A mortgage broker is offering home mortgage at a rate of 9.5% but is fearful that this value is higher than many others are charging. A sample of 40 mortgages files in the country court house shows an average of 9.25% with a standard deviation of 8.61%. Does this sample indicate a smaller average? Use ó= 0.05 and assume a normally distributed population?
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jesse buys a 150 000 house and will make a 30 000 down payment the bank will charge him an interest rate of 5% with the mortgage amoritized over 15 years determine the monthly mortgage payment
please check my answer thanks :)Juan bought a home with an adjustable-rate mortgage. The margin on the loan is 2.7% and the rate cap is 7.2% over the life of the loan. If the current index rate is 4.3%, what isthe initial rate of the ARM ?A. 7%B 9.9%C 14.32%My answer is I said A
Your mortgage payment is $630.64. It is a 30 year mortgage at 9.5% compounded monthly. How much did you borrow? Please answer back no later than Monday 5/24. Commission will be sent. Thanks
Mortgage Rates In 2001, the mean contract interest ratefor a conventional 30-year first loan for the purchase of asingle-family home was 6.3 percent, according to the U.S.Federal Housing Board.A real estate agent believes thatinterest rates are lower today and obtains a random sampleof 41 recent 30-year conventional loans. The meaninterest rate was found to be 6.05 percent, with a standarddeviation of 1.75 percent. Is this enough evidence toconclude that interest rates are lower at the levelof significance?
A home mortgage to finance $26,672. was offered at 9.5% for either 15 or 30 years. Assuming all payments are made on time and the loan is compounded monthly. a) What is the total of all payments for the 15 year option? (Principle and Interest) b) What is the total of all payments for the 30 year option? (Principle and Interest) Does this look like I am calculating these correctly? A=P*(1+r/12)^(12)(t) P=$26,672. r=9.5% or .095 t=15 or 30 a) A=26,672*(1+.095/12)^(12)(15) b) A=26,672*(1+.095/12)^(12)(30) 26,672*(1+.095/12)^180 26,672*(1+.095/12)^(360) 26,672 * 4.134593305 26,672 * 17.0948618 A=$110,277.87 A=$455,954.15 If there is a better way to do this can you show me being sure to show all steps so I can understand.
You are going to buy a house for the price of $314,000. You musthave a 10% down payment. How much will you have to borrow?I feel as though this should be a simple question, but alsofeel that not enough information is given. Perhaps I don't need toborrow the full amount?
Complete the following, assuming monthly payments as given Interest rate - 6.98% Home Mortgage - $ 100,000 Time of loan 360 months Monthly payment - $ 663.96. Find princial after the first payment and payment after second payment. I'm lost need a breakdown. Thanks
Complete the following, assuming monthly payments as given Interest rate - 6.98% Home Mortgage - $ 100,000 Time of loan 360 months Monthly payment - $ 663.96. Find princial after the first payment and princial after second payment. I'm lost need a breakdown. Thanks
Suppose that you want to purchase a home for $450,000 with a 30 year mortgage at 6% interest. Suppose that you can put 30% down. Assume that the monthly cost to finance $1,000 is $6.00. What are the monthly payments?
Suppose that you want to purchase a home for $450,000 with a 30 year mortgage at 6% interest. Suppose that you can put 40% down. Assume that the monthly cost to finance $1,000 is $6.00. What is the total amount of interest paid on the 30 year loan?