A couple has just purchased a home for $447,500.00. They will  pay 20% down in cash, and finance the remaining balance. The mortgage broker  has gotten them a mortgage rate of 5.52% APR with monthly compounding. The  mortgage has a term of 30 years.What is the size of the loan taken out by the  couple?

A couple has just purchased a home for $447,500.00. They will  pay 20% down in cash, and finance the remaining balance. The mortgage broker  has gotten them a mortgage rate of 5.52% APR with monthly compounding. The  mortgage has a term of 30 years.What is the monthly payment on the loan?

 

A couple has just purchased a home for $447,500.00. They will  pay 20% down in cash, and finance the remaining balance. The mortgage broker  has gotten them a mortgage rate of 5.52% APR with monthly compounding. The  mortgage has a term of 30 years.How much interest is paid on the first payment?

A young married couple has carefully looked at their budget.  After review, they can afford a monthly mortgage payment of $1,008.00. They go  to their local banker and she offers them a mortgage of 4.92% APR with monthly  compounding with a term of 30 years. The couple has enough savings to pay 20%  down, so the mortgage will be 80% of the home’s value.What is the mortgage that  the couple can apply for based on their budget and the offered terms?

A young married couple has carefully looked at their budget.  After review, they can afford a monthly mortgage payment of $1,008.00. They go  to their local banker and she offers them a mortgage of 4.92% APR with monthly  compounding with a term of 30 years. The couple has enough savings to pay 20%  down, so the mortgage will be 80% of the home’s value.With this mortgage and a  20% down payment, what priced house can the couple afford?

A couple took out a 30-year mortgage 10 years ago. At that time,  the mortgage was $309,500.00, with 3.72% APR and monthly compounding of  interest. Today, the couple has been offered $330,500.00 for their house. If  the couple accepts the offer, how much cash will they take from the deal? The  cash will be the difference between the sell price and what is owed on the  loan.

A family takes out a mortgage for $258,600.00 from the local  bank. The loan is for 30 years of monthly payments at a 3.12% APR (monthly c A  couple took out a $359,000.00 mortgage ten years ago. The original terms called  for 30 years of monthly payments at a 6.96% APR. The couple has made all  payments over the last 10 years. Currently, the couple is considering  re-financing their mortgage.

A couple took out a $359,000.00 mortgage ten years ago. The  original terms called for 30 years of monthly payments at a 6.96% APR. The  couple has made all payments over the last 10 years. Currently, the couple is  considering re-financing their mortgage.The couple has been offered a chance to  re-finance their mortgage balance. The new mortgage will be for 30 years at the  lower rate of 3.48% APR with monthly compounding. The mortgage will call for  monthly payments.What is the current balance on their existing mortgage?

A couple took out a $359,000.00 mortgage ten years ago. The  original terms called for 30 years of monthly payments at a 6.96% APR. The  couple has made all payments over the last 10 years. Currently, the couple is  considering re-financing their mortgage.The couple has been offered a chance to  re-finance their mortgage balance. The new mortgage will be for 30 years at the  lower rate of 3.48% APR with monthly compounding. The mortgage will call for  monthly payments.What is the new monthly payment if the couple refinances?

A couple took out a $359,000.00 mortgage ten years ago. The  original terms called for 30 years of monthly payments at a 6.96% APR. The  couple has made all payments over the last 10 years. Currently, the couple is  considering re-financing their mortgage.The couple has been offered a chance to  re-finance their mortgage balance. The new mortgage will be for 30 years at the  lower rate of 3.48% APR with monthly compounding. The mortgage will call for  monthly payments.How much will the couple save on monthly payments?