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1) A mortgage loan of $1,875,000 has just been made on a property valued at $2,500,000....
Styles 1) A mortgage loan of $1,875,000 has just been made on a property valued at...
Styles 1) A mortgage loan of $1,875,000 has just been made on a property valued at $2,500,000. The interest rate is 5% with 2 points. The loan will require level monthly payments to amortize the principal over 30 years. The mortgage also carries a 1% prepayment penalty. a. What is the indicated loan-to-value ratio? 75.00% b. What is the monthly mortgage payment? ($10,065.41) c. How much interest is paid in the fifth year? $87,011.11 d. If the mortgage is paid...
Real Estate Finance answer all please . John Corbitt takes a fully amortizing mortgage for $80,000 at 10 pe...
Real Estate Finance
answer all please
. John Corbitt takes a fully amortizing mortgage for $80,000 at 10 percent interest for 30 years, monthly payments. What will be his monthly payment? 2. Dave Burns wants to buy a house. To do so, he must incur a mortgage. A local lender has determined that Dave can afford a monthly payment of $600, principal and interest. If the current interest rate on 30-yearm fixed-rate mortgage is 9.50 percent, what is the maximum...
13. [Loan Amortization] You have just obtained a $300,000 mortgage loan from the Chase bank toward...
13. [Loan Amortization] You have just obtained a $300,000 mortgage loan from the Chase bank toward the purchase of a home at 6% APR. The amortization schedule of your mortgage is set in the monthly payments for the next 30 years. A) What is the monthly loan payment? B) What is the balance of the loan after 20 years of loan payments? C) From the previous mortgage loan question, what will be the principal and the total interest that you...
3. [Loan Amortization] You have just obtained a $300,000 mortgage loan from the Chase bank toward...
3. [Loan Amortization] You have just obtained a $300,000 mortgage loan from the Chase bank toward the purchase of a home at 6% APR. The amortization schedule of your mortgage is set in the monthly payments for the next 30 years. A) What is the monthly loan payment? B) What is the balance of the loan after 20 years of loan payments? C) From the previous mortgage loan question, what will be the principal and the total interest that...
do I have it right Part 1: Mortgage A mortgage is a loan used to purchase...
do I have it right
Part 1: Mortgage A mortgage is a loan used to purchase a home. It is bedover a period of 1,20 or 30 years. The interest rate is determined by the term of the l e ngth of time to pay back the loan) and the credit rating of the person borrowing the money Once a person signs the documents to borrow money for a home the presented we amortization table or schedule for the mortgage...
Mortgage Amortization Complete the loan amortization schedule for a Mortgage that will be repaid over 360...
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...
I just need question 14 13. John wants to buy a property for $105,000 and wants...
I
just need question 14
13. John wants to buy a property for $105,000 and wants an 80 percent loan for $84,000. A lender indicates that a fully amortizing! loan can be obtained for 30 years (360 months) at 8 percent interest; however, a loan fee of $3,500 will also be necessary for John to obtain the loan. a. How much will the lender actually disburse? b. What is the APR for the borrower, assuming that the mortgage is paid...
Your local lender offers you a fixed-rate mortgage with the following terms: $220,000 at 4.75% for...
Your local lender offers you a fixed-rate mortgage with the following terms: $220,000 at 4.75% for 30 years, monthly payments. The lender will charge you two discount points and the loan has a 3% prepayment penalty. A. (1 pt) What is the annual percentage rate (APR) of the loan? Answer: _______ B. (1 pt) How many points are required to yield an APR of 5.25%? Answer: _______ Suppose you take a fixed-rate mortgage for $200,000 at 5.00% for 30 years,...
Jane’s gross monthly income is $3,300. She is applying for a mortgage loan that will have...
Jane’s gross monthly income is $3,300. She is applying for a mortgage loan that will have a $800 monthly mortgage payment (principal and interest). In addition, property taxes will be $200 per month, and homeowner’s insurance will be $50 per month. Jane’s other debt payments are $150 (car loan) and $100 (minimum payments on credit cards.) Will she qualify for a conventional mortgage loan if her lender requires the mortgage debt service ratio to be no more than 30% and...
glancing A home mortgage with monthly payments for 30 years is available at 6% interest. The...
glancing A home mortgage with monthly payments for 30 years is available at 6% interest. The home you are buying costs $120,000, and you have saved $12.000 to meet the requirement for a 10% down payment. The lender charges "points" of 2% of the loan value as a loan origination and processing fee. This fee is added to the initial balance of the loan (a) What is your monthly payment? (b) If you keep the mortgage until it is paid...
Styles 1) A mortgage loan of $1,875,000 has just been made on a property valued at $2,500,000. The interest rate is 5% with 2 points. The loan will require level monthly payments to amortize the principal over 30 years. The mortgage also carries a 1% prepayment penalty. a. What is the indicated loan-to-value ratio? 75.00% b. What is the monthly mortgage payment? ($10,065.41) c. How much interest is paid in the fifth year? $87,011.11 d. If the mortgage is paid...
Real Estate Finance
answer all please
. John Corbitt takes a fully amortizing mortgage for $80,000 at 10 percent interest for 30 years, monthly payments. What will be his monthly payment? 2. Dave Burns wants to buy a house. To do so, he must incur a mortgage. A local lender has determined that Dave can afford a monthly payment of $600, principal and interest. If the current interest rate on 30-yearm fixed-rate mortgage is 9.50 percent, what is the maximum...
do I have it right
Part 1: Mortgage A mortgage is a loan used to purchase a home. It is bedover a period of 1,20 or 30 years. The interest rate is determined by the term of the l e ngth of time to pay back the loan) and the credit rating of the person borrowing the money Once a person signs the documents to borrow money for a home the presented we amortization table or schedule for the mortgage...
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...
I
just need question 14
13. John wants to buy a property for $105,000 and wants an 80 percent loan for $84,000. A lender indicates that a fully amortizing! loan can be obtained for 30 years (360 months) at 8 percent interest; however, a loan fee of $3,500 will also be necessary for John to obtain the loan. a. How much will the lender actually disburse? b. What is the APR for the borrower, assuming that the mortgage is paid...
glancing A home mortgage with monthly payments for 30 years is available at 6% interest. The home you are buying costs $120,000, and you have saved $12.000 to meet the requirement for a 10% down payment. The lender charges "points" of 2% of the loan value as a loan origination and processing fee. This fee is added to the initial balance of the loan (a) What is your monthly payment? (b) If you keep the mortgage until it is paid...
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