Question
Find a vacation home that you would like to own on the internet.
c) If the loan agency requires a down payment of 20%, what will your down payment be? Remember to use the sale price from Part b.
Down payment =
d) If you plan to finance the rest of the sale price, how much would the loan amount be?
Loan amount =
e) What would the monthly mortgage payment be if your loan was a 1.7% 30 year fixed mortgage?
Monthly mortgage payment =
f) How much will you actually pay for the home over 30 years including the down payment?
g) How much of what you paid was interest?
Amount of interest paid =
I picked the home to be $595,000 but i am very confused on how to do parts C-G. Please show what formulas were used.
https://mathas.pvc.maricopa.edu/assessment/showtest.php 7408 Oconee St, Reunion, FL 3...MathAS Assessment 7408 Oconee St, Reunion, FL 3... MathAS Assessment Chapter 4 Handout Compound Interest Calcu. Aska homework question JIf you randomly selecta c W Poker probability Wikipe a Questions on Algebra Ave.. Path: p img b) Sale price of the vacation home S595000.00 DO NOT TYPE COMMAS OR ANSWERS WILL BE MARKED INCORRECT c) If the loan agency requires a down payment of 20%, what will your down payment be? Remember to use the sale price from Part b. Down payment = $ DO NOT TYPE COMMAS OR ANSWERS WILL BE MARKED INCORRECT Roundyour answer to 2 decimal places as needed d) If you plan to finance the rest of the sale price, how much would the loan amount be? Loan amount = $ DO NOT TYPE COMMAS OR ANSWERS WILL BE MARKED INCORRECT Roundyour answer to 2 decimal places as needed e) What would the monthly mortgage payment be if your loan was a 1.7% 30 year fixed mortgage? Monthly mortgage payment -S DO NOT TYPE COMMAS OR ANSWERS WILL BE MARKED INCORRECT Roundyour answer to 2 decimal places as needed f) How much will you actually pay for the home over 30 years including the down payment? Hint: Don't forget about the down payment! Total amount paid for vacation home = $ DO NOT TYPE COMMAS OR ANSWERS WILL BE MARKED INCORRECT Roundyour answer to 2 decimal places as needed g) How much of what you paid was interest? Amount of interest paid-S DO NOT TYPE COMMAS OR ANSWERS WILL BE MARKED INCORRECT Roundyour answer to 2 decimal places as needed Question 4. Points possible: 24 This is attempt 1 of 1. Submit Save answers 7:24 PM
Explanation / Answer
c) 20% of 595,000=119,000 answer
d) Loan amount 595,000-119,000=476,000
e) Monthly mortage 1692.66
f) total payment =119,000 + 360*1692.66=6,314,120.96
g)6,314,120.96-595,000=5,719,120.96 answer
