Homework Answers
interest paid on begging balance = $201,779.48 *4.6%*1/12
=>$773.49.
principal paid off = $1774.43 monthly payment -773.49 interest payment
=>$1000.942.
so,
end of month balance = $201,779.48 beginning balance - 1000.942 principal paid off
=>$200,778.54.
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Question 6 2 pts A mortgage loan has a beginning-of-month balance of $201.779.48, and a monthly...
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Please help thank you.
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DQuestion 4 1 pts What will be the mortgage balance remaining on a loan of $ 227993 with a 33-year term monthly compounding) and k 0.055 after 24 end-of-month payments have been made? Round your final answer to 2 decimal places. DQuestion 5 1 pts Obtain the total interest paid during the last ten years of a $ 528397 mortgage when n- 20 and k-0.076, assuming monthly compounding (end of month payments) Round your final answer to 2 decimal places.
Question 5 2 pts Consider a 26-year, fixed-rate mortgage with an original balance of $765,000 and an interest rate of 3.44%. What is the monthly payment on this mortgage? Round your answer to 2 decimal places (nearest cent).
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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...
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You take out an $8,600 car loan that calls for 48 monthly
payments starting after 1 month at an APR of 6%. a. What is your
monthly payment? (Do not round intermediate calculations. Round
your answer to 2 decimal places.) b. What is the effective annual
interest rate on the loan? (Do not round intermediate calculations.
Enter your answer as a percent rounded to 2 decimal places.) c. Now
assume the payments are made in four annual year-end installments.
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