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I need help, thanks. QUESTION 1 You would like to borrow $800,000.00 to buy a home. The bank offers you a 30 year fully amortizing
I need help, thanks.
QUESTION 1 You would like to borrow $800,000.00 to buy a home. The bank offers you a 30 year fully amortizing fixed rate mortgage with a 6.00% contract interest rate. What will your monthly payments be? (Round answer to 2 decimal places, express all payments as positive numbers). QUESTION 2 You would like to purchase a home and are interested to find out how much you can borrow. When your lender calculates your debt to income ratio, he determines that your maximum monthly payment can be no more than $2,500. You would like to have a 30 year fully amortizing loan and the interest rate offered on such a loan is currently 6%. Given these constraints, what is the largest loan you can obtain? QUESTION 3 You took out a fully amortizing 30 year fixed rate $300,000.00 mortgage with 6% contract interest rate. After you completed two full years of payments, how much have you paid toward principal? QUESTION 4 A borrower takes out an interest-only loan at 6% for $500,000 with a 10 year term. What is the monthly payment on this loan? (State your answer as a positive number, rounded to two decimal places.)Step by Step Solution
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