You bought a $200K condo. You got a 15-year fixed-rate mortgage and made a 20% down...
You bought a $200K condo. You got a 15-year fixed-rate mortgage and made a 20% down payment. What is your monthly payment if the annual interest rate is 4%?
Homework Answers
value of the loan=200000*(1-20%)=160000
monthly payment
=PV/((1-(1+(r/m))^(n*m))/(n/m))
=160000/((1-(1+(4%/12))^(-15*12))/(4%/12))
=1183.50
the above is answer..
Add Answer to:
You bought a $200K condo. You got a 15-year fixed-rate mortgage
and made a 20% down...
Mortgage question: I buy a condo for $300,000 with 15% down at 4.8%. My current payment...
Mortgage question: I buy a condo for $300,000 with 15% down at 4.8%. My current payment is $1,337.90. The real estate market is rising so my condo appreciates 4% every year. Also, my condo interest rate falls to 3.6%. I decide to refinance. I can refinance into a new mortgage for 85% of the value of my condo. 1) What is the value of my condo at the end of year 3? 2) Before you refinance, what is the principal...
suppose you took a $100,000 15 year fixed-rate mortgage at 4.5% (APR) 3 years ago. Now...
suppose you took a $100,000 15 year fixed-rate mortgage at 4.5% (APR) 3 years ago. Now the market interest rate has dropped to 4%, and you are considering refinance your mortgage. (1) What was the original monthly payment? (2) Suppose you just made the 36th monthly payments. What is the remaining mortgage balance? (3) If you refinance with mortgage with another bank and keep the remaining term (that is, 12 years until the mortgage is paid off), what would the...
1.You purchase a $255,000 house, pay 20% down and get a loan for $204,000. The loan is a 30-year fixed-rate mortgag...
1.You purchase a $255,000 house, pay 20% down and get a loan for $204,000. The loan is a 30-year fixed-rate mortgage where the annual interest rate is 5.85% and there will be 360 monthly payments. What is the monthly payment?
Intro You just took out a 15-year traditional fixed-rate mortgage for $500,000 to buy a house....
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? No decima Submit Part 2 Attempt 1/10 for 10 pts. How much of your first monthly payment goes towards paying down the outstanding balance (in $)? No decima Submit Part 3 Attempt 1/10 for 10 pts. What is the...
Ten years ago you obtained a 30-year mortgage for $400,000 with a fixed interest rate of...
Ten years ago you obtained a 30-year mortgage for $400,000 with a fixed interest rate of 3% APR compounded monthly. The mortgage is a standard fixed rate mortgage with equal monthly payments over the life of the loan. What are the monthly fixed mortgage payments on this mortgage (i.e., the minimum required monthly payments to pay down the mortgage in 30 years)? What is the remaining loan balance immediately after making the 120th monthly payment (i.e., 10 years after initially...
Suppose you are buying your first condo for $112,885, and you will make a 21% down...
Suppose you are buying your first condo for $112,885, and you will make a 21% down payment. You have arranged to finance the remainder with a 30-year, monthly payment, amortized mortgage at 5.8% nominal interest rate, with the first payment due in one month. What will your monthly payments be? if you could tell me what you input on a financial calculator that'd be great!
You obtain a $250,000, 15-year fixed-rate mortgage. The annual interest rate is 3.25 percent. What is...
You obtain a $250,000, 15-year fixed-rate mortgage. The annual interest rate is 3.25 percent. What is the total monthly payment (to the nearest dollar)? Select one: O a. $2,347 OOOO O b. $1,757 O c. $2,521 O d. $2,172 O e. $1,927
You borrow $500,000 to purchase a house. The mortgage is a 30-year fixed rate mortgage, with...
You borrow $500,000 to purchase a house. The mortgage is a 30-year fixed rate mortgage, with monthly payments. A. Assume that you have good credit, and can borrow money at a 3.75% annual interest rate. What will your monthly payment be? B. Now, assume that you have lousy credit, and must pay a 6.5% annual interest rate to obtain a mortgage. What will your monthly payment be? C. Having lousy credit can be costly. How much additional interest will you...
rate of 5.25%, 1 Lender I offers you a fixed rate 15-year mortgage at an annual...
rate of 5.25%, 1 Lender I offers you a fixed rate 15-year mortgage at an annual interes compounded monthly, with no points a. F ind your monthly payments under this option. b. Find the total amount of money paid to the lender. c. Find the total amount of interest you will pay over the life of the loan. 2. Lender II offers you a fixed rate 30-year mortgage at an annual interest rate of 5.75%, compounded monthly, with one point...
Barb bought a house with 20% down and the rest financed by a 30-year mortgage with monthly payments calculated at a nomi...
Barb bought a house with 20% down and the rest financed by a 30-year mortgage with monthly payments calculated at a nominal annual rate of interest 8.4% compounded monthly. She notices that one-third of the way through the mortgage she will still owe 200,000. Determine the purchase price of the house. 252,706 262,706 272,806 282,706 292,706
1.You purchase a $255,000 house, pay 20% down and get a loan for $204,000. The loan is a 30-year fixed-rate mortgage where the annual interest rate is 5.85% and there will be 360 monthly payments. What is the monthly payment?
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? No decima Submit Part 2 Attempt 1/10 for 10 pts. How much of your first monthly payment goes towards paying down the outstanding balance (in $)? No decima Submit Part 3 Attempt 1/10 for 10 pts. What is the...
You obtain a $250,000, 15-year fixed-rate mortgage. The annual interest rate is 3.25 percent. What is the total monthly payment (to the nearest dollar)? Select one: O a. $2,347 OOOO O b. $1,757 O c. $2,521 O d. $2,172 O e. $1,927
rate of 5.25%, 1 Lender I offers you a fixed rate 15-year mortgage at an annual interes compounded monthly, with no points a. F ind your monthly payments under this option. b. Find the total amount of money paid to the lender. c. Find the total amount of interest you will pay over the life of the loan. 2. Lender II offers you a fixed rate 30-year mortgage at an annual interest rate of 5.75%, compounded monthly, with one point...
Most questions answered within 3 hours.
-
Please help me with FLOWCHART and UML diagram for class,
thank you!
#include <iostream>
#include <fstream>...
asked 33 minutes ago -
3. Describe the “logic circuit” of the Lac operon. Which
proteins are bound or not to...
asked 34 minutes ago -
Ayesha’s adjusted gross income is $60,000 in 2019. She donated a
piece of artwork with a...
asked 41 minutes ago -
For Dijkstra’s shortest path algorithm:
a. Give the Big-O time for Dijkstra’s shortest path algorithm
and...
asked 53 minutes ago -
Phosphorus violates the 'octet rule' in biological molecules,
forming more covalent bonds than expected based on...
asked 56 minutes ago -
A 1.3 eV electron has a 10-4 probability of tunneling
through a 2.4 eV potential barrier....
asked 1 hour ago -
What is the one ingredient that is common to being successful
with all stakeholders?
profit
trust...
asked 1 hour ago -
Write an assembly language 32 bit program that reads in lines of
text by a .txt...
asked 1 hour ago -
what is the density ( in g/L) of hydrogen gas at 29 degrees C and a...
asked 1 hour ago -
5-6. You are considering three investment alternatives for some
spare cash: Old Reliable Corporation stock (A1),...
asked 1 hour ago -
Problem 16-02
Receivables Investment
Medwig Corporation has a DSO of 45 days. The company averages
$7,250...
asked 1 hour ago -
Mr. Brown hired Lowe's Maintenance Services Limited to repair
and paint the exterior wall of his...
asked 1 hour ago