In order to purchase a home, a family borrows $159,000 at 6.5% for 30 years. Use the table to find their monthly payment. Round the answer to the nearest cent. a. $954.00 c. $1,186.14 b. $1,006.47 d. $1,276.36 Please select the best answer from the choices provided
Given that your monthly expenses for the house that you want to purchase totals $1,562.30 (this includes the house payment, annual taxes, and the annual cost for home owners insurance) and your gross annual salary is $66,955.71, determine if you qualify for the purchase of the new home. If yes, what percent do you qualify by?a.No; 29.2%c.No; 30%b.Yes: 28%d.Yes; 26.4%
A couple gets financing for 70% of the $450,000 purchase price of a house at the rate of 5% on the monthly unpaid balance. Using the provided table find the total amount paid to the finance company if the loan is repaid in 20 years. a. $330,750.00 c. $472,500.00 b. $712,752.00 d. $498,960.00 Please select the best answer from the choices provided
When buying a house, it is a good idea to calculate how much your monthly payment will be to:a.determine how soon you can move inc.determine if you can afford the purchaseb.determine which bank you should use to get your loand.determine what the total cost of the purchase will be
You have just been approved for a 30 year 5.5% fixed home mortgage. The monthly payment that you qualify for is $532.10. Use the table provided to determine the price of a home that can be purchased. Round your answer to the nearest cent. a. $98,258.68 c. $104,120.32 b. $103,879.65 d. $93,679.60 Please select the best answer from the choices provided
You have found a home that you are interested in purchasing. Instead of a conventional loan, you agree to pay the premium for the private mortgage insurance (PMI), which finances 95% of the loan. The amount of the home is listed at $125,000. From the given information, determine the amount needed for the down payment to qualify for the PMI loan. a.$6,250c.$625b.$118,750d.$62,500
You placed a 15% down payment on a new home. Given that the amount of the down payment was $36,782.12, determine the price of the home. Round your answer to the nearest cent.a.$147,128.48c.$245,214.13b.$183,910.60d.$367,821.20
You placed a 11% down payment on a new home. Given that the amount of the down payment was $18,210.18, determine the price of the home. Round your answer to the nearest cent.a.$227,627.25c.$182,101.80b.$202,335.33d.$165,547.09
You have found a house that you would like to purchase. The amount of the home is $225,000. You would like to finance the home through your local credit union but they require a 10% down payment. Determine the amount needed for the down payment so that the bank will finance the home purchase. a.$22,500c.$225,000b.$202,500d.$2,250
Why might it be important to get a lower interest rate on a mortgage?a.lower monthly paymentc.interest rate is not importantb.higher monthly paymentd.lower amount of loan needed
A couple gets financing for 80% of the $150,000 purchase price of a house at the rate of 6% on the monthly unpaid balance. Use the table provided to find the total amount paid to the finance company if the loan is repaid in 40 years. a. $231,948.00 c. $317,376.00 b. $289,005.00 d. $141,509.00 Please select the best answer from the choices provided
You have recently taken a loan out in the amount of $210,000 for a new home. You place 10% down and finance the remaining balance. As part of the closing cost, you are required to pay 4 points. Determine the amount of the loan prior to the addition of 4 points to the loan. Round your answer to the nearest cent.a.$201,923.08c.$207,980.77b.$203,942.31d.$205,961.54
Use the table to determine the total amount paid on a 20 year fixed loan, at 5.5%, of $160,000. a. $160,000 c. $264,192 b. $203,254 d. $176,000 Please select the best answer from the choices provided
Did you find these answers helpful?
Mortgages
The Sine Function
The Unit Circle
