Awnser ASAP please
Tom buys a condominium for $42,600. He makes a down payment of 15%, and pays these closing costs: survey $225; inspection, $110; mortgage fee, $852; legal fees, $450; title insurance, $286. What is the amount of the down payment? What are the total closing costs? How much will he need to bring to the closing (down payment + closing costs)?

Kerri takes out a mortgage for $55,000 at 9% for 25 years. What are her monthly payment, the total amount paid, and the cost of the mortgage?

Fred takes out a mortgage for $60,000 at 7% for 20 years. What are his monthly payment, the total amount paid, and the cost of the mortgage?

The Roger’s applied for a $70,000 mortgage for 30 years at 9%. Since they had a good credit history, they actually qualified for a 25 year mortgage at 7%. What were the payments on the 9% loan, and the 7% loan? What do they save monthly? What is the total repayment on the 9% loan and the 7% loan, and what do they save over the life of the loan?

4) 9% payments: $563.24, 7% payments: $494.75. Monthly savings: $69.49, 9% total repaid: $2022,764.90 , 7% total repaid: $148,423.63 , Savings: $54,341.27

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swapnalimalwadeVT swapnalimalwadeVT · Answer 2 · 2022-04-27T06:51:21+02:00

The Tom will need to bring to the closing $54,341.27

He would need 12 and it would cost 50k.

We have given that,

Tom buys a condominium for $42,600.

He makes a down payment of 15% and pays these closing costs to survey $225.

What is the meaning of a down payment?

The meaning down payment is a part of the full price paid at the time of purchase or delivery with the balance to be paid later.

Inspection, $110; mortgage fee, $852; legal fees, $450; title insurance, $286

9% payments: $563.24

7% payments: $494.75.

Monthly savings: $69.49

9% total repaid: $2022,764.90

7% total repaid: $148,423.63

Savings: $54,341.27

To learn more about the savings visit:

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