Save Homework: Chapter 8 Homework Score: 0 of 3 pts 3 of 6 (3 complete) HW Score: 44.85%, 6.73 of 15 pts Problem 8-3 (algorithmic) Question Help Madeoff's Mortgage Bernie Madeoll pays $230,000 for a new four bedroom 2.400-square-foot home outside Tonopah Nevada Ho plans to make a 20% down payment, but is having trouble decide whether he wants a 15-year foued rate (6401%) or a 30-year fixed rate (6878%) mortgage What is the monthly payment for both the 15 and 30-year mortgages, assuming a fully amortizing loan of equal payments for the life of the mortgage? b. Mums that instead of making a 20% down payment, he makes a 10% down payment, and finances the remainder at 7128% fixed interest for 15 years. What is his monthly payment? c. Assume that the home's total value fals by 25%. Bernie sols the house at the new market value, what would be his gain or loss on the home and mortgage, assuming all of the mortgage predpalomains? Use the same sumptions as in parta a. What is the monthly payment for both the 15 and 30 year mortgages, assuming a Mly amortizing loan of equal payments for the site of the mortgage? The mothly payment for the 15 year mortgage is 5 Round to the nearest cant) Enter your answer in the answer box and then click Check Answer parts ca Check AS Ich @ Score: 0 of 3 pts 3 of 6 (4 complete) HW Score: 45.37%, 6.81 of 15 pts Problem 8-3 (algorithmic) Question Help Madeoff's Mortgage. Bernie Madeoff pays $230,000 for a new four bedroom 2,400-square-foot home outside Tonopah, Nevada. He plans to make a 20% down payment, but is having trouble deciding whether he wants a 15-year fixed rate (6.401%) or a 30-year fixed rate (6.878%) mortgage. a. What is the monthly payment for both the 15- and 30-year mortgages, assuming a fully amortizing loan of equal payments for the life of the mortgage? b. Assume that instead of making a 20% down payment, he makes a 10% down payment, and finances the remainder at 7.128% fixed interest for 15 a. What is the monthly payment for both the 15- and 30-year mortgages, assuming a fully amortizing loan of equal payments for the life of the mortgage? The monthly payment for the 15-year mortgage is $. (Round to the nearest cent.) Enter your answer in the answer box and then click Check Answer. it Check Answer Clear All 3 Pemaining 121 24 MacBook Pro Du DD FV 80 000 ODO F4 F7 F6 F5 % 5 $ 4 & 7 o * 0 9 6 3. Score: 0 of 3 pts 3 of 6 (4 complete) HW Score: 45.37%, 6.81 of 15 Problem 8-3 (algorithmic) Question Help mortgage? b. Assume that instead of making a 20% down payment, he makes a 10% down payment, and finances the remainder at 7.128% fixed interest for 15 years. What is his monthly payment? c. Assume that the home's total value falls by 25%. If Bernie sells the house at the new market value, what would be his gain or loss on the home and mortgage, assuming all of the mortgage principal remains? Use the same assumptions as in parte a. What is the monthly payment for both the 15- and 30-year mortgages, assuming a fully amortizing loan of equal payments for the life of the mortgage? The monthly payment for the 15-year mortgage is $ 1. (Round to the nearest cent.) Enter your answer in the answer box and then click Check Answer. 3 parts remaining Clear All Check Answer 121 24 MacBook Pro Di DO 3 002 ODO OOO F4 F2 F3 F5 F2 A # 3 $ 4 % 5 & 7 9 8 0 6
