You can afford a $800 per month mortgage payment. You've found a 30 year loan at 7% interest, compounded monthly. a) How big of a loan can you afford? b) How much total money will you pay the loan c | Homework.Study.com (2024)

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• You can afford a $1350 per month mortgage payment. You've found a 30 year loan at 8% interest. a) How big of a loan can you afford? b) How much total money will you pay the loan company? c) How much of that money is interest?
• You can afford a $1250 per month mortgage payment. You've found a 30 year loan at 8% interest. a) How big of a loan can you afford? b) How much total money will you pay the loan company? c) How much o
• The monthly mortgage payment on your house is $593.90. It is a 30-year mortgage at 7.8% compounded monthly. How much did you borrow?
• You borrowed an amount Po on a 30-year mortgage at r annual interest rate compounded daily. What is your monthly mortgage payment M3o?
• Your mortgage on your house payment is $663.81. It is a 30 year mortgage at 9.0% compounded monthly. How much did you borrow? a. $75,000 b. $77,500 c. $80,000 d. $82,500 e. $85,000
• I am borrowing $500,000 for a 15-year mortgage. The annual rate of interest is 5% (compounded monthly). What would my monthly mortgage payments be?
• You have calculated that you can afford monthly payments of $800. How much can you borrow if you want to buy a house using a 30-year mortgage with a 6% interest rate?
• A 30-year mortgage has an annual interest rate of 7.18 percent and a loan amount of $180,000. What are the monthly mortgage payments?
• A mortgage lender tells you that you can afford to spend $1,000/month on a mortgage. At a rate of 6.0%, what is the loan amount that you will qualify for assuming a 30-year mortgage, payable monthly?
• The monthly mortgage payment on your house is $586.81. It is a 30 year mortgage at a quoted rate of 7.8% (compounded semi-annually). Approximately how much did you borrow for your mortgage? Using the
• You take out a $250,000 30-year mortgage with monthly payments and a rate of 10%, monthly compounded. What will your mortgage balance be after your first year of making your monthly payments? How much total interest did you pay on this mortgage?
• You have just taken on a $315,000 mortgage financed for 15 years at an interest rate of 5.25%. What is your monthly payment?
• You have just taken on a $280,000 mortgage financed for 15 years at an interest rate of 4.75%. What is your monthly payment?
• You have just taken on a $400,000 mortgage financed for 10 years at an interest rate of 4.50%. What is your monthly payment?
• 1. What would your monthly payment be if you took out a 30-year mortgage on a $110,000 house, paying 20% as a down payment with an interest rate of 4.75% compounded monthly? 2. How much in total would you have paid on the loan for the house after 30 years
• If you borrow $100 from a bank at an APR of 10 percent compounded monthly for 1 year, how much do you need to payoff the loan?
• Consider a $58,331, 30-year mortgage at an interest rate 12% compounded monthly with a $600 monthly payment. (a) How much interest is paid, the first month? (b) How much of the first month's payment
• How much did you borrow for your house if your monthly mortgage payment for a 30-year mortgage at 6.65% APR is $1,600?
• You borrow $200,000 from a bank. The interest rate is 5% per year. How large should your monthly payments be to pay off your loan in 25 years? Assume payments at the beginning of each month.
• You borrow $200,000 from a bank. The interest rate is 1.5% per year. How large should your monthly payments be to pay off your loan in 25 years? Assume payments at the beginning of each month.
• Calculate the monthly payment for a loan of $9,500 with a 12% interest rate compounded monthly over a period of 5 years.
• Calculate the monthly payment for a loan of $9,000 with a 10% interest rate compounded monthly over a period of 5 years.
• Calculate the monthly payment for a loan of $15,000 with an 8% interest rate compounded monthly over a period of 6 years.
• Calculate the monthly payment for a loan of $12,000 with a 9% interest rate compounded monthly over a period of 4 years.
• Calculate the monthly payment for a loan of $7,500 with an 11% interest rate compounded monthly over a period of 5 years.
• Suppose that you take out a loan for $130,000 to purchase a house. You are required to make monthly payments, and the APR is 6%. How much interest will you end up paying over the life of the loan (30-year mortgage)?
