Assume you signed a contract to buy a home for $415,000. Answer the following questions by...

  

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Assume you signed a contract to buy a home for $415,000. Answer the following questions by filling in the values from the calculator. 1. (1 point each) If you had bought this house a year ago when the 30-year mortgage rate was 3.18%, what would your monthly payment be? Assume that your down payment is 20% and that you are borrowing the rest. *Make sure the Monthly payment is only for Principal and Interest. The calculator automatically factors in homeowner's insurance and property tax so make sure the answer below is only for principal and interest. Also, the calculator provides estimated monthly payment to the dollar (no decimals), so I have entered zeros for the decimal value. Monthly payment= $XXXX.00 Loan amount=$XXXXXX.00 (1 point) Now assume that you are buying the same house today (at the same price) but that the current interest rate on a 30-year mortgage is 6.625%. Assume that all other information is the same as above. Monthly payment= $XXXX.00 2. Assume you signed a contract to buy a home for $415,000. Answer the following questions by filling in the values from the calculator. 1. (1 point each) If you had bought this house a year ago when the 30-year mortgage rate was 3.18%, what would your monthly payment be? Assume that your down payment is 20% and that you are borrowing the rest. *Make sure the Monthly payment is only for Principal and Interest. The calculator automatically factors in homeowner's insurance and property tax so make sure the answer below is only for principal and interest. Also, the calculator provides estimated monthly payment to the dollar (no decimals), so I have entered zeros for the decimal value. Monthly payment= $XXXX.00 Loan amount=$XXXXXX.00 (1 point) Now assume that you are buying the same house today (at the same price) but that the current interest rate on a 30-year mortgage is 6.625%. Assume that all other information is the same as above. Monthly payment= $XXXX.00 2.

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To calculate the monthly payment for a fixedrate mortgage we can use the formula for the monthly payment PMT on an amortizing loan PMT P r1rn 1rn 1 Wh... View the full answer