PLEASE SHOW CALCULATIONS, DO NOT USE EXCEL Using the mortgage calculator at: http://www.mortgagecalculator.org/ , and...
80.2K
Verified Solution
Link Copied!
Question
Accounting
PLEASE SHOW CALCULATIONS, DO NOT USE EXCEL
Using the mortgage calculator at: http://www.mortgagecalculator.org/ , and assuming that: (a) each loan is 80% of total home value; (b) the buyers credit is Good, (c) the home is a New Purchase, and (d) the taxes and PMI, etc. are not included (put zeros in these spaces) ---complete the following table:
| Home Value | Loan Amount | Loan Terms | Monthly Pymt. | Total Interest | Total Payments |
| $312,500 | $260,000 | 4.15%, 15 yrs. | |||
| $312,500 | $260,000 | 4.15%, 20 yrs. | |||
| $312,500 | $260,000 | 4.15%, 30 yrs. | |||
a. What is the relationship between the length of the loan and the monthly payment?
b. What trends do you notice relative to the interest paid in the above scenarios?
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!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.