Project Main Details
2011-02-08 08:00:14 GMT 2011-02-25 18:00:00 (GMT +05:30) Bombay, Calcutta, Madras, New Delhi Yes (click here to learn more about ) Closed 0 0 0 direct invitation(s) have been sent by the voice seeker resulting in 0 audition(s) and/or proposal(s) so far. Voice123 SmartCast is seeking 200 auditions and/or proposals for this project (approx.) Invitations sent by SmartCast have resulted in 0 audition(s) and/or proposal(s) so far.
• Audio files must be delivered via FTP/Dropbox/Google Drive/cloud
Let’s see how much each person had to pay over the life of the loan. Then the difference between these two mortgage options can be calculated. To find the total paid for principal and interest, multiply the monthly payment amount by the number of payments.
Look at the difference in total principal and interest between Tim and Tom. Tim paid about twelve thousand dollars more than Tom. But the cost of Tom’s points has not been added in.
Now, add the cost of the points and calculate the total.
The difference between total principal and interest for Tim and Tom with points is eight thousand two hundred fifty one dollars and twenty cents.
Even though Tom had to pay an extra four thousand five hundred dollars at the beginning of the loan, he still eight thousand two hundred fifty one dollars and twenty cents less over the 30 years. Tom traded paying more money up front when buying the house for the benefit of lower monthly payments and a lower total amount paid over time.
After ten years, Tim and Tom have decided to sell their houses and move. Selling a house means the homeowner “pays off” the mortgage. A buyer will offer a price on the house and, if the seller accepts this price, the money first goes to the bank holding the mortgage on the house. This is how the seller pays off the mortgage.
Tom paid more! The difference is one hundred fifty six thousand nine hundred fifty seven dollars and sixty cents minus one hundred fifty six thousand seven hundred eight dollars equals two hundred forty-nine dollars and sixty cents.
Tim’s payment is one thousand three hundred five dollars and ninety cents. Tom’s payment is one thousand two hundred seventy dollars and forty eight cents. So the difference is one thousand three hundred five dollars and ninety cents minus one thousand two hundred seventy dollars and forty eight cents equals thirty five dollars and forty two cents.
What did Tom pay for the points? Tom paid four thousand five hundred dollars for points.
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