You have just sold your house for $1,000,000 in cash. Your mortgage was originally a​ 30-year mortgage with monthly payments and an initial balance of $800,000. The mortgage is currently exactly​ 18½ years​ old, and you have just made a payment. If the interest rate on the mortgage is 5.25% ​(APR), how much cash will you have from the sale once you pay off the​ mortgage?​(Note: Be careful not to round any intermediate steps less than six decimal​ places.) Cash that remains after payoff of mortgage is $___________________ ​(Round to the nearest​ dollar.)

Q: You want to buy a $200000 home. You plan to pay $20000 as a down payment, and take out a 20 year…

A: Here, Value of Home is $200,000 Down payment is $20,000 Time Period of Loan is 20 years Interest…

Q: Suppose you want to purchase a home for $425,000 with a 30-year mortgage at 4.84% interest. Suppose…

A: PMT function gives the payment for the loan for the constant payment and the constant rate of…

Q: You want to buy a $210,000 home. You plan to pay $10500 as a down payment, and take out a 30 year…

A: The loan amount would be the remaining amount after deducting the down payment from the purchase…

Q: Your have just sold your house for $1,000,000 in cash. Your mortgage was originaly a 30-year…

A: Here, Sell Price of House is $1,000,000 Initial Balance of Loan is $800,000 Time Period of Loan is…

Q: Suppose that 10 years ago you bought a home for $170,000, paying 10% as a down payment, and…

A: Computation as follows:

Q: You want to buy a $255,000 home. You plan to pay 5% as a down payment, and take out a 30 year loan…

A: Amount of home = $255,000 Down payment = 5%  The time duration of the loan = 30 years

Q: Suppose you want to purchase a home for $525,000 with a 30-year mortgage at 5.44% interest. Suppose…

A: Note: No intermediate rounding is done for successive parts as well.   Value of house = $525,000…

Q: Suppose you want to buy a rent to own house worth P450,000. You made a down payment of 15% of the…

A: The term mortgage can be defined as the contract between two parties namely lender and  borrower,…

Q: Suppose you want to buy a rent to own house worth P450,000. You made a down payment of 15% of the…

A: Mortgage loan: Providing the lender with an immovable asset, such as a home or commercial property,…

Q: You are buying a home that cost $110,000 and are putting 20% down to avoid PMI. What would their…

A: Cost of house is $110,000 , down payment is 20% of cost = $22000. Therefore, loan amount is $88,000.…

Q: You have just sold your house for $900,000 in cash. Your mortgage was originally a 30-year mortgage…

A: Amortized Loan:  Amortized loan is a type of loan in which the borrower would pay periodic payments…

Q: You are buying a house for $280,000.00 with a downpayment of $56,000.00. The loan will be paid back…

A: Loan amount = Cost of House - Downpayment To calculate the concluding amount of loan, excel formula…

Q: You want to buy a $195,000 home. You plan to pay 10% as a down payment, and take out a 30 year loan…

A: The loan amount would be price of home less down payment. Monthly payment =Loan amountPVAIF (…

Q: Suppose you want to purchase a home for $525,000 with a 30-year mortgage at 5.54% interest. Suppose…

A: Given: Particulars Amount Cost of home $525,000 Year 30 Interest rate 5.54% Down payment…

Q: You want to buy a $224,000 home. You plan to pay 15% as a down payment, and take out a 30 year loan…

A: A study that proves that the future worth of the money is lower than its current value due to…

Q: Suppose you want to buy a $148,000 home. You found a bank that offers a 30-year loan at 3.5%…

A: Loan Amount = $148,000 Time Period = 30 years Interest Rate = 3.5%   The calculation of the monthly…

Q: You want to buy a $198,000 home. You plan to pay 15% as a down payment, and take out a 30 year loan…

A: Installment is the amount of periodic payments a borrower makes to its lender in order to pay back…

Q: Suppose you want to buy a rent to own house worth P450,000. You made a down payment of 15% of the…

A: An agreement through which a lender lends the money to the borrower, and has the right to take the…

Q: Suppose you want to buy a $153,000 home. You found a bank that offers a 30-year loan at 4.5% APR.…

A: Price of Home (PV) is $153,000 APR (r) is 4.5% Time Period (n) is 30 years and 25 years Compounding…

Q: You want to take out a mortgage on a house worth $50,000 and pay it back in 10 years. Since your…

A: Here, Mortgage Amount is $50,000 Simple Interest Rate is 2% per month Time Period of loan is 10…

Q: You found your dream home, and your bid has been accepted. The house costs $250,000; you put down…

A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

Q: Suppose you want to purchase a home for $475,000 with a 30-year mortgage at 4.54% interest. Suppose…

A: a) Value of home = $475,000 Down payment = 30% = 30%*$475000 = $142500 Loan amount = $332,500 Number…

Q: Suppose you want to purchase a home for $525,000 with a 30-year mortgage at 4.64% interest. Suppose…

A: given, price = $525000 n = 30 years r = 4.64% m = 12 down payment =30%

Q: Suppose you want to buy a $141,000 home. You found a bank that offers a 30-year loan at 3.7% APR.…

