Business, 25.09.2020 01:01, ayeletstrauss

Let’s suppose you would like to buy a home for $250,000. But like most U. S. citizens, you don’t have enough cash on hand to pay for the full house. But we’re in luck! Signature Bank has agreed to offer you a 30-year mortgage loan, but requires that you pay 20 percent down ($50,000 = 20% of $250,000) to qualify for their mortgage loan of $200,000 in this way: $250,000 Cost of home
50,000 Required 20% down payment ($50,000 = 20% of $250,000) (The cash you need to have available to pay when closing on the home)
$200,000 Amount of the bank loan
1. Calculate the monthly payment for a 30-year mortgage loan.2. Calculate the amount of interest that you’d pay for a 30-year mortgage loan.3. How much interest do you pay over the life of a 30-year mortgage?
4. To compute the mortgage payments, we’ll need to know a few things:A. The size of the mortgage loan. B. The interest rate.
C. The length of the loan (number of months).

Answers: 1

Show answers

Other questions on the subject: Business

Business, 21.06.2019 19:40, Gaby702

Michigan mattress company is considering the purchase of land and the construction of a new plant. the land, which would be bought immediately (at t = 0), has a cost of $100,000 and the building, which would be erected at the end of the first year (t = 1), would cost $500,000. it is estimated that the firm's afterminustax cash flow will increase by $100,000 starting at the end of the second year, and that this incremental flow would increase at a 10 percent rate annually over the next 10 years. what is the approximate payback period?

Answers: 3

continue

Business, 22.06.2019 08:50, cmflores3245

Suppose that in an economy the structural unemployment rate is 2.2 percent, the natural unemployment rate is 5.3 percent, and the cyclical unemployment rate is 2 percent. the frictional unemployment rate is percent and the actual unemployment rate (in this economy) is percent.

Answers: 2

continue

Business, 22.06.2019 13:00, dondre54

Explain the relationship between consumers and producers in economic growth and activity

Answers: 1

continue

Business, 22.06.2019 20:00, HahaHELPP

In william rathje's garbology project that focused on household waste, front door interviews found 15 percent of respondents saying that they consumed beer. the trash discard from the same area showed what percentage of household's consuming beer

Answers: 1

continue

Do you know the correct answer?

Let’s suppose you would like to buy a home for $250,000. But like most U. S. citizens, you don’t hav...