If you took out $350,000 mortgage loan to be repaid over 40 years at 4.0%, calculate the amount of principal reduction in the first year. (assuming that you make payments annually).
If you took out $350,000 mortgage loan to be repaid over 40 years at 4.0%, calculate...
years ago you took out a $350,000, 25-year mortgage with an annual interest rate of 77 percent and monthly payments of $2,473.732. What is the outstanding balance on your current loan if you just make the 108th payment?
Problem 2 (6 posts You took a $25.000 loan which is to be repaid in monthly equal payments over 4 years Assume the interest rate is 6% per year compounded monthly, fill out the following table accordingly, Month Amount owed at beginning of period Principal repayment
Mortgage Amortization Complete the loan amortization schedule for a Mortgage that will be repaid over 360 months and answer the following questions (The details about the loan are shown below): Correct Answers 1. What is your monthly payment? 2. What is the total $ amount of payments made over the life of the loan Enter Answers Here. 3. How many months will it take to pay off the loan if you pay an extra $465.71 per month? Note: Enter the...
aSuppose you bought a house and took out a mortgage for $100,000. The interest rate is 3%, and you must amortize the loan over 10 years with equal end-of-year payments. A. Calculate the mortgage payment using the Excel function Rate Nper PV FV Payment B. Set up an amortization schedule that shows the annual payments and the amount of each payment that repays the principal and the amount that constitutes interest expense to the borrower and interest income to the...
4.55 With a $350,000 home mortgage loan with a 20-year term at 9% APR compounded semiannually compute the total amounts paid to principal and interest over the first five years ownership given monthly payments.
A $198,000 mortgage amortized by monthly payments over 20 years is renewable after five years. Interest is 4.65% compounded semi-annually. Complete parts (a) though (e) below. (a) What is the size of the monthly payments? The size of a monthly payment is $ (Round to the nearest cent as needed.) (b) How much interest is paid during the first year? The interest paid in the first year is $ (Round to the nearest cent as needed.) (c) ow much of...
You took out a loan that must be repaid with level payments at the end of each year. The loan has an annual effective rate of interest of 8%. The outstanding balance at the end of the ninth year was $22,000 and the outstanding balance at the end of the twelfth year was $15,000. What is your payment on the loan? Round your answers to two decimal places. 3914.6 X
How much principal is repaid in the first payment interval on a $100,000 25-year mortgage? The mortgage is amortized over 25 years and the payments are monthly. The interest rate is 6% compounded semi-annually.
3. A mortgage loan in the amount of $150,000 is arranged with annual interest 8% compounded semi-annually. The loan is to be fully amortized in 20 years with quarterly payments. For this exercise assume the term is also 20 years. (a)Calculate the amount of principal paid for each of the first two quarters. (b)What is the outstanding balance of the mortgage at the end of the 3rd year? (c)What is the total amount of interests paid on the loan over...
Question 9 (1 point) A couple has a $420,000 mortgage amortized over 30 years with monthly payments. They chose to lock in a rate of j2=4% for the first 5 years. Calculate their new monthly payment (rounded up to the next cent) if they refinance at j2=5.00% after the first 5 years are up. Your Answer: Answer Question 10 (1 point) Chandler borrowed $17,500 and agreed to repay the loan with payments of $500 per month. Using an interest rate...