Laura and Martin obtain a 30​-year, ​$170,000 conventional mortgage at 9.5​% on a house selling for ​$190,000. Their monthly mortgage​ payment, including principal and​ interest, is ​$1429.70. ​a) Determine the total amount they will pay for their house. ​b) How much of the cost will be​ interest? ​c) How much of the first payment on the mortgage is applied to the​ principal?

Q: Amy received a 25 year loan of $325,000 to purchase a house. The interest rate on the loan was 2.20%…

A: Given, The loan amount is $325,000 Term of loan is 25 years Interest rate is 2.2% compounded semi…

Q: Anna is buying a house that is selling for $265,000. To obtain a mortgage, she is required to make a…

A: Mortgage refers to amount of loan for purchase of house, land or real estate. The working is shown…

Q: Felix is purchasing a brownstone townhouse for ​$2,400,000. To obtain the​ mortgage, Felix is…

A: Given, Purchase Price of the house = $2,400,000 Down payment = 17% Mortgage period = 25 years…

Q: Mr. and Mrs. Murthy have a totally monthly gross income of $6000.00. They are interested in…

A: GDSR is a metric that measures housing costs as a proportion of the gross income of the borrower.

Q: The Nicols are buying a house selling for ​$445,000. They pay a down payment of ​$45,000 from the…

A: Given Information: Cost of the house is $445,000 Down payment is $45,000 Mortgage term is 15 years…

Q: Laura and Martin obtain a 30 year, 130,000 conventional mortgage at 10.0% on a house selling for…

A: Given Monthly mortgage payment = 1131

Q: Felix is purchasing a brownstone townhouse for ​$2,800,000. To obtain the​ mortgage, Felix is…

A: Total value of any asset being bought is the sum total of the down payment and the present value fo…

Q: Laura and Martin obtain a 30 year, 130,000 conventional mortgage at 10.0% on a house selling for…

A: Given monthly payment = 11131

Q: Suresh buys a house for $794,357.30 with a down payment of $72,214.30 and a mortgage for the…

A: Amortization is the period of repayment of the loan. It is the period in which you repay your loan.…

Q: Daniel and Jan agreed to pay $560,000 for a four-bedroom colonial home in Waltham, Massachusetts,…

A: The present value is the value of the sum received at time 0 or the current period. It is the value…

Q: The Hills obtain a 30-year, $144,000 conventional mortgage at a 4.5% rate on a house selling for…

A: Here, Cost of House is $180,000 Mortgage Amount is $144,000 Interest Rate is 4.5% Time Period of…

Q: Joe Levi bought a home in Arlington, Texas, for $147,000. He put down 25% and obtained a mortgage…

A: The monthly payment amount can be calculated with the help of present value of annuity function

Q: The Fritzes are buying a house that sells for ​$196,000. The bank is requiring a minimum down…

A: Mortgage is a value or an amount which is borrowed from other sources for particular time and this…

Q: Gerry and Alex decide they will buy a two-bedroom garden-suite, with a $925,000 mortgage from West…

A: Loan amortization is the process of reimbursement of loan periodically by the borrower of the loan…

Q: Muthu purchases a shop and mortgages it for RM100,000. The mortgage requires repayment in equal…

A: Loan amortization is a kind of annuity. That is fixed sum of money is repaid at equal intervals. If…

Q: Mr. Smith is purchasing a $ 170000 house. The down payment is 20 % of the price of the house. He is…

A: In this question we need to compute the monthly payment  and total amount of interest paid if loan…

Q: A couple buys a $200000 home, making a down payment of 19%. The couple finances the purchase with a…

A: Solution:- Given, A Couple buys a $200,000 home, making a down payment of 19% The couple finances…

Q: The Hills obtain a​ 30-year, $144,000 conventional mortgage at a​ 4.5% rate on a house selling for​…

A: Calculation of the down payment is shown below:

Q: How much does she still owe when there is 1 year left on the loan?

A: Interest is charged by the lender on the amount of loan taken. At the initiation of loan repayment,…

Q: A family has a $95,877, 25-year mortgage at 5.1% compounded monthly (A) Find the monthly payment and…

A: Using the PMT function in excel

Q: ed and his wife have applied for a $350,000 mortgage to be amortized over of 2.8% and a term of 5…

A: GDS ratio that total payment of mortgage and other related housing expenses to the monthly income…

Q: A couple buys an apartment on May 1, 1994, for GH¢65000. They make a 20% down payment and get a…

A: On 01.05.1994, A couple buys an apartment = GH65000 They make down payment = 20%…

Q: he Nicols are buying a house selling for ​$435,000. They pay a down payment of ​$35,000 from the…

A: Data given: Cost of house = $435,000 Down payment= $35,000   Required: Amount of the​ mortgage= ?

