ZuoTi.Pro
Question

You just bought a house and have a mortgage of $200,000. The mortgage is for 30 years and has a mortgage rate of 8 percent an
business   finance   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

Monthly payment =PMT= Loan + [(1-(1/(1+r^n)}}/r] 200,000 = [((1-(1/(1.006674360)}}/0.00667] $1,467.53 Remaining balance after

1 0
Add a comment
Know the answer?
Add Answer to:
You just bought a house and have a mortgage of $200,000. The mortgage is for 30...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • You have just purchased a house and have obtained a 15-year, $200,000 mortgage with an interest...

    You have just purchased a house and have obtained a 15-year, $200,000 mortgage with an interest rate of 10 percent. Use Excel and show all work—use formulas where useful—do not just key in answers. Assume annual payments and use tables provided. Required: What is your annual payment? Assuming you bought the house on January 1, what is the principal balance after one year? After 10 years? After four years, mortgage rates drop to 8 percent for 15-year fixed-rate mortgages. Assume...

  • 3. Cho pes] You are 20 years old and determined to be a millionaire when you...

    3. Cho pes] You are 20 years old and determined to be a millionaire when you are How much should you save pach week if your annual rate of return on the same porent You just bought a house and have a mortgage of $200,000. The mortgage is to years and has a mortgage rate of 8 percent annually. After 36 payments (ycan A (7 pts) What will be the remaining balance on your mortgage? B. (7 pts) What is...

  • Your have just sold your house for $1,050,000 in cash. Your mortgage was originally a​ 30-year...

    Your have just sold your house for $1,050,000 in cash. Your mortgage was originally a​ 30-year mortgage with monthly payments and an initial balance of $750,000. The mortgage is currently exactly 18.5 years​ old, and you have just made a payment. If the interest rate on the mortgage is 7.75% (APR with​ semi-annual compounding), how much cash will you have from the sale once you pay off the​ mortgage? a) The discount rate for the mortgage is___? b) Mortgage payments...

  • 1.                 You have just purchased a new house and taken a mortgage for $100,000. The interest rate...

    1.                 You have just purchased a new house and taken a mortgage for $100,000. The interest rate is 12% compounded monthly and you will make payments for 25 years. a)     Find the size of the monthly payment. b)     The bank has a policy of rounding the payments up to the next cent. Find the new monthly payment and compute a new n. c)     What was the balance of the loan after three periods? d)     How much of your third payment was Principal?         Interest? e)     How much did...

  • You bought a house a year ago for $250,000, borrowing $200,000 at 10% on a 30-year...

    You bought a house a year ago for $250,000, borrowing $200,000 at 10% on a 30-year term- loan (with monthly payments Interest rates have since come down to 9%. You can refinance your mortgage at this rate, with a closing cost that will be 3% of the loan. Your opportunity cost is 8%. Ignore tax effects. 17. ow much are your monthly payments on your current loan (at 10%)? How would your monthly payments be if you could refinance your...

  • Suppose you just purchase a new house for $550,000, with a 20% down payment. The mortgage...

    Suppose you just purchase a new house for $550,000, with a 20% down payment. The mortgage has a 6.1 percent stated annual interest rate, compounded monthly, and calls for equal monthly payments over the next 30 years. Your first payment will be due in 1 month. However, the mortgage has an eight-year balloon payment, meaning that the balance of the loan must be paid off at the end of Year 8. Suppose there are no other transaction costs or finance...

  • You just purchased a $400,000 house and gave a 20% down payment. For the remaining portion,...

    You just purchased a $400,000 house and gave a 20% down payment. For the remaining portion, you obtained a 30-year mortgage at a 6% interest rate. A) What are the monthly payments on this mortgage? B) If the house appreciates at a 3 percent annually, what will be the value of the house in ten years? C) In ten years, how much equity will you have on this home?

  • You have just sold your house for $1,100,000 in cash. Your mortgage was originally a​ 30-year...

    You have just sold your house for $1,100,000 in cash. Your mortgage was originally a​ 30-year mortgage with monthly payments and an initial balance of $800,000. The mortgage is currently exactly​ 18½ years​ old, and you have just made a payment. If the interest rate on the mortgage is 5.25% ​(APR), how much cash will you have from the sale once you pay off the​ mortgage? ​(Note: Be careful not to round any intermediate steps less than six decimal​ places.)...

  • You have just sold your house for $1,100,000 in cash. Your mortgage was originally a 30-year...

    You have just sold your house for $1,100,000 in cash. Your mortgage was originally a 30-year mortgage with monthly payments and an initial balance of $750,000. The mortgage is currently exactly 1872 years old, and you have just made a payment. If the interest rate on the mortgage is 7.75% (APR), how much cash will you have from the sale once you pay off the mortgage? (Note: Be careful not to round any intermediate steps less than six decimal places.)...

  • You have just sold your house for $900,000 in cash. Your mortgage was originally a​ 30-year...

    You have just sold your house for $900,000 in cash. Your mortgage was originally a​ 30-year mortgage with monthly payments and an initial balance of $700,000. The mortgage is currently exactly​ 18½ years​ old, and you have just made a payment. If the interest rate on the mortgage is 6.25% ​(APR), how much cash will you have from the sale once you pay off the​ mortgage? ​(Note: Be careful not to round any intermediate steps less than six decimal​ places.)...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT