QuickHelper

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About QuickHelper

Levels Tought:
Elementary,High School,College,University,PHD

Expertise:
Accounting,Applied Sciences See all
Accounting,Applied Sciences,Business & Finance,Chemistry,Engineering,Health & Medical Hide all
Teaching Since: May 2017
Last Sign in: 258 Weeks Ago, 5 Days Ago
Questions Answered: 20103
Tutorials Posted: 20155

Education

  • MBA, PHD
    Phoniex
    Jul-2007 - Jun-2012

Experience

  • Corportae Manager
    ChevronTexaco Corporation
    Feb-2009 - Nov-2016

Category > Business & Finance Posted 09 Jun 2017 My Price 9.00

Your classmate tells you the details of the great deal he got

Question description

 

 

  1. Your classmate tells you the details of the great deal he got on his mortgage:  30-year 3.5% fixed rate with a 10% down payment.  

 

    1. If his new home costs $136,000, what is his down payment?

$13,600

    1. How much is he going to borrow to buy the house (assuming he only has the money to make the down payment from part a)?

$122,400

    1. Use Excel’s PMT function to determine how much his monthly payments would be.

 

    1. How much will he pay in interest over the lifetime of this mortgage?

Answers

QuickHelper
(10)
Status NEW Posted 09 Jun 2017 08:06 PM My Price 9.00

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