• Suppose that you take out a loan for $150,000 to purchase a house. You are required to make monthly payments, and the APR is 4%. How much interest will you end up paying over the life of the loan (30 year mortgage)?
• Suppose that you take out a loan for $230,000 to purchase a house. You are required to make monthly payments, and the APR is 6%. How much interest will you end up paying over the life of the loan (30 year mortgage)?
• Suppose that you take out a loan for $280,000 to purchase a house. You are required to make monthly payments, and the APR is 4%. How much interest will you end up paying over the life of the loan (30-year mortgage)?
• Suppose that you take out a loan for $300000 to purchase a house. You are required to make monthly payments, and the APR is 6%. How much interest will you end up paying over the life of the loan (30-year mortgage)?
• Suppose that you take out a loan for $300,000 to purchase a house. You are required to make monthly payments, and the APR is 6%. How much interest will you end up paying over the life of the loan (30-year mortgage)?
• A) To buy a new house you take out a 25-year mortgage for $300,000. What will your monthly payments be if the interest rate on your mortgage is an APR of 8 percent compounded monthly? B) Now, calculate the portion of the 48th monthly payment that goes tow
• Calculate the monthly payment of a $30,000 loan at a 12% nominal interest rate over 5 years, if compounded monthly.
• You have just purchased a home by borrowing $400,000 for 30-years at a fixed APR of 3.87%. What is the monthly mortgage payment? (Hint: A mortgage is just an annuity where the borrowed amount is the p
• Calculating Loan Payments You need a 30-year, fixed-rate mortgage to buy a new home for $260,000. Your mortgage bank will lend you the money at a 6.1 percent APR for this loan. However, you can only afford monthly payments of $1,150, so you offer to pay o
• What is the monthly payment on a loan of $15,000 for five years at a nominal annual rate of interest of 9% compounded monthly? A. $214 B. $250 C. $312 D. $324 E. $381
• If $120,000 is borrowed for a home mortgage to be repaid at 9% interest over 30 years with monthly payments of $965.55, how much interest is paid over the life of the loan?
• How much is the payment on a $100,000 loan given an interest rate of 12%, and 60 monthly payments?
• Suppose that you take out a loan for $130,000 to purchase a house. You are required to make monthly payments, and the APR is 6 percent. How much interest will you end up paying over the life of the loan (30-year mortgage)?
• You would like to borrow $1,000,000 over 100 months to finance a home. If your mortgage rate is 6% APR compounded monthly what are your monthly payments?
• Calculate the monthly payment of a $30,000 loan at a 12% nominal interest rate over 5 years, if compounded semiannually.
• Calculate the monthly payment of a $30,000 loan at a 12% nominal interest rate over 5 years, if compounded continuously.
• What would the monthly payment be for a $7,000 loan with a 6.75% interest rate compounded monthly spread over 60 months?
• You need a 30-year, fixed-rate mortgage to buy a new home for $320,000. Your mortgage bank will lend you the money at a 6.15% APR for this 360-month loan. However, you can afford monthly payments of o
• Assume that you have borrowed $1,000 for 2 years and you have an annual interest rate of 12% (annual compounded). What is the monthly payment due on the loan?
• If you borrow $120,000 at an APR of 7%, what is the total interest paid on the 25-year mortgage?
• A loan has a stated annual rate of 17.1 %. If loan payments are made monthly and interest is compounded monthly, what is the effective annual rate of interest?
• A loan has a stated annual rate of 6.00%. If loan payments are made monthly and interest is compounded monthly, what is the effective annual rate of interest?
• You want to buy a house with a $30,000 down payment. The loan amount is $297,000. The annual interest rate is 3% and the loan is for 360 months. What are your payments?
• If you could pay for your mortgage forever, how much would you have to pay per month for a $1,000,000 mortgage, at a 6.5% annual interest rate: (a) if the 6.5% is a bank APR quote (b) if the 6.5% is a
• A bank loans you $20,000, amortizing over five years at 12% pay yearly. How much interest will you pay in month 2 of the loan? A. $179 B. $356 C. $198 D. $231
• If you take out a 30-year mortgage for $235,000 at a fixed interest rate of 7.5% (APR), what will your monthly payments be?
