may I please have help with number 21 and 22
Hi,
The answers are as follows:-
Answer for Question No. 21. is point "A" amount $1,144.7 (it is the other financing fees besides the discount points, It is calculated APR payment amount by adding closing loan amount).
Answer for Question No. 22. is point "D" amount $10,000 (it is calculated through taking $5000 yearly constant principal payment , calculate simple formula of compounded interest)
may I please have help with number 21 and 22 20. You borrow S 100,000 mortgage...
May I please have help with 21 c. d. $125,786 None of the above You borrow $100,000 at 6% for 30 years with monthly payments . You pay 2 discount points and your APR is 65% is the amount of your other financing fees besides the discount points a. $1,144.7 b. $2,144.7 c. $3,144.7 d. None of the above 22 You borrow $100,000 your total payment for year 11? a. 5,000 c. 8,000 Constant Amortization Mortgage (CAM) at 10% for...
May I please have help with these three please? also how would I input this in Financial calculator? d. 10,000 (For 23-25) You are buying a house for si 50,000 with a 20% d purchase price with a 30 year CPM with bi-weekly payments at 6.125% annual rat own p ayment, the lender will finance the remainder of the e. ( hint: there are 52 weeks in one year) 23. ximately how many payments does it take to reduce the...
May I please have help with 19 and 20 and how to solve them ? Calculate the effective cost of the following loan if the borrower prepays at Loan amount $100,000, Term: 30 years; Interest rate: 75% Monthly Payment, b. 8.645% d. None of the above the end of year 3 8.285% 5%prepayment penalty over c 8.935% 20. You borrow $100,000 choose 30-year term payment between these two mortgages? a. $84,854 b. $102,366 c. $125,786 d. None of the above...
You borrow $100,000 on a mortgage loan. The loan requires monthly payments for the next 30 years. Your annual loan rate is 4.25%. The loan is fully amortizing. What is your monthly payment? Round your answer to 2 decimal places. 2. You borrow $100,000 on a mortgage loan. The loan requires monthly payments for the next 30 years. Your annual loan rate is 4.25%. The loan is fully amortizing. What is your Month 1 interest payment? Round your answer to...
can I please have help with this? how would I calculate this in a financial calculator? Calculate the effective cost of the following loan if the borrower Loan amount: $100,000; Term: 30 years a. 8.285% b. C. prepays at the end of year 3 Interest rate: 7.5%; Monthly Payment: 5% prepayment penalty over entire te mn 8.645% 8.935% None of the above d. 20. You borrow $100,000 mortgage with monthly payments. You can either choose 15-year term wi choose 30-year...
Use the following information for questions 3 -6 You borrow $100,000 using a 30-year fixed rate mortgage with monthly payments. The stated annual interest rate is 10% with monthly compounding. The first payment is due in one year (i.e., t-1; today is 0) Question 3 Calclate the monthly payments. Question 4 Calculate the interest for the second payment. Question 5 Calculate the outstanding balance after making the second payment. Question 6 Now suppose that the mortgage loan requires an upfront...
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