A family purchased a house with a 15 year mortgage at 7.375% compounded monthly. The monthly payment on this mortgage is $4,893.99. The family decides to sell the house 5 years later. What is the unpaid balance of the mortgage at this time?
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- A homeowner has been paying a monthly mortgage payment of $762.03 on a 35-year loan at a fixed annual interest rate of 5.5%. After making payments for 8 years, the homeowner must sell the house and move to another state for a new job. What is the payoff for the mortgage?Eric and Mary bought a house 5 years ago. They took out a 30-year mortgage of $350,000 from Royal Bank at that time. The stated interest rate is 6.8% (APR). a. What is the monthly payment of the mortgage? b. What is the outstanding balance of this mortgage as of today? (Assume they have just made their monthly payment and the next payment is due in a month.) c. What is the interest portion of the 61th payment and what is the principal portion in that payment?Anna is buying a house selling for $235,000. To obtain the mortgage, Anna is required to make a 15% down payment. Anna obtains a 25-year mortgage with an interest rate of 5%. a) Determine the amount of the required down payment. b) Determine the amount of the mortgage. c) Determine the monthly payment for principal and interest Number of Years Rate_% 10 15 20 25 303.0 $9.65067 $6.90582 $5.54598 $4.74211 $4.216043.5 9.88859 7.14883 5.79960 5.00624 4.490454.0 10.12451 7.39688 6.05980 5.27837 4.774154.5 10.36384 7.64993 6.32649 5.55832 5.066855.0 10.60655 7.90794 6.59956 5.84590 5.368225.5 10.85263 8.17083 6.87887 6.14087 5.677896.0 11.10205 8.43857 7.16431 6.44301 5.995516.5 11.35480 8.71107 7.45573 6.75207 6.320687.0 11.61085 8.98828 7.75299 7.06779 6.653027.5 11.87018 9.27012 8.05593 7.38991 6.992158.0 12.13276 9.55652 8.36440 7.71816 7.337658.5 12.39857 9.84740 8.67823 8.05227 7.689139.0 12.66758 10.14267 8.99726 8.39196 8.046239.5…
- J. D. Homeowner has just bought a house with a 20-year, 9%, $70,000 mortgage on which he is paying $629.81 per month (a.)If J. D. sells the house after 10 years, how much must he pay the bank to completely pay off the mortgage at the time of the 120th payment? (b)How much of the first $629.81 payment on the loan is interest?The Olsens purchase a house by taking out a 25-year, $570,000 mortgage with an interest rate of 4.7%. Determine the Olsens’ monthly payment for principal and interest and how much of the first payment on the mortgage is applied to the principal.K Bill and Kim Johnson are purchasing a house for $309,000. Their bank requires them to pay a 10% down payment. The current mortgage rate is 8%, and they are required to pay one point at the time of closing. Determine the total amount Bill and Kim will pay for their house, including principal, interest, down payment, and points (do not include taxes and homeowners' insurance) for the following lengths of their mortgage. a) 10 years b) 20 years c) 30 years CAT
- Bill and Kim Johnson are purchasing a house for $252,000. Their Bank requires them to pay a 20% down payment. The current mortgage rate is 10%, and they are required to pay one point at the time of closing. Determine the total amount Bill and Kim will pay for their house, including principal, interest, down payment, and points (do not include taxes and homeowners' insurance) for the following lengths of their mortgage. a) 10 years b) 20 years c) 30 yearsThe Nicols are buying a house selling for $445,000. They pay a down payment of $45,000 from the sale of their current house. To obtain a 15-year mortgage at a 7% interest rate, the Nicols must pay 1.5 points at the time of closing. a)What is the amount of the mortgage? b) What is the cost of the 1.5 points?The Stewarts bought a $366,000 house. They made a down payment of $42,000 and took out a mortgage for the rest. Over the course of 15 years they made monthly payments of $2734.11 on their mortgage until it was paid off. (a) What was the total amount they ended up paying for the house (including the down payment and monthly payments)? $ (b) How much interest did they pay on the mortgage?
- The Perrys bought a $241,000 townhome. They made a down payment of $42,000 and took out a mortgage for the rest. Over the course of 30 years they made monthly payments of $1193.12 on their mortgage until it was paid off. (a) What was the total amount they ended up paying for the townhome (including the down payment and monthly payments)? $0 (b) How much interest did they pay on the mortgage? S L [2]Jimmy buys a piece of property worth $90454, Jimmy makes a down payment of $17541, and pays the remaining portion of the debt with a mortgage consisting of year end payments for the next 18 years. If interest on the mortgage is 5.6% compounded yearly, then in what amount are the payments? Answer:The Colemans bought a s234,000 house. They made a down payment of $41,000 and took out a mortgage for the rest. Over the course of 30 years they made monthly payments of $1157.14 On their mortgage until it was paid off. (a) What was the total amount they ended up paying for the house (including the down payment and monthly payments)? (b) How much interest did they pay on the mortgage?
