Larry and his wife Cuke have a mortgage of $200,000 at a rate of 3.25 % (annual) for 30 years. How much is their current monthly mortgage payment? Group of answer choices $541.67 $1,405.34 $870.41 $328.75 Barbara and her husband Man.Atee have a mortgage of $300,000 for 30 years at a rate of 3.25% ( annual). If they make a $100 extra principle payment each month, how much will they save in total interest over the life of the loan? Group of answer choices $ 170,022.82 $21,605.63 $42, 605.63 $148,417.19

Larry and his wife Cuke have a mortgage of $200,000 at a rate of 3.25 % (annual) for 30 years. How much is their current monthly mortgage payment? Group of answer choices $541.67 $1,405.34 $870.41 $328.75 Barbara and her husband Man.Atee have a mortgage of $300,000 for 30 years at a rate of 3.25% ( annual). If they make a $100 extra principle payment each month, how much will they save in total interest over the life of the loan? Group of answer choices $ 170,022.82 $21,605.63 $42, 605.63 $148,417.19

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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Laura and Martin obtain a 30 year, 130,000 conventional mortgage at 10.0% on a house selling for $170,000. Their monthly mortgage payment, including principal and interest is 1131.00. Determine the total amount they will pay for their house.
A couple buys a $170000 home, making a down payment of 24%. The couple finances the purchase with a 15 year mortgage at an annual rate of 3.35%. Find the monthly payment. If the couple decides to increase the monthly payment to $1000 find the number of payments.
Justin and Hayley are interested in a fixed-rate mortgage for $450,000. They are undecided whether to choose a 15- or 30-year mortgage. The current mortgage rate is 3.5% for the 15-year mortgage, and 3.85% for the 30-year mortgage (a) What are the monthly principal and interest payments for EACH loan? (b) What is the total amount of interest paid on EACH loan? (c) Overall, how much more interest is paid by choosing the 30-year mortgage?
Veronica and Sandy have decided to purchase a cooperative apartment together. They have received a mortgage loan in the amount of $42,500 for a period of 30 years. The interest rate on the mortgage is 16.2%. If their monthly payments are $592.40, how much will they be paying towards interest, and how much towards principal during the first three months of this mortgage loan?
A couple buys a $190000 home, making a down payment of 17%. The couple finances the purchase with a 15 year mortgage at an annual rate of 3.88%. Find the monthly payment.$1157 ( This is what I came up with) I cant figure out how many payments if they increase it to 1200? If the couple decides to increase the monthly payment to $1200, find the number of payments.
A couple buys a $190000 home, making a down payment of 19%. The couple finances the purchase with a 15 year mortgage at an annual rate of 3.84%. Find the monthly payment.If the couple decides to increase the monthly payment to $1200, find the number of payments.
Jackson and Svetlana are applying for a $600,000 mortgage to purchase a new house. The monthly payment for this proposed mortgage is $2.839.48. They have told you that they also have a car payment of $1.305 per month, annual car insurance of $1,850, an RRSP contribution of $150 per month by papall deduction a weekly loan payment of $75 and total monthly credit card payments of $320. Their property taxes are $5,884 per year. Their combined income is $155.394 per year and heat on this house is $100 per month What is their TDS? Select one: a.40.00% b. 38.07% c.41.19% d.42.35%
Scott & Rebecca can afford to pay $4,000.00 each month for a mortgage. Their credit union is offering home loans at 4.75%. If they take out a 30-year mortgage how much can they afford to borrow?
Maria and John have been married for 2 years and just learned that they are pregnant. 1. They have been renting a small apartment but decide to purchase a house. They find one that is selling for $525,000. They decide to make a 15% down payment They are considering 2 financing options: Option 1: a 4.0% interest 30-year mortgage: Option 2: a 3.25% interest 15-year mortgage: Answer the following questions showing all your work to reach each answer. A. Which option will result in a lower monthly payment if they take the full term of the mortgage? What will that monthly payment be? B. Which option will result in the most total interest if they take the full term of the mortgage? What will that total interest be? 2. They decide to shop for furnishings for the new house. They choose items that amount to $2400.00. The store has 2 fixed installment loan options for purchasing: Option 1: 20% down payment and financing at 7% simple interest per year for 2 years. Option 2: no down payment and…
Donald and Barbara have 30-year $155,000 mortgage at 7.68% compounded monthly. (a) What was the monthly payment on their mortgage? $ (b) The couple have just completed 12 years of payments. What is the payoff amount on their mortgage? $
Maria and John have been married for 2 years and just learned that they are pregnant. They have been renting a small apartment but decide to purchase a house. The one they have found has a selling price of $300,000. They will make a 20% down payment. They are considering 2 financing options at their credit union: Option 1: 3.125% interest 30-year mortgage: Option 2: 2.5% interest 15-year mortgage: Answer the following question showing all your work to reach each answer.
Maria and John have been married for 2 years and just learned that they are pregnant. They have been renting a small apartment but decide to purchase a house. The one they have found has a selling price of $300,000. They will make a 20% down payment. They are considering 2 financing options at their credit union: Option 1: 3.125% interest 30-year mortgage: Option 2: 2.5% interest 15-year mortgage: Answer the following questions showing all your work to reach each answer. Which option will result in a lower monthly payment if they take the full term of the mortgage? What will that monthly payment be? Which option will result in the most total interest if they take the full term of the mortgage? What will that total interest be?

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