Ingrid obtains a 30-year, $63,750 conventional mortgage at a 8.5% rate on a house selling for $75,000.

Question:

Ingrid obtains a 30-year, $63,750 conventional mortgage at a 8.5% rate on a house selling for $75,000. Her monthly payment, including principal and interest, is $490.18. She pays 0 points.

HOUSE FOR SALE

(a) Determine the total amount Ingrid will pay for her house.

(b) How much of the cost will be interest?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

A Survey of Mathematics with Applications

ISBN: 978-0134112107

10th edition

Authors: Allen R. Angel, Christine D. Abbott, Dennis Runde

See More Books

Question Posted: Jan 28, 2019 08:13 AM

See More Questions

The Riveras are negotiating with two banks for a mortgage to buy a house selling for $105,000. The terms at bank A are a 10% down payment, an interest rate of 4%, a 30-year conventional mortgage, and...
The Hassads are applying for a $90,000 mortgage. They can choose between a 30-year conventional mortgage and a 30-year variable-rate mortgage. The interest rate on a 30-year conventional mortgage is...
The average monthly mortgage payment including principal and interest is $982 in the United States. If the standard deviation is approximately $180 and the mortgage payments are approximately...
The estimated times (in weeks) and immediate predecessors for the activities in a project are given in the following table. Assume that the activity times are independent. (a) Calculate the expected...
Barry Potter and Winnie Weasley are considering making an S election on March 1, 2014, for their C corporation, Omniocular. However, first they want to consider the implications of the following...
Daniel B. Butler and Freida C. Butler, husband and wife, file a joint return. The Butlers live at 625 Oak Street in Corbin, KY 40701. Dan's Social Security number is 111-11-1112, and Freida's is...
PR 12-1 What are the primary characteristics that define a derivative? How many paragraphs does it take the ASC to define a derivative completely?
For a multistage bioseparation process described by the transfer function, Calculate the response to a step input change of magnitude, 1.5. (a) Obtain an approximate first- order-plus-delay model...
Bed & Bath, a retaling company, has two departments---Hardware and Linens. The company's most recent monthly contribution format Income statement follows: Salon Variable expenses Contribution margin...
Holcomb Candles, Inc. manufactures decorative candles and has contracted with a national retailer to supply a set of special holiday candles to its 8,500 stores. These include large jars, small jars,...
The Zhengs gross monthly income is $4100. They have 18 remaining boat payments of $505. The Zhengs are applying for a 20-year, $275,000 mortgage at a 9% interest rate to buy a new house. The taxes...
Paul is negotiating with two credit unions for a mortgage to buy a condominium selling for $525,000. The terms at Grant County Teachers Credit Union are a 20% down payment, an interest rate of 7.5%,...
Solve each equation. Give exact solutions. logs(5x + 10) = 3
The issue of Royal Rose Manufacturing Co., Ltd. with many new employees is the low level of production. Although the company implements training programs for employees, the skill improvement of...
For safety reasons an elevator stops with an acceleration of g/3 in the case of an emergency. Let's assume an unusually high ceiling of the elevator to hang three sections lamp one below the other...
Can Google be characterized as a monopoly? Justify your answer by specifying and comparing the characteristics of a monopoly with those of Google. What is competition law? How would you justify the...
In the case below design and draw a Rich Picture that identifies the key stakeholders, actors, power and decision-making authorities. The novel coronavirus has turned the world upside down as a...
1. Two spherical stars A and B have densities PA and PB, respectively. A and B have the same radius, and their masses MA and M are related by MB = 2M. Due to an interaction process, star A loses some...
Anthony entered into a contract with Bruce to refurbish a block of 100 flats; the work was to be completed in three months. The contract stated that late completion would be charged at 5,000 per day....
Evaluate the line integral, where C is the given curve. C x 2 dx + y 2 dy, C consists of the arc of the circle x 2 + y 2 = 4 from (2, 0) to (0, 2) followed by the line segment from (0, 2) to (4, 3)
If M C = 51 and M E = 43, for which situation is the 95% confidence interval for the difference between population means the widest? a. N = 28 and s MD = 2.00 b. N = 28 and s MD = 4.00 c. N = 28 and...
If the 95% confidence interval for the difference between population means ranges from 1.00 to 9.00, what is M E M C ?
If the 95% confidence interval for the difference between population means ranges from 5.00 to 1.00 and s MD = 4.00, what is t?
Assume that the one-year interest rate in the US is 4% and in the Eurozone is 6%. According to interest rate parity (IRP), What should the one-year forward premium or discount of the euro be (use of...
Comparative financial statements for Weller Corporation, a merchandising company, for the year ending December 31 appear below. The company did not issue any new common stock during the year. A total...
Mrquered Mrquered

Ingrid obtains a 30-year, $63,750 conventional mortgage at a 8.5% rate on a house selling for $75,000.

Question:

HOUSE FOR SALE

Step by Step Answer:

a 490183012 17646480 1764...View the full answer

A Survey of Mathematics with Applications

Students also viewed these Mathematics questions