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please answer the following questions, thank you! (1 point) A couple has decided to purchase a $150000 house using a down payment of $19000. They
please answer the following questions, thank you!
(1 point) A couple has decided to purchase a $150000 house using a down payment of $19000. They can amortize the balance at 5% over 20 years. a) What is their monthly payment? Answer = $ b) What is the total interest paid? Answer = $ c) What is the equity after 5 years? Answer = $ d) What is the equity after 15 years? Answer = $ (1 point) Fifteen years ago a couple purchased a house for $160,000.00 by paying a 20% down payment and financing the remaining balance with a 30-year mortgage at 5.86% compounded monthly. (a) Find the monthly payment for this loan. Monthly Payment: $ (b) Find the balance of the loan after 17 years and after 18 years. Let n be how many payments are left on the loan. After 17 years After 18 years n= n = Loan Balance: $ Loan Balance: $ (c) Find the total amount of interest paid by the couple during the 18th year. Interest Paid During 18th year: $ (1 point) Mr. Smith is purchasing a $150000 house. The down payment is 20% of the price of the house. He is given the choice of two mortgages: a) a 20-year mortgage at a rate of 6%. Find (i) the monthly payment: $ (ii) the total amount of interest paid: $ Step by Step Solution
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