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can you answer all these questions please? please dont skip any question LATITUDE 3 Alt Chapter 5 Activity-Amortization Use a real estate company's search engine

can you answer all these questions please? please dont skip any questionimage text in transcribed

LATITUDE 3 Alt Chapter 5 Activity-Amortization Use a real estate company's search engine to identify a home you may be in near future terested in buying in the 1. Name of real estate company & web address: Cb 3. Property price Toavoidpayingprivate mortgage insurance PMI Calculate such a down payment for this home. buyers typically need a20% down payment. 4. Down payment of 20%; Find current mortgage rates for the loan types below from a bank of your choice 5. Source (bank/web address) & terms for 30-year mortgage 6. Source (bank/web address) & terms for 15-year mortgage: Find an amortization calculator that is capable of showing you the entire amortization schedule to answer the following questions (www.bankrate.com is usually a good source). 7. What is the monthly payment on the 30-year loan (make sure you deduct your down payment when calculating the loan amount)? 8. How much of the first payment is interest on the 30-year loan? se the amortization schedule to determine the loan balance of the 30-year loan once half the payments are made. 9. U t percent of the original 30-year loan still remains (i.e. remaining principal balance divided by original loan amount)? 11. How much total interest do you pay over the life of the 30-year loan? 12. What is the monthly payment on the 15-year loan? 13. How much of the first payment is interest on the 15-year loan? 14: Use the amortization schedule to determine the loan balance of the 15-year loan once half the payments are made. 15. What percent of the original 15-year loan still remains (i.e. remaining principal balance divided by original loan amount)? 16. How much total interest do you pay over the life of the 15-year loan? 17. On the back of this sheet, discuss your reaction to the above exercises. Questions to consider (these do not have to be answered; they are a jumping off point: Does a 30-year or 15-year mortgage seem more financially responsible? Do you think you will be able to save an adequate down payment by the time you want to purchase a home? Are surprised at how much (or little) of the home you actually own'halfway through making payments? LATITUDE 3 Alt Chapter 5 Activity-Amortization Use a real estate company's search engine to identify a home you may be in near future terested in buying in the 1. Name of real estate company & web address: Cb 3. Property price Toavoidpayingprivate mortgage insurance PMI Calculate such a down payment for this home. buyers typically need a20% down payment. 4. Down payment of 20%; Find current mortgage rates for the loan types below from a bank of your choice 5. Source (bank/web address) & terms for 30-year mortgage 6. Source (bank/web address) & terms for 15-year mortgage: Find an amortization calculator that is capable of showing you the entire amortization schedule to answer the following questions (www.bankrate.com is usually a good source). 7. What is the monthly payment on the 30-year loan (make sure you deduct your down payment when calculating the loan amount)? 8. How much of the first payment is interest on the 30-year loan? se the amortization schedule to determine the loan balance of the 30-year loan once half the payments are made. 9. U t percent of the original 30-year loan still remains (i.e. remaining principal balance divided by original loan amount)? 11. How much total interest do you pay over the life of the 30-year loan? 12. What is the monthly payment on the 15-year loan? 13. How much of the first payment is interest on the 15-year loan? 14: Use the amortization schedule to determine the loan balance of the 15-year loan once half the payments are made. 15. What percent of the original 15-year loan still remains (i.e. remaining principal balance divided by original loan amount)? 16. How much total interest do you pay over the life of the 15-year loan? 17. On the back of this sheet, discuss your reaction to the above exercises. Questions to consider (these do not have to be answered; they are a jumping off point: Does a 30-year or 15-year mortgage seem more financially responsible? Do you think you will be able to save an adequate down payment by the time you want to purchase a home? Are surprised at how much (or little) of the home you actually own'halfway through making payments

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