Would Someone be able to double-check my answers. I am getting stuck with this assignment and need a little assistance.
Directions Use the Mortgage Calculator on www.foundations.com to compute the monthly payments and total interest for the problems below. 1. Scott and Jen are looking at a house listed for $189,000. They will qualify for a 6% interest rate if they have a 20% down payment. How much will the monthly payments be on a 15-year mortgage? Down Payment 37800 Loan Amount 151200 Monthly Payment 1275.91 2. Scott and Jen are not sure they want to use their savings for a down payment because they would like to buy new furniture and appliances. They find a house on the market for $155,000, but they will have to pay 6.5% interest if they decide to put zero down on the house. What will their monthly payments be on a 15-year mortgage? 0 Down Payment 155000 Loan Amount Monthly Payment 1350.22 3. How much more are Scott and Jen paying in interest with no down payment, even though they bought a cheaper house? (Use the mortgage calculator.) 88038.49 4. How much do they save in a year on their monthly payments if they buy the $189,000 house with 20% down? 891.72 5. How much would Scott and Jen have for furniture if they bought the less expensive house and put 20% down on that? (Assume they have the original down payment from question #1 and the 6% Interest rate.) Down Payment 31000 Loan Amount 124000 Monthly Payment 1046, 3B Money for Furniture 6. What is the total interest savings if they choose this option instead of the zero down at 6.5% interest? 23689.38 La nostra com 7. How much do Jen and Scott save in interest by taking a 15-year mortgage versus a 30-year mortgage if they borrow $124,000 at 6% interest? 78291.97 Directions Use the Mortgage Calculator on www.foundations.com to compute the monthly payments and total interest for the problems below. 1. Scott and Jen are looking at a house listed for $189,000. They will qualify for a 6% interest rate if they have a 20% down payment. How much will the monthly payments be on a 15-year mortgage? Down Payment 37800 Loan Amount 151200 Monthly Payment 1275.91 2. Scott and Jen are not sure they want to use their savings for a down payment because they would like to buy new furniture and appliances. They find a house on the market for $155,000, but they will have to pay 6.5% interest if they decide to put zero down on the house. What will their monthly payments be on a 15-year mortgage? 0 Down Payment 155000 Loan Amount Monthly Payment 1350.22 3. How much more are Scott and Jen paying in interest with no down payment, even though they bought a cheaper house? (Use the mortgage calculator.) 88038.49 4. How much do they save in a year on their monthly payments if they buy the $189,000 house with 20% down? 891.72 5. How much would Scott and Jen have for furniture if they bought the less expensive house and put 20% down on that? (Assume they have the original down payment from question #1 and the 6% Interest rate.) Down Payment 31000 Loan Amount 124000 Monthly Payment 1046, 3B Money for Furniture 6. What is the total interest savings if they choose this option instead of the zero down at 6.5% interest? 23689.38 La nostra com 7. How much do Jen and Scott save in interest by taking a 15-year mortgage versus a 30-year mortgage if they borrow $124,000 at 6% interest? 78291.97
