house. The bank requires a 20% down payment on the $470,000 house. The couple will finance the rest of the cost with a fixed- rate mortgage at 3% annual interest with monthly payments over 30 years. Complete the parts below. Do not round any intermediate computations. Round your final answers to the nearest cent if necessary. If necessary, refer to the list of financial formulas (a) Find the required down payment. $ (b) Find the amount of the mortgage. $0 (c) Find the monthly payment. $A couple purchase a home and sign a mortgage contract for $150000 to be paid monthly over 25 years. The interest rate is 8% annually. The Bank has the following policy: Charge $650 processing fees, and loan initiation charge 1.5 point, and stipulate a penalty equal to three times one month payment a. What is the monthly payment b. Build a 3 rows of amortization table c. What is the real cost of the Mortgage d. After 5 years BP announced that ha offered a mortgage at 7%. Should the couple switch to BP
- Daniel and Jan agreed to pay $560,000 for a four-bedroom colonial home in Waltham, Massachusetts, with a $60,000 down payment. They have a 30-year mortgage at a fixed rate of 6.00%. (a) How much is their monthly payment? (b) Complete a 3 month amortization for the loan. DO NOT USE THE CHARTS. PROVIDE THE FOLLOWING FOR EACH PROBLEM N= I= PV= PMT= FV= C/Y= P/Y =Problem: Jino sold his house. In addition to cash, he took a mortgage on the house. The mortgage will be paid off by monthly payments of P12, 345 for 10 years. He decided to sell the mortgage to a local bank. The bank will buy the mortgage, but requires a 1% per month interest rate on their investment. How much will the bank pay for the mortgage?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.