Jack has just graduated from Texas A&M and taken a job makin…

Jack has just graduated from Texas A&M and taken a job making a very nice salary!  The job is in California and although he did not realize how expensive homes were there he has found a house he really likes.  It is listed at $2,750,000 and his family has gifted him 15% for the down payment.  He secures a loan for the rest at 6.49% interest.  He will make monthly payment for the next 30 years.   What is the amount of his down payment? NOTE: Please format your answer with a ‘$’ and rounded to 2 decimal places where needed. For example, $1234.56 _______

Use your TVM Solver on your graphing calculator to solve the…

Use your TVM Solver on your graphing calculator to solve the problem below: Jack has just graduated from Texas A&M and taken a job making a very nice salary!  The job is in California and although he did not realize how expensive homes were there he has found a house he really likes.  It is listed at $2,750,000 and his family has gifted him 15% for the down payment.  He secures a loan for the rest at 6.49% interest.  He will make monthly payment for the next 30 years.  Using your information you found in the previous problem, determine Jack’s monthly payments.

(Yes, this is the SAME Jack as in the previous problem). Aft…

(Yes, this is the SAME Jack as in the previous problem). After 6 years in California, Jack has found much success in his job and has even found “the one”!  They want to refinance his home into both of their names and get a 15 year mortgage.  They are able to get a loan for 3.325% interest.   How much will their new payment be?(keep in mind the new amount for PV and shorter time!)