• Calculate the monthly payment of a $30,000 loan at a 12% nominal interest rate over 5 years, if compounded annually.
• A borrower takes out a 10-year mortgage loan for $300,000 with an interest rate of 11.3%. What would the constant monthly payment be?
• The monthly mortgage payment on your house is $960.34 starting one month from now. It is a 30-year mortgage at an APR of 6% compounded monthly. How much will you still owe the bank (loan outstanding) after making the required payments for 10 years?
• If you have a $125,000 mortgage with a $700.00 monthly payment, payable over 30 years, what interest rate are you paying?
• You want to take out a $132,000 mortgage (home loan). The interest rate on the loan is 4.9%, and the loan is for 30 years. Your monthly payments are $700.56. How much will still be owed after making
• A mortgage loan is taken out for the amount of $250,000. It is a conventional mortgage loan, thirty years, monthly payments. Then mortgage interest rate in 5.10% Calculate the monthly payment.
• If you have a $150,000 mortgage with a $900 monthly payment, payable over 30 years, what interest rate are you paying?
• A 20-year mortgage loan of $100,000 and an interest rate (APR) of 12%. What is the amount of the monthly payment? check that you get the same answer when using the annuity formula. now look at
• Calculate the monthly payment of a $30,000 loan at a 12% nominal interest rate over 5 years, if compounded quarterly.
• You have just borrowed $100,000 to buy a condo. You will repay the loan in equal monthly payments of $804.62 over the next 30 years. A) What monthly interest rate are you paying on the loan? What is
• Determine the monthly payment of a loan for $8,000 at 9% interest compounded monthly for 60 months.
• Determine the monthly payment of a loan for $5,000 at 8.5% interest compounded monthly for 36 months.
• Determine the monthly payment for a loan of $6,000 at 7.25% interest compounded monthly for 36 months.
• Determine the monthly payment of a loan for $3,000 at 7.5% interest compounded monthly for 36 months.
• Determine the monthly payment of a loan for $14,000 at 6% interest compounded monthly for 48 months.
• We have just purchased a home by borrowing $400,000 for 30-years at a fixed APR of 3.87%. What is the monthly mortgage payment?
• You borrow $165,000 to buy a house. The mortgage rate is 7.5 percent and the loan period is 30 years. Payments are made monthly. If you pay the mortgage according to the loan agreement, how much total interest will you pay? a. $229,079 b. $206,408 c. $264
• a. How much is the monthly payment on a $26,000 car loan with a rate of 2% (r), repaid in 4 years (N), and with interest compounded monthly (k)? b. What is the highest amount you can offer to buy the car for if you can afford no more than $500 per month?
• You borrow $420,000 to buy a home. The loan has a 30-year term and the rate is 3.75 percent. How much of your second month's payment goes toward interest? A. $1,312.50 B. $1,314.83 C. $1,310.52 D. $1
• You need a 30-year, fixed-rate mortgage to buy a new home for $240,000. Your mortgage bank will lend you the money at a 6.35 percent APR for this 360-month loan. However, you can afford monthly paymen
• You borrow $200,000 to buy a house. The mortgage rate is 7.5% and the loan period is 30 years. Payments are made monthly. If you pay the mortgage according to the loan agreement, how much total interest will you pay?
• How much will you pay into principal on a 7 3/8%, $170,000, 15-year mortgage in the final 2 years of the mortgage, assuming monthly compounding? a. 34,796.91 b. 34,800.54 c. 34,820.69 d. 34,831.17
• Suppose you want to buy a house and can afford monthly payments of principal and interest of about $1,000. If you finance the loan over 20 years at 12%, what is the maximum price you could pay, that is how much is your loan amount you need to borrow to bu
• You need a 30-year, fixed-rate mortgage to buy a new home for $240,000. Your mortgage bank will lend you the money at a 7.5 percent APR for this 360-month loan, with interest compounded monthly. Howev
• You have just purchased a home and taken out a $530,000 mortgage. The mortgage has a 30-year term with monthly payments and an APR of 4.64%. a. How much will you pay in interest, and how much will you pay in principal, during the first year? b. How much w
• You have just purchased a home and taken out a $500,000 mortgage. The mortgage has a 30-year term with monthly payments and an APR of 6%. How much will you pay in interest and how much will you pay in principal, during the 20th year (i.e. between 19 and 2
• $80,000 loan is amortized by monthly payments over 25 years. the interest rate is charged 10% compounded semi-annually. How much interest will be paid during the first 3 years?
