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Down payment, and take out 30-year loan at You want to buy S255,000 home You plan t0 pay 10% as 75% interest for the rest:How much is the loan amount going to be?b)...

Question

Down payment, and take out 30-year loan at You want to buy S255,000 home You plan t0 pay 10% as 75% interest for the rest:How much is the loan amount going to be?b) What will your monthly payments be?How much total interest do you pay?oan in 15 years rather than 30 What will your monthly payment be? Suppose you want pay off theInterest will you save you (inance for 15 years instead of 30 years? How much money in

down payment, and take out 30-year loan at You want to buy S255,000 home You plan t0 pay 10% as 75% interest for the rest: How much is the loan amount going to be? b) What will your monthly payments be? How much total interest do you pay? oan in 15 years rather than 30 What will your monthly payment be? Suppose you want pay off the Interest will you save you (inance for 15 years instead of 30 years? How much money in



Answers

Home Mortgages The monthly payment that amortizes a loan of $A$ dollars in $t$ years when the interest rate is $r /$ year, compounded monthly, is given by $$ P=f(A, r, t)=\frac{A r}{12\left[1-\left(1+\frac{r}{12}\right)^{-12 t}\right]} $$ a. What is the monthly payment for a home mortgage of $\$ 300,000$ that will be amortized over 30 years with an interest rate of 4\%/year? An interest rate of 6\%/year? b. Find the monthly payment for a home mortgage of $\$ 300,000$ that will be amortized over 20 years with an interest rate of 6\%/year.

The question here asks us what the monthly payment would be on a 30 year mortgage of $80,000. So, of course, this could be taken by using equation p, multiplied by our one plus art part and over one plus R. One plus are rather let me write that one plus ours apart and minus one where P is the amount that you have borrowed. So in this particular case, would be 80,000. Are is the interest rate, which is 0.9 Divide by 12 as we're looking at it in terms of monthly payments. And, of course, if it's 30 years, our values and would be 360. So if it had to be repaid over this at this particular, um, time frame, it would give us the valley if you plug it into our calculator of $643.69 sentence. If we were going to pay it over a 15 year period, we had basically just change the value of end here. And that's just 15 times 12 which is of course, equal to 180. So which is equal to a 1 80 So if you substituted in, you would basically get the number 800 $811.41. Rewrite that, like such, and I should be your answer here.

This problem. It gives us the present value of the loan At $253,000 it gives us an interest payment of 6.45%. But because we're talking about a monthly house payment, um, that's gonna come out 2.5375%. S O R I value for this. Probably 00.5375 We want to keep track of these decimals cause we raise it to a large power. It can really blow up on you if you don't are, uh, number of periods has got over 30 years and 12 months every year brings it to 360 payments. Okay, so the calculator are Valium. I'm gonna have our prince. Our present value, which is 253,000. Divided by one minus one plus our interest rate, which is 1.5375 to the negative. 360 power all divided by 0.5375 Okay, since we applied this entire calculator 253,000 the aeroplane 005375 Her interest. So are our monthly payments are gonna be for $1590. 82 cents. Okay, So now if we multiply that by 3 60 we can see our total contributions to paying off this loom, which is gonna be $572,000. No problem. $72,695.20. That's our total contributions. So if we subtract out our present value, which was the 253,000 we can get how much we had to pay the interest. This is amount paid. The interest was 319,000 $695.20. Okay, thank you very much.

The question here asks us. Tow chocolate. The monthly payment that we're supposed to do on a mortgage of $100,000 compounded monthly. So first of all, we can put this into the equation p multiplied by our one plus r to the power of and over one plus R to power and minus one, and that should basically allow us to calculate the particular monthly payments. So where pee in this particular case is going to be 100 K? The interest rate through which are the question here basically says it's 8% a year. So if we're compounding only compounding it monthly, then it would be 8% divided by 12 which would be 0.8 divided by 12. So that should be equal to 0.667 Our value of n is the number of times were basically calm, Honey, it's a number of payments that were taking. So as we're doing it over 30 years and its monthly, it's 30 times 12 which is, of course, he could have 360. So if we plug this into our calculator, we should get back a monthly payment that we should pay is $734.4. So, basically, what is? The second part of the question is asking, What is a total month off that we pay for this loom over 30 year, period? So we just take that number that we've gone here and multiplied by 3 60 that should give us a value of $264,255.63 sense, so that should be our value for the second part of this question.

Okay, so this problem wants us. Teoh, find the monthly house payments necessary to a more ties alone because of the present value of the loan is $175,000. Our interest rates that were using for this problem, it gave it to us a 6.24%. But since its monthly, we have two divided by 12. So it's gonna be 0.56%. 0.52% must buffalo. And so that's going to come out to be 0.52 Okay, then our number of pay periods we're paying monthly for 30 years says 12 times 30 which is gonna be 360 pay periods. Okay, So to find out our value Briscoe usar formula. So our values in unequal toe prints of the present value 175,000 divided by him. Parentheses one minus one plus R. I value so 1.52 to the negative. 360 power divided by R I. Value of 0.52 Okay, so our monthly payment we just need to put all this into a calculator 275,000 about it by one minus one. Queen 0052 to the negative. 360. Power divided by 0.52 Our monthly payments gonna be 1000 $1076 and 37 cents the second part of this problem once to capture the total payments and the total amount of interest paid. So the total payments were gonna multiply that are valued by 3 60 because we're gonna make 360 payments. So our total payments on this loan gonna be 387,000 $193 and 20 cents. So therefore, the amount of interest. If we take away the present value of the loan of 175,000 we're gonna have to the $212,493 and 20 cents paid an interest, Stanislav. Okay, thank you very much.


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