FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

You want to buy a $195,000 home. You plan to pay 20% as a down payment, and take out a 30 year loan at 3.45%

image text in transcribed
You want to buy a $195,000 home. You plan to pay 20% as a down payment, and take out a 30 year loan at 3.45% interest for the rest. The bank will charge 1.5 points on the amount financed. a) What is the amount of the down payment? $ 39000 b) How much is the loan amount going to be? 156000 c) What will be the amount charged for 1.5 points? d) Find the amount of the monthly payment. 696.16

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

Step: 3

blur-text-image

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

Survey Of Accounting

Survey Of Accounting

Authors: Carl S. Warren

2nd Edition

0324183445, 978-0324183443

More Books

Students also viewed these Accounting questions

Question

★★★★★
After closing the books, Stihl & Laksa's partnership balance sheet reports owner's equity of $40,500 for Stihl and $54,000 for Laksa. Stihl is withdrawing from (leaving) the firm. He and Laksa agree...

Answered: 1 week ago

Question

★★★★★
a. Find fg(x). b. Find the range of the function fg(x). f(x) = x 2 5x for x g(x) = 2x + 3 for x

Answered: 1 week ago

Question

★★★★★
Show how empiricism evolved from a method (epistemology) under Bacon to a position about existence (ontology) in the work of Berkeley and Hume.

Answered: 1 week ago

Question

★★★★★
Working backward to the balance sheet at the beginning of the period (Problems 42 through 44 derive from problems by George H. Sorter). The following data relate to the Prima Company. (1) Exhibit...

Answered: 1 week ago

Question

★★★★★
Overview For this program, write a program that will display information about a parabola. The program will calculate the X and Y-coordinates for the vertex of a parabola. This program will be...

Answered: 1 week ago

Question

★★★★★
El valor de un bono perfecto es igual al pago de inters anual dividido por: -Tarifa de regreso requerida -Tasa libre de riesgo -Tasa de inters bancario -Costo de capital despus de impuestos

Answered: 1 week ago

Question

★★★★★
Mr. Dizon would like to determine the average daily allowance of Harvard students What is the: Population VAriable of interest Type of variable (quantitative or qualitative) The Harvard marketing...

Answered: 1 week ago

Question

★★★★★
What do you think is likely to be Liams problem? Discuss.

Answered: 1 week ago

Question

★★★★★
Calculate the 2016 injury frequency rates for: (a) manufacturing overall; (b) warehouse overall; and (c) company overall; and, the 2017 injury frequency rates for: (d) manufacturing overall; (e)...

Answered: 1 week ago

Question

★★★★★
What laws were passed because of domestic violence?

Answered: 1 week ago

Previous Question Next Question