• You take out a 360-month fixed-rate mortgage for $100,000 with a monthly interest rate of 0.9%. What is the monthly payment?
• You need a 25-year, fixed-rate mortgage to buy a new home for $285,000. Your mortgage bank will lend you the money at an APR of 5.8 percent for this 300-month loan. However, you can afford monthly pay
• You need a 30 year, fixed rate mortgage to buy a new home for $240,000. Your mortgage bank will lend you the money at an APR of 5.25 percent for this 360-month loan. However, you can afford monthly pa
• You need a 25-year, fixed-rate mortgage to buy a new home for $240,000. Your mortgage bank will lend you the money at an APR of 5.35 percent for this 300-month loan. However, you can afford monthly pa
• You need a 25-year, fixed-rate mortgage to buy a new home for $270,000. Your mortgage bank will lend you the money at an APR of 5.65 percent for this 300-month loan. However, you can afford monthly pa
• Sam is paying $723.05 every month for his $20,000 house equipment. He did not make any down payment. The loan term was 18% APR compounded monthly. How much will be the interest payment for the payment he makes at the end of third month from the date of th
• If you borrow $100 from a finance company at an APR of 9 percent compounded quarterly for 1 year, how much do you need to pay off the loan?
• Suppose you borrow $165,000 to buy a house. The mortgage rate is 4% and the loan period is 30 years. Payments are made monthly. If you pay the mortgage according to the loan agreement, how much total interest will you pay?
• Calculate the monthly payment on a $130,000, 30-year mortgage at an annual interest rate of 5.5%.
• Calculate the monthly payment on a $100,000, 15-year mortgage at an annual interest rate of 6%.
• If you still want to pay off the mortgage in 25 years, what monthly payment should you make after you refinance? The mortgage on your house is five years old. It required monthly payments of SEK 12,000, had an original term of 30 years and had an interes
• You need a 30-year, fixed-rate mortgage to buy a new home for $230,000. Your mortgage bank will lend you the money at a 6.1 percent APR for this 360-month loan. However, you can afford monthly payment
• You have just purchased a home and taken out a $500,000 mortgage. The mortgage has a 30-year term with monthly payments and an APR of 6%. A) How much will you pay in interest, and how much will you pa
• What are the interest cost and the total amount due on a six-month loan of $1,400 at 15% simple annual interest?
• What is the payment for a 30-year mortgage for $180000 with monthly payments and an interest rate of 8%? a) 1,332.41 b) 553.32 c) 120.78 d) 1,320.78 e) 1,200.00
• What are the interest cost and the total amount due on a six-month loan of $1,200 at 13 percent simple annual interest?
• What are the interest cost and the total amount due on a six-month loan of $1,800 at 14.4 percent simple annual interest?
• You need a 30-year, fixed-rate mortgage to buy a new home for $305,000. Your mortgage bank will lend you the money at a 6.00 percent APR for this 360-month loan. However, you can afford monthly payments of only $1,450, so you offer to pay off any remainin
• Rosy borrowed $5500 to pay for some house repairs. She financed it with a bank and made equal payments of 4100 for 5 years to pay off the loan. How much did she pay in total for interest on this loan?
• What monthly repayments will be required with the new loan? The mortgage on your house is five years old. It required monthly payments of SEK 12,000, had an original term of 30 years and had an interest rate of 7.0% (APR). In the intervening five years, i
• You want to borrow $315,000 to buy a house. If you take out a 30-year mortgage at a 5.2% APR, how much principal will be outstanding after 125 monthly payments have been made?