Question
Mary is purchasing a home for 294000$. She will finance her mortgage for 15 years with 4% interest. She is paying 20% down payment of
Mary is purchasing a home for 294000$. She will finance her mortgage for 15 years with 4% interest. She is paying 20% down payment of the purchase price. Mary's annual taxes are 2564$ and her annual homeowner insurance is 1778$.
5- Find the PITI payment.
6- Calculate the monthly payment and the total interest Mary need to pay if she decided to make the loan for 30 years instead of 15 years.
7- How much she saves on interest if she decided to pay out in 15 years compared to 30 years.
8- Find the interest portion and the principal portion for the first payment of the 15 years loan.
9- Make an amortization schedule for the first two payments of the 15 years loan.
This come with more but i only need 5-9 answer
Mary is purchasing a home for 294000$. She will finance her mortgage for 15 years with 4% interest. She is paying 20% down payment of the purchase price. Mary's annual taxes are 2564$ and her annual homeowner insurance is 1778$.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started