Alpha Geek

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  • bachelor in business administration
    Polytechnic State University Sanluis
    Jan-2006 - Nov-2010

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    Polytechnic State University
    Jan-2012 - Nov-2016

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    Harvard Square Academy (HS2)
    Mar-2012 - Present

Category > Accounting Posted 29 Apr 2017 My Price 2.00

Accumulating the Down Payment

Mortgage Affordability. Paul (from problem 11) will be able to save $400 per month (which can be used for mortgage payments) for the indefinite future. If Paul finances the remaining cost of the home (after making the $20,000 down payment) at a rate of 9% over 30 years, what are his resulting monthly mortgage payments? Can he afford the mortgage?

Problem 11

Accumulating the Down Payment. Paul wants to purchase his own home. He currently lives in an apartment, and his rent is being paid by his parents. Paul’s parents have informed him that they would not pay his mortgage payments. Paul has no savings, but can save $400 per month. The home he desires costs $100,000, and his real estate broker informs him that a down payment of 20% would be required. If Paul can earn 8% on his savings, how long will it take him to accumulate the required down payment?

Answers

Alpha Geek
(8)
Status NEW Posted 29 Apr 2017 08:04 AM My Price 2.00

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Attachments

file 1493452945-2005915_1_636289501377625940_Mort.xlsx preview (35 words )
$4-----------00M-----------ont-----------hly----------- Sa-----------vin-----------g R-----------ate----------- of----------- re-----------tur-----------n o-----------n S-----------avi-----------ngT-----------o a-----------ccu-----------mal-----------te -----------200-----------00,----------- ti-----------me -----------wil-----------l b-----------e t-----------ake-----------n b-----------y h-----------im -----------in -----------mon-----------ths-----------(20-----------000-----------= 2-----------0%*-----------100-----------000-----------)Mo-----------rtg-----------age----------- am-----------oun-----------tIn-----------ter-----------est----------- on----------- Lo-----------anM-----------ont-----------hly----------- in-----------ter-----------est-----------Tim-----------e d-----------ura-----------tio-----------n i-----------n m-----------ont-----------hsM-----------ont-----------hly----------- mo-----------rtg-----------age----------- pa-----------yme-----------ntS-----------o h-----------e i-----------s n-----------ot -----------abl-----------e t-----------o a-----------ffo-----------rd -----------the----------- lo-----------an -----------
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