PS06

A couple has just purchased a home for $328,700.00. They will pay 20% down in cash, and finance the remaining balance. The mortgage broker has gotten them a mortgage rate of 3.84% APR with monthly compounding. The mortgage has a term of 30 years. What is the monthly payment on the loan?

1231.27

A couple took out a $375,000.00 mortgage ten years ago. The original terms called for 30 years of monthly payments at a 6.48% APR. The couple has made all payments over the last 10 years. Currently, the couple is considering re-financing their mortgage. The couple has been offered a chance to re-finance their mortgage balance. The new mortgage will be for 30 years at the lower rate of 3.72% APR with monthly compounding. The mortgage will call for monthly payments. What is the new monthly payment if the couple refinances?

1466.14

A young married couple has carefully looked at their budget. After review, they can afford a monthly mortgage payment of $970.00. They go to their local banker and she offers them a mortgage of 4.32% APR with monthly compounding with a term of 30 years. The couple has enough savings to pay 20% down, so the mortgage will be 80% of the home's value. What is the mortgage that the couple can apply for based on their budget and the offered terms?

195546.17

A family takes out a mortgage for $290,800.00 from the local bank. The loan is for 30 years of monthly payments at a 5.88% APR (monthly compounding). What will the family's balance be on the mortgage after 10.00 years?

242573.39

A young married couple has carefully looked at their budget. After review, they can afford a monthly mortgage payment of $970.00. They go to their local banker and she offers them a mortgage of 4.32% APR with monthly compounding with a term of 30 years. The couple has enough savings to pay 20% down, so the mortgage will be 80% of the home's value. With this mortgage and a 20% down payment, what priced house can the couple afford?

244432.71

A couple has just purchased a home for $328,700.00. They will pay 20% down in cash, and finance the remaining balance. The mortgage broker has gotten them a mortgage rate of 3.84% APR with monthly compounding. The mortgage has a term of 30 years. What is the size of the loan taken out by the couple?

262960.00

A couple took out a $375,000.00 mortgage ten years ago. The original terms called for 30 years of monthly payments at a 6.48% APR. The couple has made all payments over the last 10 years. Currently, the couple is considering re-financing their mortgage. The couple has been offered a chance to re-finance their mortgage balance. The new mortgage will be for 30 years at the lower rate of 3.72% APR with monthly compounding. The mortgage will call for monthly payments. What is the current balance on their existing mortgage?

317750.82

A couple has just purchased a home for $328,700.00. They will pay 20% down in cash, and finance the remaining balance. The mortgage broker has gotten them a mortgage rate of 3.84% APR with monthly compounding. The mortgage has a term of 30 years. How much interest is paid on the first payment?

841.47

A couple took out a 30-year mortgage 10 years ago. At that time, the mortgage was $316,200.00, with 3.36% APR and monthly compounding of interest. Today, the couple has been offered $331,500.00 for their house. If the couple accepts the offer, how much cash will they take from the deal? The cash will be the difference between the sell price and what is owed on the loan.

87907.02

A couple took out a $375,000.00 mortgage ten years ago. The original terms called for 30 years of monthly payments at a 6.48% APR. The couple has made all payments over the last 10 years. Currently, the couple is considering re-financing their mortgage. The couple has been offered a chance to re-finance their mortgage balance. The new mortgage will be for 30 years at the lower rate of 3.72% APR with monthly compounding. The mortgage will call for monthly payments. How much will the couple save on monthly payments?

899.18