3. (15 points) After graduating from Philadelphia University you obtained a job and have been working...

 

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3. (15 points) After graduating from Philadelphia University you obtained a job and have been working there for three years. You recently obtain a promotion and a bonus of $20,000 that you decided to use to buy a house. The cost of the property is $100,000 and a down payment of 20% is required. There are $1000 of closing costs (added to the loan) and no points. The mortgage loan term is 30 years and the interest rate is fixed at 3% per year compounded monthly. a)What is the amount of your monthly payment? b) You have made monthly payments during five years but you still have NOT done th last payment corresponding to the twelve month of the fifth year. You decide to sell the house and move to the suburbs where you can raise your family. How much is amount that you will need to pay off the balance of the loan including the last monthly payment of the 5th year? 3. (15 points) After graduating from Philadelphia University you obtained a job and have been working there for three years. You recently obtain a promotion and a bonus of $20,000 that you decided to use to buy a house. The cost of the property is $100,000 and a down payment of 20% is required. There are $1000 of closing costs (added to the loan) and no points. The mortgage loan term is 30 years and the interest rate is fixed at 3% per year compounded monthly. a)What is the amount of your monthly payment? b) You have made monthly payments during five years but you still have NOT done th last payment corresponding to the twelve month of the fifth year. You decide to sell the house and move to the suburbs where you can raise your family. How much is amount that you will need to pay off the balance of the loan including the last monthly payment of the 5th year?

Answer rating: 100% (QA)

a The down payment 100000 20 20000 The bonus is used for the down payment Loan amount cost of proper... View the full answer