Homework Answers
| Please give positive ratings so I can keep answering. It would help me a lot. Please comment if you have any query. Thanks! |
| PMT= | PV*i | |
| 1-(1+i)^-n | ||
| PMT= | Monthly payment | ? |
| PV= | Loan amount | 150,000.00 |
| n= | no. of payments | 30*12= 360 |
| i | 6.1%/12 | 0.00508333 |
| PMT | 150000*0.00508333333333333 | |
| 1-(1+0.00508333333333333)^-360 | ||
| PMT | 762.5 | |
| 1-(1.00508333333333333)^-360 | ||
| PMT | 762.5 | |
| 1-0.161158898627006 | ||
| PMT | 762.5 | |
| 0.838841101 | ||
| PMT | 908.99 | Ans to 1 |
| So monthly payment is $ 908.99. | ||
| Remaining balance of loan: | ||
| FV= PV(1+i)^n- P(1+i)^n-1)/n | ||
| Answer a | ||
| PMT= | Remaining balance of loan: | ? |
| PV= | Loan amount | 150,000.00 |
| P= | Monthly payment | 908.99 |
| n= | no. of payments | 10*12= 120 |
| i | 6.1%/12 | 0.00508333 |
| FV= | 150000*(1+0.00508333333333333)^120- 908.99(1+0.00508333333333333)^120-1)/0.00508333333333333 | |
| FV= | 150000*(1.00508333333333333)^120- 908.99(1.00508333333333333)^120-1)/0.00508333333333333 | |
| FV= | 275638.468873644- 908.99*(1.83758979249096-1)/0.00508333333333333 | |
| FV= | 275638.468873644- 908.99*0.83758979249096/0.00508333333333333 | |
| FV= | 275638.468873644- 908.99*164.771762457238 | |
| FV= | 275638.468873644- 149775.884356005 | |
| FV= | 125,862.58 | |
| Remaining balance after 10 years is $ 125,862.58. | ||
| Answer b | ||
| PMT= | Remaining balance of loan: | ? |
| PV= | Loan amount | 150,000.00 |
| P= | Monthly payment | 908.99 |
| n= | no. of payments | 20*12= 240 |
| i | 6.1%/12 | 0.00508333 |
| FV= | 150000*(1+0.00508333333333333)^240- 908.99(1+0.00508333333333333)^240-1)/0.00508333333333333 | |
| FV= | 150000*(1.00508333333333333)^240- 908.99(1.00508333333333333)^240-1)/0.00508333333333333 | |
| FV= | 506510.436820045- 908.99*(3.37673624546697-1)/0.00508333333333333 | |
| FV= | 506510.436820045- 908.99*(2.37673624546697)/0.00508333333333333 | |
| FV= | 506510.436820045- 908.99*(2.37673624546697)/0.00508333333333333 | |
| FV= | 506510.436820045- 425002.520609906 | |
| FV= | 81,507.92 | |
| Remaining balance after 20 years is $ 81,507.92. | ||
| Answer c | ||
| PMT= | Remaining balance of loan: | ? |
| PV= | Loan amount | 150,000.00 |
| P= | Monthly payment | 908.99 |
| n= | no. of payments | 25*12= 300 |
| i | 6.1%/12 | 0.00508333 |
| FV= | 150000*(1+0.00508333333333333)^300- 908.99(1+0.00508333333333333)^300-1)/0.00508333333333333 | |
| FV= | 150000*(1.00508333333333333)^300- 908.99(1.00508333333333333)^300-1)/0.00508333333333333 | |
| FV= | 686614.045922839- 908.99*(4.57742697281893-1)/0.00508333333333333 | |
| FV= | 686614.045922839- 908.99*(3.57742697281893)/0.00508333333333333 | |
| FV= | 686614.045922839- 908.99*703.756125800446 | |
| FV= | 686614.045922839- 639708.813796228 | |
| FV= | 46,905.23 | |
| Remaining balance after 25 years is $ 46,905.23. |
Add Answer to:
A family has a $150,000, 30-year mortgage at 6.1% com- pounded monthly. Find the monthly payment....
A family has $146,496, 30-year mortgage at 5.4% compounded monthly. Find the monthly payment. Also find...
