Homework Answers
| P = | Regular Payments | |||
| PV = | Loan Amount | |||
| r = | rate of interest | |||
| n = | no of periods | |||
| P = | r (PV) | |||
| 1 - (1 + r )-n | ||||
| P = | (9.5%/12)*90000 | |||
| 1 - (1 / (1 + 9.5%/12)^360)) | ||||
| P = | 712.5 | |||
| 0.941502891 | ||||
| P = | 756.77 | |||
| Monthly Payment | Monthly Interest | Portion used to reduce Principal | Loan Balance | |
| 1 | $ 756.77 | $712.50 | $44.27 | $89,955.73 |
| 2 | $ 756.77 | $712.15 | $44.62 | $89,911.11 |
Add Answer to:
Erin Casey purchased a home with a $90,000 mortgage at 9 1/2% for 30 years. Calculate...
1. You have purchased a home for $150,000. Fortunately, you were able to make a down...
1. You have purchased a home for $150,000. Fortunately, you were able to make a down payment of $15,000, but took out a 30-year mortgage for the $135,000 balance. The note payments are $1,388.63 per month at 12% annual interest. A. Prepare the amortization schedule for the first 12 months of payments. B. Calculate the subtotal for the amounts of cash payments, interest payments, and principal payments for the first12 months of payments. C. Calculate the total...
2-13 interest Idle P J. R. Smith plans to borrow $200,000 through a 30-year mortgage from his bank to buy a home....
2-13 interest Idle P J. R. Smith plans to borrow $200,000 through a 30-year mortgage from his bank to buy a home. If the bank charges him an interest rate of 7 percent, find the (a) Monthly mortgage payment (b) Amortization schedule for the first 3 months: balance after each payment: principal and interest portions of each payment. (c) For the first 221 payments, what is the total interest paid and the total principal. (d) How much would J. R....
plz help LESSON 84 The Monthly Payment Most mortgage loans are repaid in equal payments. Each...
plz
help
LESSON 84 The Monthly Payment Most mortgage loans are repaid in equal payments. Each payment includes an amount for payment of interest and an amount for payment of the principal of the loan. The amount of interest is calculated using the simple interest formula. Each payment you make decreases the amount of the principal you owe. PRINCIPAL PAYMENT - MONTHLY PAYMENT - INTEREST PAYMENT NEW PRINCIPAL - PREVIOUS PRINCIPAL PRINCIPAL PAYMENT Complete the table below. Mortgage Amount Interest...
On September 1, the home mortgage balance was $146,000 for the home owned by Frank Sanchez
On September 1, the home mortgage balance was $146,000 for the home owned by Frank Sanchez. The interest rate for the loan is 8 percent. Assuming that Frank makes the September monthly mortgage payment of $1460, calculate the following: (a) The amount of interest included in the September payment (round your answer to the nearest cent). (b) The amount of the monthly mortgage payment that will be used to reduce the principal balance. (c) The new balance after Frank makes this monthly mortgage...
25) Jeremy Deaton purchased a home with a $78,500 mortgage at 9 percent for 15 years....
25) Jeremy Deaton purchased a home with a $78,500 mortgage at 9 percent for 15 years. What is the balance of the principal after the first monthly payment of $796.78? A) 84,768.22 B) $71,435.00 $78,291.97 D) $77,703.22
Complete the first two months of an amortization schedule for the fixed-rate mortgage Mortgage: Interest rate:...
Complete the first two months of an amortization schedule for the fixed-rate mortgage Mortgage: Interest rate: Term of loan: $117.950 6.25% 13 years Complete the first two payments of the amortization schedule below. (Do not round until the final answer. Then round to the nearest cent as needed.) Payment Total Interest Principal Balance of Principal Number Payment Payment Payment
Complete the first two months of each amortization schedule for a fixed-rate mortgage. Mortgage, $145,200; Interest...
