Question: I need help with these few questions. 1. Stephen has just purchased a home for $128,000. A mortgage company has approved his loan application for

I need help with these few questions. 1. Stephen has just purchasedI need help with these few questions.

1. Stephen has just purchased a home for $128,000. A mortgage company has approved his loan application for a 30-year fixed-rate loan at 5.00%. Stephen has agreed to pay 30% of the purchase price as a down payment. Find the down payment, amount of mortgage, and monthly payment. Click the icon to view the table of the monthly payment of principal and interest per $1,000 of the amount financed.

2. George has just purchased a home for $149,000. A mortgage company has approved his loan application for a 30-year fixed-rate loan at 5.00%. George has agreed to pay 20% of the purchase price as a down payment. Find the total interest George will pay if he pays the loan on schedule. Click the icon to view the table of the monthly payment of principal and interest per $1,000 of the amount financed.

3. Sara has just purchased a home for $130,200. A mortgage company has approved his loan application for a 30-year fixed-rate loan at 4.75%. Sara has agreed to pay 25%of the purchase price as a down payment. If Sara made the same loan for 20 years, how much interest would he save? Click the icon to view the table of the monthly payment of principal and interest per $1,000 of the amount financed.

4.Steph has just purchased a home for $147,000. A mortgage company has approved his loan application for a 30-year fixed-rate loan at 5.25%. Steph has agreed to pay 30% of the purchase price as a down payment. How much would Steph monthly payment increase for a 20-year mortgage over a 30-year mortgage? Click the icon to view the table of the monthly payment of principal and interest per $1,000 of the amount financed.

Data table

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!