A thirty year $200,000.00 mortgage has a monthly payment of $1,199.10 based on a rate of 6% APR. After making 180 payments over fifteen years, how much of the mortgage do you still owe?
Answer:
Outstanding amount (mortgage amount still owed) will be equal to PV of the remaining monthly installments.
Monthly installment = $1,199.10
Remaining period = 30 * 12 - 180 = 180 months
Monthly rate of interest =6%/12 = 0.5%
We will use PV function of excel to get the outstanding amount:
PV (rate, nper, pmt, fv, type)
PV (0.5%, 180, 1199.10, 0, 0)
= $142,097.56
Or $142,098
Amount of mortgage you still owe = $142,097.56 or $142,098
A thirty year $200,000.00 mortgage has a monthly payment of $1,199.10 based on a rate of...
4. A. What would be your monthly mortgage payment if you pay for a $250,000 home by making a 20% down payment and then take out a 3.74% thirty year fixed rate mortgage loan where interest is compounded monthly to cover the remaining balance. All work must be shown justifying the following answers. Mortgage payment = B. How much total interest would you have to pay over the entire life of the loan. Total interest paid = C. Suppose you inherit some money and...
7A) Use excel to build a monthly amortization table for a 30-year 5% fix-rate mortgage on a $320,000 home, with a $15,000 down payment. [Please be good to the forests and cut and paste only the first and last few rows of the table, not the whole thing.] 7B) Using the amortization table you built for the previous question, answer the following [Again, just cut and paste the segment of the amortization table that helps you answer the question.]: a....
The mortgage on your house is five years old. It required
monthly payments of $ 1,422, had an original term of 30 years and
had an interest rate of 9% (APR). In the intervening five years,
interest rates have fallen and so you have decided to refinance,
that is, you will roll over the outstanding balance into a new
mortgage. The new mortgage has a 30-year term, requires monthly
payments, and has an interest rate of 6.125 % (APR).
a....
A thirty year monthly payment mortgage loan for 250,000 is offered at a nominal rate of 6.3% convertible monthly. The lender charges a fee of 2.5% for which no services are provided. Find the APR.
The mortgage on your house is five years old. It required monthly payments of $ 1 422 , had an original term of 30 years, and had an interest rate of 9 % (APR). In the intervening five years, interest rates have fallen and so you have decided to refinancelong dashthat is, you will roll over the outstanding balance into a new mortgage. The new mortgage has a 30-year term, requires monthly payments, and has an interest rate of 6.625...
What is the monthly payment for a $100500 thirty-year mortgage at 6% APR?
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.
The mortgage on your house is five years old. It required monthly payments of $ 1,422, had an original term of 30 years, and had an interest rate of 9 % (APR). In the intervening five years, interest rates have fallen and so you have decided to refinance long dash that is, you will roll over the outstanding balance into a new mortgage. The new mortgage has a 30-year term, requires monthly payments, and has an interest rate of 6.125...
The mortgage on your house is five years old. It required monthly payments of $1,450, had an original term of 30 years, and had an interest rate of 8% (APR). In the intervening five years, interest rates have fallen and so you have decided to refinance—that is, you will roll over the outstanding balance into a new mortgage. The new mortgage has a 30-year term, requires monthly payments, and has an interest rate of 6.125% (APR). a. What monthly repayments will be required with...
The mortgage on your house is five years old. It required monthly payments of SEK 12,000, had an original term of 30 years, and had an interest rate of 6.5% (APR). In the intervening five years, interest rates have fallen and so you have decided to refinance - that is, you will roll over the outstanding balance into a new mortgage. The new mortgage has a 30-year term, requires monthly payments, and has an interest rate of 3.5% (APR). (a)...