A family has $146,496, 30-year mortgage at 5.4% compounded monthly. Find the monthly payment. Also find the unpaid balance after the following periods of time. (A) 10 years (B) 20 years (C) 25 years.
Consider a 30-year mortgage with an interest rate of 10% compounded monthly and a monthly payment...
Consider a 30-year mortgage with an interest rate of 10% compounded monthly and a monthly payment of $850. (1) Calculate the principal. (2) How much of the principal is paid the first, 5th, 20th and last year? (3) How much interest is paid the first, 5th, 20th and last year year? (4) What is the total amount of money paid during the 30 years? (5) What is the total amount of interest paid during the 30 years? (6) What is...
A family has a $142,847, 25-year mortgage at 4.8% compounded monthly (A) Find the monthly payment...
A family has a $142,847, 25-year mortgage at 4.8% compounded monthly (A) Find the monthly payment and the total interest paid. (B) Suppose the family decides to add an extra $100 to its mortgage payment each month starting with the very first payment. How long will it take the family to pay off the mortgage? How much interest will the family save? (A) Monthly payment: $ (Round to two decimal places.)
What is the monthly payment on a 30-year mortgage of $150,000 at 11% interest per year,...
What is the monthly payment on a 30-year mortgage of $150,000 at 11% interest per year, compounded monthly? (Round your answer to the nearest cent.) $ What is the total amount paid on this loan over the 30-year period? (Round your answer to the nearest cent.) $
A thirty year monthly payment mortgage loan for 500,000 is offered at a nominal rate of 8.4% convertible monthly. Find...
A thirty year monthly payment mortgage loan for 500,000 is offered at a nominal rate of 8.4% convertible monthly. Find the a) monthly payment, b) the total principal and interest that would be paid on the loan over 30 years c) the balance in 5 years and d) the principal and interest paid over the first 5 years.
Section 5 - Mortgage Calculation Instructions Find the MONTHLY mortgage PAYMENT of stress tested(+2%) on your...
Section 5 - Mortgage Calculation Instructions Find the MONTHLY mortgage PAYMENT of stress tested(+2%) on your rate of 3.21% with a 25 year amortization mortgage. You will use the mortgage amount from previous sections. You must also determine the amount of INTEREST, PRINCIPAL and BALANCE owing for the mortgage after 3 Years and 7 Months. Input all the TVM variables and answers into the fields below. - Amortization Mortgage Amount From Previous Question $378102 25 Years Present Value of Loan...
rate loan Solve the problem. Monthly Payment per $1000 of Mortgage Monthly payment Interest 15-year 20-year...
rate loan Solve the problem. Monthly Payment per $1000 of Mortgage Monthly payment Interest 15-year 20-year 25-year loan loan 9.5% $18.45 $9.33 $8.73 10. Bx L $10.95 $9.66 $9.09 10.5% $11.06 $9.99 $9.45 11.87. $11.37 $10.33 $9.81 11.5%. $11.69 $10.66 $10.16 1282 . $12.61 $11.01 $10.53 12.5% $12.33 $11.36 $10.90 13. $12.66 $11.72 $11.28 30-year loan $8.41 $8.78 $9.15 $9.53 $9.90 $10.29 $10.67 $11.06 Constance Hairston obtains a 25-year, $125,250 mortgage at 13% on a house selling for $150,000. Her...
Find the monthly payment and estimate the remaining balance. Assume interest is on the unpaid balance....
Find the monthly payment and estimate the remaining balance. Assume interest is on the unpaid balance. Thirty-year mortgage for $260,000 at 3.66%; remaining balance after 12 years. The monthly payment is $----------. (Round to the nearest cent as needed.)
Find the monthly payment and estimate the remaining balance. Assume interest is on the unpaid balance....
Find the monthly payment and estimate the remaining balance. Assume interest is on the unpaid balance. Twenty-year mortgage for $220,000 at 4.02%; remaining balance after 12 years. The monthly payment is $.............. (Round to the nearest cent as needed.)
Instructions Find the MONTHLY mortgage PAYMENT of stress tested(+2%) on your rate of 3.18% with a...