A: Given Information:Amount is $141,000 Number of years is 30 APR is 3.7%

Q: Suppose that 10 years ago you bought a home for $150,000, paying 10% as a down payment, and…

A: It is assumed that repayments are made on annual basis.The purchase amount of home is $150,000. 10%…

Q: You are thinking of purchasing a house. The house costs $400,000. You have $57,000 in cash that you…

A: Down payment  It is the payment generally made in cash, in the early stages of the purchase of both…

Q: You buy a house for $330000, and take out a 30-year mortgage at 6.5% interest. For simplicity,…

A: Mortgage amount= $330000 Time= 30 year  Rate of Interest= 6.5% compounds continuously

Q: You have just sold your house for $1,100,000 in cash. Your mortgage was originally a 30-year…

A: Given: Particulars Amount Sale value $1,100,000 Year 30 Initial balance $700,000 Years…

Q: You have just made an offer on a new home and are seeking a mortgage. You need to borrow $600,000.…

A: Mortgage: It is termed as a loan used for purchasing properties, homes, and other real estate…

Q: You are thinking of purchasing a house. The house costs $350,000. You have $50,000 in cash that you…

A: Given, Rate per period = 0.06 Total number of payments (nper) = 30 Present value (pv) = 300,000…

Q: You want to buy a $156,000 home. You plan to pay 15% as a down payment, and take out a 30 year loan…

A: Loan amount = Cost of house - Down payment = $156,000 - (15% * 156,000) =$156,000 - $23,400 =…

Q: You want to buy a $202,000 home. You plan to pay 20% as a down payment, and take out a 30 year loan…

A: Cost of house is $202,000 Down payment is 20% Time period is  30 years Interest rate is 5.5% To…

Q: You want to buy a $205,000 home. You plan to pay 10% as a down payment, and take out a 30 year loan…

A: Home value = $205,000 Down payment = 0.10 (10%) Monthly interest rate (r) = 0.00345833333333333…

Q: you have just made a payment. If the interest rate on the mortgage is 5.25% (APR), how much cash…

A: Sold house = $1,000,000 Time period of mortgage = 30 years Loan amount = $700,000 Current mortgage…

Q: Martin has borrowed £250,000 to buy a house. The mortgage rate is 5% per year. How much more will…

A: A loan is a sort of debt that is taken on by an individual or another institution. The lender, which…

Q: Suppose you want to purchase a home for $525,000 with a 30-year mortgage at 4.84% interest. Suppose…

A: Price of Home = $525000 Inetest Rate(r) = 4.84%/12 = 0.4033% Downpayment = 30% Amount financed…

Q: You are thinking of purchasing a house. The house costs $400,000. You have $57,000 in cash that you…

A: Question is based on the concept of Mortgages

Q: Suppose that the $6000.00 was invested in a savings account that paid 2.5% interest compounded…

A: The future value function or concept can be used to determine the future value of a present sum or…

Q: You decide to buy a home for $5,700,000. If you put 10 % down, and borrow the rest at 4.9 % to pay…

A: A mortgage, often known as a mortgage loan, is a contract between you (the borrower) and a mortgage…

Q: You want to buy a $168,000 home. You plan to pay 5% as a down payment, and take out a 30 year loan…

A: Cost of home = $168000 Down payment = 5% Loan period = 30 Years Interest rate = 6.95%

Q: You want to buy a house that has a purchase price of $190,000. You plan to make a down payment of…

A: Loan amortization refers to a schedule which is prepared to shows the periodic loan payments, amount…

Q: You want to buy a $227,000 home. You plan to pay 5% as a down payment, and take out a 30 year loan…

A: Total cost of the home is $227,000. 5% of the amount will be paid as down payment. The monthly…

Q: You borrow $280,000 to buy a house. The mortgage rate is 4.5% and the loan period is 25 years.…

A: Given information:

Q: You buy a house for $340000, and take out a 30-year mortgage at 5.5% interest. For simplicity,…

A: Loan Amount = $340,000 Time Period = 30 Years Interest Rate = 5.5%

Q: the price of a house is $400,000. Then, you make a down payment of $130,000 and take a 30-year…

A: Price = $ 400,000 Down payment = $ 130,000 Period = 30 Years Number of monthly payments = 30*12 =…

Q: Suppose you want to purchase a home for $475,000 with a 30-year mortgage at 5.34% interest. Suppose…

A: Monthly payment: Monthly payment $1,854.655875 Answer: $1,854.66

Q: How much is the loan amount going to be? My loan amount will be $________ . B. What will your…

A: A loan is an agreement in which one party lends money to another party. In the loan, the lender…

Cost of Credit

The cost of credit is an extra amount that the borrower has to pay besides the loan amount. These credit charges may vary from loan to loan. The cost of credit includes interest charges, maintenance charges, and arrangement charges. Some of the costs are mandatorily collected by the lender based on the loan amount and tenure of the loan. The cost of credit is also called finance charges of the credit.