Complete the first two months of each amortization schedule for a fixed-rate mortgage. Mortgage, $145,200; Interest rate, 7.4%; Term of loan, 12 years Fill out the amortization schedule below and round all values to the nearest cent. Payment Number Total Payment Interest Payment Principal Payment Balance of Principal $145,200 (d) $ (a) $ (b) $ (c)$| |
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...
Consider a 30-year adjustable rate mortgage (ARM), which requires the borrower to make monthly payments at...
Consider a 30-year adjustable rate mortgage (ARM), which requires the borrower to make monthly payments at the end of each month. The mortgage amount is $432,000 and the APR on the mortgage is 3.65% for the first 10 years and then 3.87% for the next 20 years. Prepare a loan amortization schedule for this mortgage. Assume that the mortgage closing date is October 1, 2018. Among other things, the following columns should be included. (50) (i) Date (ii) Beginning Balance...
2-13 interest Idle P J. R. Smith plans to borrow $200,000 through a 30-year mortgage from his bank to buy a home. If the bank charges him an interest rate of 7 percent, find the (a) Monthly mortgage payment (b) Amortization schedule for the first 3 months: balance after each payment: principal and interest portions of each payment. (c) For the first 221 payments, what is the total interest paid and the total principal. (d) How much would J. R....
plz
help
LESSON 84 The Monthly Payment Most mortgage loans are repaid in equal payments. Each payment includes an amount for payment of interest and an amount for payment of the principal of the loan. The amount of interest is calculated using the simple interest formula. Each payment you make decreases the amount of the principal you owe. PRINCIPAL PAYMENT - MONTHLY PAYMENT - INTEREST PAYMENT NEW PRINCIPAL - PREVIOUS PRINCIPAL PRINCIPAL PAYMENT Complete the table below. Mortgage Amount Interest...
25) Jeremy Deaton purchased a home with a $78,500 mortgage at 9 percent for 15 years. What is the balance of the principal after the first monthly payment of $796.78? A) 84,768.22 B) $71,435.00 $78,291.97 D) $77,703.22
Complete the first two months of an amortization schedule for the fixed-rate mortgage Mortgage: Interest rate: Term of loan: $117.950 6.25% 13 years Complete the first two payments of the amortization schedule below. (Do not round until the final answer. Then round to the nearest cent as needed.) Payment Total Interest Principal Balance of Principal Number Payment Payment Payment
Complete the first two months of each amortization schedule for a fixed-rate mortgage. Mortgage, $145,200; Interest rate, 7.4%; Term of loan, 12 years Fill out the amortization schedule below and round all values to the nearest cent. Payment Number Total Payment Interest Payment Principal Payment Balance of Principal $145,200 (d) $ (a) $ (b) $ (c)$| |
Most questions answered within 3 hours.
-
An object rests flat on a tablecloth, which is on top of a
table. Suppose you...
asked 4 minutes ago -
Which of the following will most likely occur as the result of
an unanticipated increase in...
asked 48 seconds ago -
A second baseman tosses the ball to the first baseman, who
catches it at the same...
asked 4 minutes ago -
Adria Lopez, owner of Success Systems, decides to prepare a
statement of cash flows for her...
asked 23 minutes ago -
The reach and involvement of the federal government, in terms of
its role in disaster relief,...
asked 26 minutes ago -
Problem: The equilibrium constant, Keq, is 5 x 10^-11 m HCO3
<-----------> H^+ + CO3^-2 Calculate...
asked 33 minutes ago -
Explain how blackbody radiation led to the idea of "quanta."
Will rate answer!
asked 39 minutes ago -
Two noble gases (Ne and He) are injected into the chambers of an
insulated container. Each...
asked 34 minutes ago -
Suppose you purchase a zero coupon bond with a face value of
$1,000, maturing in 18...
asked 38 minutes ago -
Do you believe that the $785,000 amount at the center of the
Overstock-Grant Thornton dispute was...
asked 39 minutes ago -
Find and , the mean and standard deviation of the
sampling distribution of :
μ = 25,...
asked 1 hour ago -
According to the manufacturer of a certain candy, 9% of the
candy produced are red. If...
asked 1 hour ago