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2 years ago

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Business

2 answers:

WITCHER [35]2 years ago

5 0

The amount of money he will save by paying an extra $15,000 upfront is $11,974.80.

Loan = Cost - Down payment

Loan = $145,000 - $15,000

Loan = $130,000

<u>Given Information</u>

P/Y= 12, C/Y=12

N= 30*12= 360

I/Y = 4.38

PV= -130,000

Monthly payment = PMT(C/Y, N, I/Y, -PV)

Monthly payment = $649.45

Total interest over the whole term = Monthly payments * Number of payments - Loan

Total interest over the whole term = $649.45*360 - $130000

Total interest over the whole term = $103,802

If waited to have down payment of $30,000: The Loan= $145,000 - $30,000 = $115,000

<u>Given information</u>

N= 30*12= 360

I/Y = 4.38

PV= -115,000

Monthly payment = PMT (N, I/Y, -PV)

Monthly payment = $574.51

Total interest over the course of the mortgage = $574.52*360 - $115,000

Total interest over the course of the mortgage = $91,827.20

Money saved by paying extra $15,000 upfront = $103,802 - $91,827.20

Money saved by paying extra $15,000 upfront = $11,974.80

Therefore, the amount of money he will save by paying an extra $15,000 upfront is $11,974.80.

Learn more about fixed mortgage:

<em>brainly.com/question/2501237</em>

goldenfox [79]2 years ago

3 0

<em>Answer:</em>

$11,953

<em>Explanation:</em>

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<em>The equal annual deposit can be worked out using the future value of an ordinary annuity formula. </em>

<em>The worth of the investment after 20 years can be worked out using the future value of an ordinary annuity.</em>

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