If closing costs of $1,900 are associated with the refinance of a mortgage that would reduce the monthly payment from $1,000 to $930 refinance, it would take approximately_________ months to cover these costs. (Round your answer to the nearest full month.) Multiple Choice O O O 24 32 26 37 28
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- You need a loan of $110,000 to buy a home. Calculate your monthly payments and total closing costs for each choice below. = Choice 1: 15-year fixed rate at 4% with closing costs of$1600 and no points. Choice 2: 15-year fixed rate at 3.5% with closing costs of$1600 and 3 points. What is the monthly payment for choice 1? $_______ (Do not round until the final answer. Then round to the nearest cent as needed.) What is the monthly payment for choice 2? $_____ (Do not round until the final answer. Then round to the nearest cent as needed.) What is the total closing cost for choice 1? $_____ What is the total closing cost for choice 2? $_____ Why might choice 1 be the better choice? A.The monthly payment is lower. B. The closing costs are lower. C. The monthly payment is higher. D. The closing costs are higher. Why might choice 2 be the better choice? A. The closing costs are lower. B. The monthly payment is lower C. The monthly payment is higher. D. The closing…Suppose that the seller of a home has accepted your offer of $175,900 to purchase the home.Suppose you are going to make a down payment of $11,000 and take out a 30-year mortgagewith a fixed APR of 3.236% to cover the rest of the cost. (a) Calculate the total of your monthly payments (in dollars) over the 30 years. (b) If closing costs consist of 3 points and a fixed cost of $1562, how much will you pay inclosing costs in total?You need a loan of $175,000 to buy a home. Calculate your monthly payments and total closing costs for each choice below. Briefly discuss how you would decide between the two choices. Choice 1: 30-year fixed rate at 7% with closing costs of $1400 and no points. Choice 2: 30-year fixed rate at 6.5% with closing costs of $1400 and 2 points. What is the monthly payment for choice 1? What is the monthy Payment for choice 2? What is the closing paymennt for choice 1? What is the closing paymennt for choice 2?
- ← You need a loan of $150,000 to buy a home. Calculate your monthly payments and total closing costs for each choice below. Briefly discuss how you would decide between the two choices. Choice 1: 20-year fixed rate at 6% with closing costs of $2900 and no points. Choice 2: 20-year fixed rate at 5.5% with closing costs of $2900 and 4 points. What is the monthly payment for choice 1? A (Do not round until the final answer. Then round to the nearest cent as needed.)A mortgage for a condominium had a principal balance of $44,100 that had to be amortized over the remaining period of 5 years. The interest rate was fixed at 4.92% compounded semi-annually and payments were made monthly. a. Calculate the size of the payments. Round up to the next whole number SUBMIT QUESTION SAVE PROGRESS SUBMIT ASSIGNM 12°C Partly sunny ENGYou 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: O A. $2,015 В. $3,527 C. $4,030 D. $2,519
- You need a loan of $195,000 to buy a home. Calculate your monthly payments and total closing costs for each choice below. Briefly discuss how you would decide between the two choices. Choice 1: 30-year fixed rate at 6 % with closing costs of $1800 and no points. Choice 2:30-year fixed rate at 5.5% with closing costs of $1800 and 2 points. What is the monthly payment for choice 1? What is the monthly payment for choice 2? What is the best option. Why is it the best option?You need a loan of $165 comma 000 to buy a home. Calculate your monthly payments and total closing costs for each choice below. Briefly discuss how you would decide between the two choices. Choice 1: 15-year fixed rate at 4% with closing costs of $2100 and no points. Choice 2: 15-year fixed rate at 3.5% with closing costs of $2100 and 2 points.Kranscript You need a loan of $150,000 to buy a home. Calculate your monthly payments and total closing costs for each choice below. Briefly discuss how you would decide between the two choices Choice 1: 20-year fixed rate at 4% with closing costs of $1300 and no points. Choice 2: 20-year fixed rate at 3.5% with closing costs of $1300 and 3 points. What is the monthly payment for choice 1? (Do not round until the final answer. Then round to the nearest cent as needed.) What is the monthly payment for choice 27 (Do not round until the final answer. Then round to the nearest cent as needed.) What is the total closing cost for choice 17 What is the total closing cost for choice 27 CITT
- Suppose you take out a home mortgage for $160,000 at a monthly interest rate of 0.6%. If you make payments of $1200/month, after how many months will the loan balance be zero? Estimate the answer by graphing the sequence of loan balances and then obtain an exact answer. Graph the sequence of loan balances. Choose the correct graph below. O A. 160,000 its 125 months loan balance 150 Q Q The loan balance will be zero after 269 months. (Round up to the nearest month.) O B. loan balance 160,000 125 150 months Q O loan balance 160,000 260 290 months Q O D. 160,000 it loan balance 260 ¹290 months Ⓒ QComplete the following amortization chart by using Table 15.1. (Round your answers to the nearest cent.) Selling price of home Down payment Principal (loan) Rate of interest Years Payment per $1,000 Monthly mortgage payment $181,000 $50,000 $1,156.59 7.0% 35 I need help working this problem out. Please explain in detail.Suppose you purchase a home and obtain a 15-year fixed-rate loan of $195,000 at an annual interest rate of 6.0%. a) What is your monthly payment? N: months I %: P.V: $ PMT: $ F.V: 0 P/Y: 12 C/Y: 12 b) Of the first month's mortgage payment, how much is interest? HINT: I=Prt Interest: I=$ c) Of the first month's mortgage payment, how much is applied to the principal? HINT: PMT - Interest Amount Applied to Principal: $ d) How much is your outstanding balance after the first month’s payment? HINT: Principal - Amount Applied to Principal Outstanding Balance after first payment: $