Answered step by step
Verified Expert Solution
Question
1 Approved Answer
unsure, 2 parts You have found your dream home in the great city of Bugtussle, Kentucky. You agree to pay $300,000 for the home and
unsure, 2 parts You have found your dream home in the great city of Bugtussle, Kentucky. You agree to pay $300,000 for the home and have obtained a 30-year fixed-rate mortgage at 8.25% (annual rate) with monthly compounding. Your monthly payment for the life of the loan is $2,253.80. How much interest will you pay (in dollars) over the life of the loan? (Assume you make each of the required 360 payments of $2,253.80 on time.) Round your final answer to the closest dollar. $511,368 O $485,463 $453,725 $370,457 None of the above are correct. Bruno Mars is trying to save money to buy his own tour bus in three years. He is going to make monthly deposits of $10,000 in bank with the first deposit being made one month from today and the last deposit being made three years from today. Bruno's bank pays an annual percentage rate of 6.25 percent but compounds interest on a monthly basis. In 3 years, how much will Bruno Mars have to buy his tour bus? (Round only your final solution.) O $406,891.86 O $360,000.00 $396,891.86 O $394,835.42 None of the above are correct
unsure, 2 parts
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered 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