Question

c. d. $125,786 None of the above You borrow $100,000 at 6% for 30 years with monthly payments . You pay 2 discount points and your APR is 65% is the amount of your other financing fees besides the discount points a. $1,144.7 b. $2,144.7 c. $3,144.7 d. None of the above 22 You borrow $100,000 your total payment for year 11? a. 5,000 c. 8,000 Constant Amortization Mortgage (CAM) at 10% for 20 years, assuming annual payment, what is b. 6,000 d. 10,000 (For 23-25) You are buying a house for S 150,000, with a 20% down payment, the lender will finance the remainder ofthe purchase price with a 30 year CPM with bi-weekly payments at 6.125% annual rate (hint: there are 52 weeks in one ye Approximately how many payments does it take to reduce the loan balance to $100,000? a. 268 b. 355 С. 440 d. 518 23. What is the total interest payment during the second year of the loan? a. 6,342 b. 6,724 c. 7.217 d. 8,012 24 25. If at the end of year 5 you made one payment of $20,000 in addition to the regular bi-weekly payment, approximat how many payments will it take thereafter to pay off the loan if you keep making the same payment? a. 362 h 383

May I please have help with 21

Answer 1

Option c is correct	3144.7
Loan PV	$ 1,00,000.00
Rate	0.50%
Nper	360
Monthly Payment	$         599.55
Discount point = 100000 x 2%	$      2,000.00
PV of loan at APR 6.5%
Rate	0.54%
Nper	360
Monthly Payment	$         599.55
Present value	$    94,855.38
Additional Fees = 100000-94855.38-2000	$        3,144.6