Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. finance
  3. calculation question 3. (6) assume it is 2023 and

Calculation question 3. (6) Assume it is 2023 and you are comfortable in your new...

90.2K

Verified Solution

Question

Finance

image
Calculation question 3. (6) Assume it is 2023 and you are comfortable in your new job from which you take home $3,200.00 per month. You purchase a home, taking out a $250,000.00 mortgage. The deal is 2% annual interest for the first 24 months of your 30 year mortgage, then the rate goes to 8%. What is your initial monthly payment? (2% annual interest, 30 year loan, monthly payment)) Calculation question 3.b. (4) Beginning in month 25, your remaining principle on your mortgage from question 3 is $237,586.90 (yes It's true, in two years you have paid off a whopping $12413.10 of principle). At the new annual rate of 8%, what is your monthly payment for the remaining 336 payments on the new principle? (8% annual interest, 336 monthly payments) Calculation question 3.c. (3) After two years on the job described in question 3, your take home pay increased to $3,400.00 per month, and in addition to your house payment (calculated in 3.b.) you only have about $1,200.00 per month in other bills, so you decide to buy a car with a payment of $600.00 per month. Calculate and show how this all works out for you and your lenders

Answer & Explanation Solved by verified expert
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: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

In a hypothetical system a particle of ma and charge 3q is moving around a...

Physics
Q

How do nerves contribute to the regulation of osmoregulation? How do muscles contribute to the regulation of osmoregulation? How...

Biology
Q

Schedules of reinforcement and examples

Psychology
Q

Suppose that Rhode Island has a population of 1,023,948 people with nineteen representatives. Suppose that North...

Advance Math
Q

Individuals with sickle cell anemia are homozygous for the gene Hbs, which specifies an altered...

Biology
Q

Use logarithmic differentiation to find dy/dx.y = (9 + x)4/xdydx=

Basic Math
Q

Write an equation that illustrates each of the following a The product of two irrational...

Algebra
Q

Question 48 2 points Use the central limit theorem if possible For a sample of...

Algebra
Q

Por qu realizara procedimientos de avance al probar controles manuales? A. Ampliar sus conclusiones...

Accounting
Q

Points to be achieved: 1.00 IPSAS 38 'Disclosure of interests in other entities'...

Accounting
Q

Required information Skip to question [The following information applies to the questions displayed...

Accounting
Q

Marcelino Co.'s March 31 inventory of raw materials is $84,000. Raw materials purchases in April...

Accounting