Please help to solve question 22-27. Thank you .
Homework Answers
22)Balance at the end of December 5th year 372,785.45
23)Total principal repayment in 5th year 28,043.06
24)Total interest payment in 5th year 19,404.56
25)Balance at the end of December 13th year 90,126.35
26)Total principal repayment in 13th year 41,800.57
27)Total interest payment in 13th year 5,647.05
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Please help to solve question 22-27. Thank you .
18 3,953.97 Questions 18-27 use the same...
Questions 28-31 use the same data 28 Find mortgage payment N = 5 years, monthly payment,...
Questions 28-31 use the same data 28 Find mortgage payment N = 5 years, monthly payment, annuity due Interest rate = 2.9%, compounded monthly PV = 45,000 FV = 0 Compute PMT Round to 2 decimal places Amortization schedule after 3 years: same data as 228 P1 = 1 29 30 P2 = 36 Balance after 3 years of payments Total principal repayment after 3 yrs of payments Total interest payments after 3 yrs of payments Round to 2 decimal...
Instructions You Have Decided to use a 25 year Amortization for your Mortgage. Use this information...
Instructions You Have Decided to use a 25 year Amortization for your Mortgage. Use this information to find the MONTHLY mortgage PAYMENT using the mortgage amount from previous section and a rate of 3.18%. You must also determine the amount of INTEREST, PRINCIPAL and BALANCE owing for the mortgage after 1 Years and 1 Months. Input all the TVM variables and answers into the fields below. Mortgage Amount From Previous Question Amortization $464372.71 25 Years P/Y C/Y Present Value of...
Section 4 - Mortgage Calculation -- Instructions - You Have Decided to use a 20 year...
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i need help on question 3 and 4 Intro You just took out a 15-year traditional...
i
need help on question 3 and 4
Intro You just took out a 15-year traditional fixed-rate mortgage for $500,000 to buy a house. The interest rate is 2.4% (APR) and you have to make payments monthly Attempt 1/10 for 10 pts. Part 1 What is your monthly payment? 3310 Correct Since it's a traditional fixed-rate mortgage, the cash flows are constant and make up an annuity. We can thus use the annuity formula, solved for PMT. Monthly interest rate:r...
Section 4 - Mortgage Calculation Instructions You Have Decided to use a 15 year Amortization for...
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Malia plans to purchase a condominium. To supplement to her down-payment, she needs to borrow $150,000....
Malia plans to purchase a condominium. To supplement to her down-payment, she needs to borrow $150,000. She is able secure a thirty-year mortgage at 4.8%. Complete the Basic TVM Table Below for Malia's mortgage (enter rates as percents with the % symbol afterwards, eg one and one-half percent: 1.5%): C/Y n PMT FV P 1 blank blank blank What is her monthly payment? (round to two decimal places - number only - no "$" - no commas) Complete the first...
only need the second part B SECTION 5-18 Amortization 1. Suppose you borrowed $30,000 on a...
only need the second part
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Please help thank you. A $87,000 mortgage is to be amortized by making monthly payments for...
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...
Please show your work as a calculation for all steps. Thank you You have set your...
Please show your work as a calculation for all steps. Thank you You have set your sights on a house in an up and coming Sydney suburb that is selling for $650,000. You are very excited about the prospects of buying this house and negotiate a 25-year mortgage with 20% down and 5.2% p.a. interest rate, compounded monthly. B1. What will be the amount of your monthly payments? B2. For each month for the duration of your mortgage calculate how...
1) You wish to borrow $150,000 from a lending institution for the purchase of a house....
1) You wish to borrow $150,000 from a lending institution for the purchase of a house. The bank will lend this amount at an Annual Percentage Rate of 4.5% to be paid-off with equal monthly mortgage payments over a 30-year period. This is a 4.5% APR, 30-year fixed-rate mortgage loan. You wish to know how this loan will affect your federal income tax burden, as only the interest paid on a home mortgage, not the principal, is tax deductible. Construct...
Questions 28-31 use the same data 28 Find mortgage payment N = 5 years, monthly payment, annuity due Interest rate = 2.9%, compounded monthly PV = 45,000 FV = 0 Compute PMT Round to 2 decimal places Amortization schedule after 3 years: same data as 228 P1 = 1 29 30 P2 = 36 Balance after 3 years of payments Total principal repayment after 3 yrs of payments Total interest payments after 3 yrs of payments Round to 2 decimal...
Instructions You Have Decided to use a 25 year Amortization for your Mortgage. Use this information to find the MONTHLY mortgage PAYMENT using the mortgage amount from previous section and a rate of 3.18%. You must also determine the amount of INTEREST, PRINCIPAL and BALANCE owing for the mortgage after 1 Years and 1 Months. Input all the TVM variables and answers into the fields below. Mortgage Amount From Previous Question Amortization $464372.71 25 Years P/Y C/Y Present Value of...
Section 4 - Mortgage Calculation -- Instructions - You Have Decided to use a 20 year Amortization for your Mortgage. Use this information to find the MONTHLY mortgage PAYMENT using the mortgage amount from previous section and a rate of 3.21%. You must also determine the amount of INTEREST, PRINCIPAL and BALANCE owing for the mortgage after 3 Years and 7 Months. Input all the TVM variables and answers into the fields below. Amortization Mortgage Amount From Previous Question $378102...
i
need help on question 3 and 4
Intro You just took out a 15-year traditional fixed-rate mortgage for $500,000 to buy a house. The interest rate is 2.4% (APR) and you have to make payments monthly Attempt 1/10 for 10 pts. Part 1 What is your monthly payment? 3310 Correct Since it's a traditional fixed-rate mortgage, the cash flows are constant and make up an annuity. We can thus use the annuity formula, solved for PMT. Monthly interest rate:r...
Section 4 - Mortgage Calculation Instructions You Have Decided to use a 15 year Amortization for your Mortgage. Use this information to find the MONTHLY mortgage PAYMENT using the mortgage amount from previous section and a rate of 3.17%. You must also determine the amount of INTEREST, PRINCIPAL and BALANCE owing for the mortgage after 4 Years and 1 Months. Input all the TVM variables and answers into the fields below. Amortization Mortgage Amount From Previous Question $278710.23 15 Years...
Malia plans to purchase a condominium. To supplement to her down-payment, she needs to borrow $150,000. She is able secure a thirty-year mortgage at 4.8%. Complete the Basic TVM Table Below for Malia's mortgage (enter rates as percents with the % symbol afterwards, eg one and one-half percent: 1.5%): C/Y n PMT FV P 1 blank blank blank What is her monthly payment? (round to two decimal places - number only - no "$" - no commas) Complete the first...
only need the second part
B SECTION 5-18 Amortization 1. Suppose you borrowed $30,000 on a student loan at a rate of 8% and must repay it in 3 equal installments at the end of each of the next 3 years. How large would your payments be, how much of the first payment would represent interest, how much would be principal, and what would your ending balance be after the first year? 8% $30,000 $0 FV PMT $8,386.69 3 Loan...
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...
1) You wish to borrow $150,000 from a lending institution for the purchase of a house. The bank will lend this amount at an Annual Percentage Rate of 4.5% to be paid-off with equal monthly mortgage payments over a 30-year period. This is a 4.5% APR, 30-year fixed-rate mortgage loan. You wish to know how this loan will affect your federal income tax burden, as only the interest paid on a home mortgage, not the principal, is tax deductible. Construct...
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