Q: Sonia buys a house for $250,000. she makes a down payment of 15% of the purchase price and takes a…

A: Cost of house = $ 250,000 Down payment = 15%

Q: The Darbys are buying a house for$492,000. They make adown payment $104,000 and obtain a 15-year…

A: The mortgage refers to the funds borrowed from the financial institutions and the lenders at a…

Q: Anna is buying a house seling for $265.000. To oblain the morigage Anna la required to make a 10%…

A: 1) Down-payment  = House Price * 10%  = 265,000 * 10% = 26,500   2) Mortgage Loan  = House Price -…

Q: Mye has a 15-year mortgage loan at a compounded annual interest rate of 9.3%. After making annual…

A: Given that: Annual Cash flow=P11600 N=7 Years=7*12=84 Months r=9.3% annually= 0.93/12 Monthly =0.775…

Q: Sam and Mary purchased a two-bedroom town house for $599 000 with a 10% down payment. The mortgage…

A: “Hi There, thanks for posting the question. But as per Q&A guidelines, we must answer the first…

Q: Will has a 30-year mortgage on a $100,000 loan for his house in Florida. The interest rate on the…

A: Mortgage is long-term amortized loan contract which used to but fixed assets, generally home.…

Q: Ann wants to buy an office building which costs $1,000,000. She obtains a 30 year fully amortizing…

A: Building Cost  $     10,00,000.00 LTV 80% Interest Rate 4% Time Period 30 Balloon Payment…

Q: рауm parents agree to lend her money at an annual rate of 5%, charged as sir interest. They lend her…

A: Simple interest is plain simple and there is no interest on interest and so there is no compounding…

Q: Laura and Martin obtain a 30 year, 180,000 conventional mortgage at 10.0% on a house selling for…

A: Interest = Principal * Interest * time

Q: Anna is buying a house selling for $285,000. To obtain the mortgage, Anna is required to make a 15%…

A: Mortgage Payment. The amount that the Borrower is expected to pay in respect of its Mortgage Loan on…

Q: The Nicols are buying a house selling for $245,000. They pay a down payment of $45,000 from the sale…

A: One mortgage point is equivalent to 1% of the loan. Payment of mortgage points reduces the…

Q: The Hills obtain a​ 30-year, $144,000 conventional mortgage at a​ 4.5% rate on a house selling for​…

A: Given: Loan Amount =$144000Loan Tenure =30 yearsInterest rate =4.5%Down payment…

Q: Erwin and Eleni have an outstanding mortgage balance of $175,000. They have 14 months remaining on…

A: A mortgage, also known as a mortgage loan, is an agreement between you (the borrower) and a mortgage…

Q: The Fritzes are buying a house that sells for $100,000. The bank is requiring a minimum down payment…

A: Formulas:

Q: simple interest amortized loan for the rest at 6 3/8 % interest for thirty years.

A: Amortized Loans: Amortized loans are loans in which the interests as well as the principle amount…

Q: a 30-year mortgage in the amount of $625,000 for a co-op. She secures a 7/1 ARM at an initial…

A: The mortgages are paid by the monthly payment which carry the payment of interest and payment of…

Q: Marry are buying her first house for $220,000, and are paying $30,000 as a down payment. You have…

A: Please refer to the image below.

Q: Felix is purchasing a brownstone townhouse for ​$2,300,000. To obtain the​ mortgage, Felix is…

A: Downpayment is the amount paid in advance during the purchase of any asset or property. Formula is…

Q: Anna is buying a house selling for $255,000. To obtain the mortgage, Anna is required to make a 15%…

A: Mortgage amount can be calculated as excess of total house cost over and above the amount of down…

Q: ​a) Determine the amount of the required down payment. ​b) Determine the amount of the mortgage. ​c)…

A: Selling price of the property is the price at which that property or an asset can be bought/sold in…

Q: Mr. Smith is purchasing a $ 180000 house. The down payment is 20 % of the price of the house. He is…

A: The monthly mortgage amount: A housing loan is usually repaid with a fixed repayment each month…

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A: Before writing pmt function in excel we need to understand the following  Rate can be written as…

Q: Ben and Mal Scott plan to buy a home for $272,900. They will make a 10% down payment and qualify for…

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Q: Peter and Julia decide on a 15 year mortgage valued at $165,000. They are doing some financial…

A: Mortgage securitization is the process of clubbing mortgages of individuals having same features to…

Q: Ann wants to buy an office building which costs $1,000,000. She obtains a 30 year partially…

A: Building Cost  $     10,00,000.00 LTV 100% Interest Rate 7% Time Period 30 Balloon Payment…

Mortgages

A mortgage is a formal agreement in which a bank or other financial institution lends cash at interest in return for assuming the title to the debtor's property, on the condition that the obligation is paid in full.

Mortgage

The term "mortgage" is a type of loan that a borrower takes to maintain his house or any form of assets and he agrees to return the amount in a particular period of time to the lender usually in a series of regular equally monthly, quarterly, or half-yearly payments.