Pregunta
upstudy study bank question image url

on list tion 1 stion 2 estion 3 restion 4 uestion 5 2uestion 6 The price of a condominium is \( \$ 110,000 \). The bank requires a \( 5 \% \) down payment and one point at the time of closing. The cost of the condominium is financed with a 30 -year fixed-rate mortgage at \( 7.5 \% \). Use the following formula to đetermine the regular payment amount. Complele parts (a) through (e) below. \[ P M T=\frac{P\left(\frac{r}{n}\right)}{\left[1-\left(1+\frac{r}{n}\right)^{-n t}\right]} \] a. Find the required down payment. \[ \$ 5,500 \] b. Find the amount of the mortgage. \[ \$ 104,500 \] c. How much must be paid for the one point at closing? \[ \$ 1,045 \] (Round to the nearest dollar as needed.) d. Find the monthly payment (excluding escrowed taxes and insurance). \( \$ \) \( \square \) (Round to the nearest dollar as needed.)

Ask by Nunez Cole. in the United States
Mar 14,2025

Solución de inteligencia artificial de Upstudy

Respuesta verificada por el tutor

Responder

a. Down payment: \$5,500 b. Mortgage amount: \$104,500 c. Cost of one point: \$1,045 d. Monthly payment: \$731

Solución

¡Inicia sesión para desbloquear respuestas gratis!

Una plataforma de aprendizaje en la que confían millones de estudiantes y profesores reales.

star-icon Descubrir

Respondido por UpStudy AI y revisado por un tutor profesional

Bonus Knowledge

To find the monthly payment using the formula provided, we first need to define our variables: - \( P = 104,500 \) (the mortgage amount) - \( r = 0.075 \) (annual interest rate) - \( n = 12 \) (number of payments per year) - \( t = 30 \) (loan term in years) Plugging these values into the formula for PMT gives us: \[ PMT = \frac{104,500 \left(\frac{0.075}{12}\right)}{1 - \left(1 + \frac{0.075}{12}\right)^{-12 \times 30}} \] Calculating this results in a monthly payment of \( \$ 730 \) (rounded to the nearest dollar). To help you visualize, the monthly payment for a 30-year mortgage can sometimes feel daunting. Imagine you're making a potted plant grow; with each payment, you nurture your investment, watching it blossom over time! Just like watering, consistent payments lead to a flourishing financial future. Now, the fun fact is that in the early years of a mortgage, a much larger portion of your payment goes towards interest rather than the principal. Think of it like paying for a premier seat at a concert where the warm-up band gets more time initially. The exciting part is that as time progresses, you get closer to owning that entire plant (or in this case, home) outright!

preguntas relacionadas

¡Prueba Premium ahora!
¡Prueba Premium y hazle a Thoth AI preguntas de matemáticas ilimitadas ahora!
Quizas mas tarde Hazte Premium
Estudiar puede ser una verdadera lucha
¿Por qué no estudiarlo en UpStudy?
Seleccione su plan a continuación
Prima

Puedes disfrutar

Empieza ahora
  • Explicaciones paso a paso
  • Tutores expertos en vivo 24/7
  • Número ilimitado de preguntas
  • Sin interrupciones
  • Acceso completo a Respuesta y Solución
  • Acceso completo al chat de PDF, al chat de UpStudy y al chat de navegación
Básico

Totalmente gratis pero limitado

  • Solución limitada
Bienvenido a ¡Estudia ahora!
Inicie sesión para continuar con el recorrido de Thoth AI Chat
Continuar con correo electrónico
O continuar con
Al hacer clic en "Iniciar sesión", acepta nuestros términos y condiciones. Términos de Uso & Política de privacidad