Find the (a) monthly payment, (b) total amount paid, and (c) total interest charged. Charles and Sandy Compton: $80,000 mortgage at 6.5% for 25 years.

Find the (a) monthly payment, (b) total amount paid, and (c) total interest charged. Ivan and Vicki Egan have obtained a $160,000 mortgage loan at an annual interest rate of 7.5% for 20 years.

The total interest u paid on a home mortgage of P dollars at interest rate r for t years is

$$u=P[rt/1-(1/1+r/12)^12t - 1]$$

Consider a $120,000 home mortgage at 7 1/2%. Use a graphing utility to graph the total interest function.

Rita and Alfred Johnson offered $185,000 for a home that had been priced at$190,000. The Johnsons and the seller agreed on a $186,500 selling price. What is the amount of the mortgage loan if they make a 20% down payment?

Abigail and Karlis Krisjanis. Mortgage: $70,000. Terms: 7 percent for 20 years. a. What is the monthly payment? b. What is the total amount paid? c. What is the total interest charged?

Grant and Caroline Mackey have purchased a duplex for a selling price of $278,800. They plan to use the rental income from one part of the duplex to help meet the mortgage payments. What is the amount of the mortgage loan that requires a 30% down payment?

Clark and Lindsay Banks have agreed to purchase a home for $225,000. They made a down payment of 15%. They haw obtained a mortgage loan at a 6.5% annual interest rate for 25 years. What is the mortgage total if they finance the closing costs?

Dan and Sue Willingham have saved $14,000 for a down payment on their future home. Their bank has informed them that the minimum down payment required to obtain a mortgage loan is 20%. What is the most that they can spend for a home and expect to receive bank approval for their loan?

Multiply. Express answer in lowest term.

$$\frac{5}{8} \times \frac{4}{9}$$

Shields Company has purchased inventories incurring the following costs: a. the invoice amount of $500,
b. shipping charges of$30,\ c. interest of $10 on the$500 borrowed to finance the purchase, and
d. $5 for the cost of moving the inventory to the company's warehouse.

REQUIRED Determine the cost to be assigned to the inventory and record the purchase using "T" accounts.

If you borrow $200,000 at an APR of 4% for 25 years, you will pay more per month than if you borrow the money for 30 years at 4%. a. What is the monthly payment on the 25-year mortgage, to the nearest cent? b. What is the total interest paid on the 25-year mortgage? c. What is the monthly payment on the 30-year mortgage? d. What is the total interest paid on the 30-year mortgage? e. How much more interest is paid on the 30-year loan? Round to the nearest dollar. f. What is the difference between the monthly payments of the two different loans? Round to the nearest dollar.

Find the (a) monthly payment, (b) total amount paid, and (c) total interest charged. Pierre Bolton has reached an agreed-upon selling price of $197,000 for a new home. He plans to make a 30% down payment and finance the rest at 6% for 20 years.

Determine the amount of the (a) down payment and (b) mortgage loan. Alvira and Barry Gomez purchased a home priced at $280,000. They put down 40%.

Use the closing costs to calculate the (a) total closing costs and (b) total amount of the mortgage if the closing costs are financed. Jeremy Roberts purchases a condo with a mortgage loan of $50,000.$

$$\begin{array}{c}\\ \text{Closing Cost}\\ \begin{array}{|l|c|} \hline \text { Application Fee } & \$ 252 \\ \hline \text { Borrower's Credit Check } & 65 \\ \hline \text { Points } & 2.00 \% \text { of Mortgage } \\ \hline \text { Appraisal Fee } & \$ 325 \\ \hline \text { Title Search } & 212 \\ \hline \text { Title Insurance } & 410 \\ \hline \text { Inspection } & 350 \\ \hline \text { Attorney Fee } & 450 \\ \hline \text { Documentation Stamp } & 0.30 \% \text { of Mortgage } \\ \hline \text { Processing Fee } & 1.10 \% \text { of Mortgage } \\ \hline \end{array} \end{array}$$

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