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Diano4ka-milaya [45]
2 years ago
11

The Bainter family is moving to a new town and needs a place to live. The Bainters are considering renting or purchasing a home

and have found a suitable option for each option. …
what is the total first-year cost when purchasing the home?
a) 37,041.84
b) 39,711.84
c) 9,711.84
d) 7,041.84
Mathematics
1 answer:
OlgaM077 [116]2 years ago
6 0

The total first-year cost when purchasing the home is <u>a) 37,041.84.</u>

<h3>What is a mortgage cost?</h3>

The mortgage cost includes the principal, interest, taxes, and insurance costs.

While the principal repayment pays down the outstanding mortgage loan, the interest is the borrowing or finance cost.

The interest amount depends on the interest rate and the mortgage loan balance.

<h3>Data and Calculations:</h3>

List price = $150,000

Down payment = $30,000

Mortgage loan = $120,000 ($150,000 - $30,000)

Mortgage period = 30 years

Interest rate = 4.2%

Annual mortgage payment = $7,041.84 (determined using an online finance calculator as follows)

First-year cost for purchasing the home = $37,041.84 ($7,041.84 + $30,000)

Home Price = $150,000

Down Payment = $30,000

Loan Term = 30 years

Interest Rate = 4.2%

<u>Results:</u>  

Monthly Pay:   $586.82

Annual payment = $7,041.84 ($586.82 x 12)

House Price $150,000.00

Loan Amount $120,000.00

Down Payment $30,000.00

Total of 360 Mortgage Payments $211,255.42

Total Interest $91,255.42

Mortgage Payoff Date Jun. 2052

<h3>Question Completion:</h3>

The home for sale is listed at $150,000.00. They have $30,000.00 for a down payment and are qualified for a fixed-rate 30-year mortgage with an annual interest rate of 4.2%. • The rental home is currently 8900.00 per month, with rent expected to increase by approximately $75.00 every year.

Thus, the total first-year cost when purchasing the home is <u>a) 37,041.84.</u>

Learn more about mortgage costs at brainly.com/question/22846480

#SPJ1

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