find the monthly payment and total interest paid (B) suppose the family decides to add an extra $100 to its mortgage payment each month starting with the very first payment. How long will it take the family to pay off the mortgage?
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A mortgage can be defined as a type of loan where the borrower borrows money from the lender to purchase a property. This underlying property serves as collateral for the loan. The repayment of the loan is done by a series of fixed payments. This is a type of annuity.
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- A family has a $95,877, 25-year mortgage at 5.1% compounded monthly (A) Find the monthly payment and the total interest paid (B) Suppose the family decides to add an extra $100 to its mortgage payment each month starting with the very first payment How long will it take the family to pay off the mortgage? How much interest will the family save? (A) Monthly payment: $(Round to two decimal places)A family has a $134,345, 25-year mortgage at 5.1% compounded monthly. (A) Find the monthly payment and the total interest paid. Suppose the family decides to add an extra $100 to its mortgage payment each month starting with the very first payment. How long will it take the family to pay off the mortgage? How much interest will the family save? (B) (A) Monthly payment: $ (Round to two decimal places.) Total interest paid: $ (Round to two decimal places.) (B) Time: years (Round to two decimal places.) Total interest saved: $ (Round to two decimal places.)A family has a $128,390, 15-year mortgage at 5.1% compounded monthly. (A) Find the monthly payment and the total interest paid. (B) Suppose the family decides to add an extra $100 to its mortgage payment each month starting with the very first payment. How long will it take the family to pay off the mortgage? How much interest will the family save? (A) Monthly payment: $ (Round to two decimal places.) Total interest paid: $| (Round to two decimal places.) (B) Time: years (Round to two decimal places.) Total interest saved: $ (Round to two decimal places.)
- A family has a $145,247, 15-years mortgage at 5.7 % compounded monthly. (A) Find the monthly payment and the total interest paid. (equations on picture - equations for problem A) Monthly payment: $____ (Round to two decimal places.) Total interest paid: $____ (Round to two decimal places.) (B) Suppose the family decides to add an extra $100 to its mortgage payment each month starting with the very first payment. How long will it take the family to pay off the mortgage? How much interest will the family save? (equations on picture - equations for problem B) Time: ____ years (Round to two decimal places.) Total interest paid: $____ (Round to two decimal places.)A family has a $121,857, 15-year mortgage at 7.8% compounded monthly. (A) Find the monthly payment and the total interest paid. (B) Suppose the family decides to add an extra $100 to its mortgage payment each month starting with the very first payment. How long will it take the family to pay off the mortgage? How much interest will the family save?Suppose you purchase a home and obtain a 15-year fixed-rate loan of $195,000 at an annual interest rate of 6.0%. a) What is your monthly payment? N: months I %: P.V: $ PMT: $ F.V: 0 P/Y: 12 C/Y: 12 b) Of the first month's mortgage payment, how much is interest? HINT: I=Prt Interest: I=$ c) Of the first month's mortgage payment, how much is applied to the principal? HINT: PMT - Interest Amount Applied to Principal: $ d) How much is your outstanding balance after the first month’s payment? HINT: Principal - Amount Applied to Principal Outstanding Balance after first payment: $
- Question 1 A family has a 30-year $880, 000 mortgage at 8% compounded monthly. (1) Find the monthly payment and the total interest paid (2) After 10 years, suppose the family decides to add an extra $150 to its mortgage payment each month. How long will it take the family to pay off the remain mortgage? (3) How much interest will the family save?A family has an $80,000, 20-year loan at 8% compounded monthly. (a) Find the monthly payment and the total interest paid. (b) Suppose the family decides to add an extra $100 to its mortgage payment each month starting with the very first payment. How long will it take the family to pay off the mortgage? (c) Referring to part (i) and (ii), how much interest will the family save?A couple take a 30-year home mortgage of $120,000 at 7.8% compounded monthly. They make their regular monthly payments for 5 years, then decide to pay $1000 per month. a. Find their regular monthly payment. b. Findtheunpaidbalancewhentheybeginpayingthe$1000. c. How many payments of $1000 will it take to pay off the loan? Give the answer correct to one decimal place. d. Use your answer to part(c)to find how much interest they save by paying the loan this way.
- Consider a 30-year home mortgage of $100,000 at 6% per year. What is the monthly payment? Use Theorem 1 as attached to make an amortization schedule of the first 6 months: Month (k) Principal P(k) Interest I(k) Balance due B(k) 1 2 3 4 5 6 where P(k) is the amount paid to the principal in the k’th payment, I(k) is the amount paid to interest in the k’th payment, B(k) is the balance due after the k’th payment.A family buys a home by taking out a 15-year fixed-rate mortgage of $240,000 at 4.3% interest. What is their monthly payment? Round their answer up to the next whole dollar. How much will they pay over the course of 15 years? With this payment, much interest will they pay over the life of the loan? Complete the first three lines of this amortization table, using the payment you found above. Round each entry in the table to the nearest cent. Payment Number Interest Payment Principal Payment Balance of Loan 1 2 3 Submit QuestionWhat is the monthly payment on the refinance 3.625% mortgage? How much interest will they pay over the 30 year term of the refinance? How much total interest will they pay over the full 40 years the Jacksons have a loan for the house?