Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

This is one question with multiple parts. Please answer all parts 1a. You are applying for a mortgage loan at 4.25% over 30 years with

This is one question with multiple parts. Please answer all parts

1a. You are applying for a mortgage loan at 4.25% over 30 years with monthly payments. The home you are considering is at a price of $229,000. Lenders are offering 80% loan to value mortgages to you. What will be your monthly mortgage payment for principal and interest?

$623.22

$653.81

$901.23

$377.20

b. What will be the balance of the loan after you have paid for a full 10 years?

$109,877

$145,540

$111,765

$97,027

c. How long will it take you to pay off 75% of the loan ?

About 25.3 years

About 29 years

270 months

24 and years

d. What was the original balance of the loan?

$118,400

$143,200

Cannot determine given these facts

$183,200

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Money Talks Explaining How Money Really Works

Authors: Nina Bandelj ,Frederick F. Wherry ,Viviana A. Zelizer

1st Edition

0691202893, 978-0691202891

More Books

Students also viewed these Finance questions

Question

We got our small business loan an enormous advantage.

Answered: 1 week ago

Question

Ron Franklin do you remember him? will be in town Monday.

Answered: 1 week ago