"This morning, you borrowed $150,000 to buy a house. The mortgage rate is 7.35 percent. The loan is to be repaid in equal monthly payments over 20 years. The first payment is due one month from today. How much is the equal monthly payment? (Assume that each month is equal to 1/12 of a year." $1,166.52 $1,033.46 $1,102.51 $925.83 $1,194.67 please show all work via a financial calculator preferably TI BA II plus
put the following values in the financial calculator:
N = 20x12 = 240; I/Y = 7.35/12 = 0.6125; PV = 150,000; FV = 0;
Press CPT, then PMT, which gives -1,194.67
Hence, Option "E" is correct.
"This morning, you borrowed $150,000 to buy a house. The mortgage rate is 7.35 percent. The...
This morning, you borrowed $150,000 to buy a house. The mortgage rate is 7 percent. The amortized loan requires you to pay $10,000 in principal plus interest each year over 15 years. The first payment is due one year from today. How much is the second payment?
On August 1, you borrow $180,000 to buy a house. The mortgage rate is 7.0 percent. The loan is to be repaid in equal monthly payments over 15 years. The first payment is due on September 1. How much of the tenth payment applies to the principle balance? (Assume that each month is equal to 1/12 of a year.) Group of answer choices $543.22 $566.24 $589.28 $598.41 $615.32
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10 Years ago you took out a 30-year mortgage to buy a house. Your annual payment is $18,162 and your current interest rate is 6%. Suppose you now want to refinance and still pay off the house in 20 years, how much principal do you still owe on the mortgage? I keep getting the wrong answer using my BA II Plus Calculator. The correct Answer is $208,316.71