Instructions Find the MONTHLY mortgage PAYMENT of stress tested(+2%) on your rate of 3.18% with a 20 year amortization mortgage. You will use the mortgage amount from previous sections. You must also determine the amount of INTEREST, PRINCIPAL and BALANCE owing for the mortgage after 3 Years and 1 Months. Input all the TVM variables and answers into the fields below. Mortgage Amount From Previous Question - Amortization $464372.71 20 Years - P/Y r Present Value of Loan (PV, FP1...
A family has a $142,847, 25-year mortgage at 4.8% compounded monthly (A) Find the monthly payment and the total interest paid. (B) Suppose the family decides to add an extra $100 to its mortgage payment each month starting with the very first payment. How long will it take the family to pay off the mortgage? How much interest will the family save? (A) Monthly payment: $ (Round to two decimal places.)
What is the monthly payment on a 30-year mortgage of $150,000 at 11% interest per year, compounded monthly? (Round your answer to the nearest cent.) $ What is the total amount paid on this loan over the 30-year period? (Round your answer to the nearest cent.) $
A thirty year monthly payment mortgage loan for 500,000 is offered at a nominal rate of 8.4% convertible monthly. Find the a) monthly payment, b) the total principal and interest that would be paid on the loan over 30 years c) the balance in 5 years and d) the principal and interest paid over the first 5 years.
Section 5 - Mortgage Calculation Instructions Find the MONTHLY mortgage PAYMENT of stress tested(+2%) on your rate of 3.21% with a 25 year amortization mortgage. You will use the mortgage amount from previous sections. You must also determine the amount of INTEREST, PRINCIPAL and BALANCE owing for the mortgage after 3 Years and 7 Months. Input all the TVM variables and answers into the fields below. - Amortization Mortgage Amount From Previous Question $378102 25 Years Present Value of Loan...
rate loan Solve the problem. Monthly Payment per $1000 of Mortgage Monthly payment Interest 15-year 20-year 25-year loan loan 9.5% $18.45 $9.33 $8.73 10. Bx L $10.95 $9.66 $9.09 10.5% $11.06 $9.99 $9.45 11.87. $11.37 $10.33 $9.81 11.5%. $11.69 $10.66 $10.16 1282 . $12.61 $11.01 $10.53 12.5% $12.33 $11.36 $10.90 13. $12.66 $11.72 $11.28 30-year loan $8.41 $8.78 $9.15 $9.53 $9.90 $10.29 $10.67 $11.06 Constance Hairston obtains a 25-year, $125,250 mortgage at 13% on a house selling for $150,000. Her...
Instructions Find the MONTHLY mortgage PAYMENT of stress tested(+2%) on your rate of 3.18% with a 20 year amortization mortgage. You will use the mortgage amount from previous sections. You must also determine the amount of INTEREST, PRINCIPAL and BALANCE owing for the mortgage after 3 Years and 1 Months. Input all the TVM variables and answers into the fields below. Mortgage Amount From Previous Question - Amortization $464372.71 20 Years - P/Y r Present Value of Loan (PV, FP1...
Most questions answered within 3 hours.
-
9.) You are buying a car that cost $26,500. You make payments of
$412 each month...
asked 19 minutes ago -
. Suppose a discrete random variable has probability
distribution
P(x) = .2 if x = 0...
asked 1 hour ago -
Problem #1
The area between Z = 0 and Z = 2.50
The area between Z...
asked 35 minutes ago -
Under the influence of its drive force, a snowmobile is moving
at a constant velocity along...
asked 2 hours ago -
Why do organizations decline? What steps can top
management take to halt, decline, and restore organizational...
asked 1 hour ago -
What mechanisms Drive speciation??
(I.e. what was Dawins theory on the orgin of species, and how...
asked 3 hours ago -
The manager at a car assembly plant believes that the mean
assembly time for a car...
asked 4 hours ago -
Which of the following is true of electron capture?
A) It decreases the nuclide's mass number...
asked 5 hours ago -
Assuming an efficiency of 43.10%, calculate the actual yield of
magnesium nitrate formed from 114.9 g...
asked 6 hours ago -
The highly pathogenic bacterium Clostridium
perfringens causes gangrene, a disease that results in the
destruction of...
asked 8 hours ago -
In the context of situation analysis, which of the following is
a category for analysis in...
asked 8 hours ago -
In a study of the gas phase decomposition of sulfuryl chloride
at 600 K SO2Cl2(g)SO2(g) +...
asked 8 hours ago