question archive Gina reads an advertisement listing a? 6-bedroom and? 4-bathroom house for a price of ?$864,000
Gina reads an advertisement listing a? 6-bedroom and? 4-bathroom house for a price of ?$864,000
Subject:MathPrice: Bought3
Gina reads an advertisement listing a? 6-bedroom and? 4-bathroom house for a price of ?$864,000.00.
?(a) Suppose she is able to secure a mortgage for a ten?-year initial term at 3.89 percent compounded semi-annually and have ?$89,000 as a down payment. What would the required monthly payment on this mortgage be if she amortized it over 20 ?years?
?(b) Find the total amount of interest that she would pay over the entire 20?-year amortization.
?(c) Construct an amortization table for payment numbers 101?, 102?, and 103 based on the calculations in part? (a).
?(d) Calculate the remaining balance owed on the principal at the end of the ten?-year initial mortgage term.
?(e) If Gina refinances the remaining balance at 2.89 percent compounded semi-annually for the remaining 10 ?years, what will her new required monthly payment? be?
?(a) The required payment would be ?$
?(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as? needed.)
