Logo
Home Study Material Contact Search
AI Chat FREE
  1. mathematics
  2. advance math
  3. 1.) find a house: house price is ($350,000) 2.) us

1.) Find a house: House Price is ($350,000) 2.) Use interest rate of: 6% compounded monthly...

60.1K

Verified Solution

Question

Advance Math

1.) Find a house: House Price is ($350,000)

2.) Use interest rate of: 6% compounded monthly for a 30 yearloan and 5.5% compounded monthly for a 15 year loan.

3.) Determine how much a monthly principal and interest paymenton your house would be if you financed it:

a. for 30 years

b. for 15 years

c. for 30 years with 20% down

d. for 15 years with 10% down

4.) How much would you pay for the home over the length of theloan under each scenario? How much of this is interest?

5.) A mortgage payment is made up of principal and interestpayments from your loan as well as taxes and insurance payments. Ifthe amount for taxes and insurance doubles your loan payment, howmuch would your mortgage payment be under each of the fourscenarios?

6.) Which option do you feel is best? Why?

Answer & Explanation Solved by verified expert
3.6 Ratings (649 Votes)
    See Answer
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

The pH of 0.1M NaCl is 7.14. After 1 drop of 0.1M HCl the pH change...

Chemistry
Q

In Both Chloroplasts and mitochondria, the transfer of electrons down the electron transport chain involved hydrogen...

Biology
Q

Dr. Vegapunk thinks that watching anime (Japanese animated shows) decreases social skills in college students. To...

Psychology
Q

Is there any free electron or hole in silicon crystal at absolute zero (0K)? Why? Is there...

Electrical Engineering
Q

Discuss the difference between deontological ethical theories and consequentialist ethical theories? How would a deontological theorist differ...

General Management
Q

Add semicolons in the five word groups that need them mark the other word groups...

Biology
Q

What is the proper way one protein bonds to another How does this give it...

Biology
Q

Precipitation cm 40 0 38 0 36 0 34 0 32 0 30 0 28...

Biology
Q

In case of diffraction pattern of a single slit under polychromatic illumination first minima of...

Physics
Q

hurry pleaS!! Ataxia fitness Center is considering an investment...

Accounting
Q

Question 1 (Marks: 10) Q.1.1 Indicate on which side of the account (Debit or Credit)...

Accounting
Q

A company's flexible budget for 93,000 units of production showed sales of $300,000; variable costs...

Accounting