c. $363,506.77
Please refer to below spreadsheet for calculation and answer. Cell reference also provided.
Cell reference -
Hope this will help, please do comment if you need any further explanation. Your feedback would be highly appreciated.
A 21-year mortgage is amortized by making payments of $3,052.61 at the end of every month....
A 22-year mortgage is amortized by payments of $1,761.50 made at the end of each month. If interest is 9.65% compounded semi-annually, what is the mortgage principal? Select one: a. $159,863.78 O b. $195,371.78 C. $159,633.78 d. $195,163.78 e. $195,313.78
4. A $180 000.00 mortgage is to be amortized by making monthly payments for 22.5 years. Interest is 7.2% compounded semi-annually for a four-year term. a) Compute the size of the monthly payment. b) Determine the balance at the end of the four-year term. c) If the mortgage is renewed for a five-year term at 8.66% compounded semi- annually, what is the size of the monthly payment for the renewal term?
A mortgage requires payments of $1,000.00 at the end of every month for 25 years. If interest is 6% compounded semi-annually, calculate the principal of the loan. Select one: O a. $300,000 b. $33,328.64 O c. $155,206.86 O d. $156,297.23 e. $46,188.41
A $120,000.00 mortgage is amortized over 25 years. If interest on the mortgage is 8.5% compounded semi-annually, calculate the size of monthly payments made at the end of each month. Select one: O a. $1,908.88 b. $477.22 c. $747.44 d. $954.44 e. $594.22
Please help thank you. A $87,000 mortgage is to be amortized by making monthly payments for 15 years. Interest is 8.1% compounded semi-annually for a seven-year term. (a) Compute the size of the monthly payment. (b) Determine the balance at the end of the seven-year term. (c) If the mortgage is renewed for a seven-year term at 7% compounded semi-annually, what is the size of the monthly payment for the renewal term? (a) The size of the monthly payment is...
A $160,000.00 mortgage with a 20-year term is repaid by making monthly payments of $1,361.00. What is the rate of interest compounded semi-annually on the mortgage? Select one: a. 3.87% b. 16.74% c. 8.37% d. 7.74% e. 7.83%
A $180,000 mortgage is to be amortized by making monthly payments for 25 years. Interest is 5.62% compounded semiannually for a 4-year term. a. Compute the size of the monthly payments. __________ b. Determine the balance at the end of the 4-year term. _____________ c. If the mortgage is renewed for a 5-year term at 5.30% compounded semiannually, what is the size of the monthly payment for the renewal period? ____________ I have had an inaccurate answer on this question...
The Taylors agreed to make monthly payments on a mortgage of $335 000 amortized over 15 years. Interest for the first three years was 3.5% compounded semi-annually. Determine the mortgage balance at the end of the three-year term. (Rounded to the nearest dollar) A. $281,177.09 B. $284,603.06 C. $291,087.29 D. $282,909.28
A $240 000 mortgage is amortized over 20 years. If interest on the mortgage is 3.39% compounded semi-annually, calculate the size of monthly payments made at the end of each month. A. $1,378.38 B. $1,375.47 C. $1,700.00 D. $1,184.36
A $150,000 mortgage is amortized over 25 years. If interest on the mortgage is 3.5 percent compounded semi-annually, calculate the size of monthly payments made at the end of each month. A. $784.91 B. $748.91 C. $734.91 D. $743.91