What is the outstanding balance after 23 payments on a 20-year mortgage that has monthly payments...
Michael has a 25 year mortgage for $350000 with monthly payments of $3118.98. a) What is the nominal annual rate compounded monthly? After 3 years the interest rate has gone down to 6.75% (compounded monthly). b) What is the outstanding balance on the mortgage? c) If Michael refinances his existing mortgage at the new rate but with the same number of remaining monthly payments, what will his new payments be? d) If instead he takes out a new 25 mortgage...
What is the outstanding balance after the 23rd payment interval of a 16-year loan for $14 734 with semi-annual payments and an interest rate of 5.95% compounded quarterly? Oa Ob Oc Od $5625.21 $5562.21 $5526.21 $5652.21
A $160,000.00 mortgage with a 20-year term is repaid by making monthly payments of $1,361.00. What is the rate of interest compounded semi-annually on the mortgage? Select one: a. 3.87% b. 16.74% c. 8.37% d. 7.74% e. 7.83%
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...
A $130,000 mortgage amortized by monthly payments over 20 years is renewable after five years (a) If interest is 5.22% compounded annually, what is the size of each monthly payment? (b) Find the total interest paid during the first year. (c) Compute the interest included in the 26th payment. (d) If the mortgage is renewed after five years at 4.10% compounded annually, what is the size of the monthly payment for the renewal period? (0) Construct a partial amortization schedule...
A mortgage broker is offering a 20-year $185,900 mortgage. The borrower makes monthly payments on a 4.2 percent APR interest rate. What are the monthly payments? (Do not round intermediate calculations and round your final answer to 2 decimal places.) Monthly payment
What is the monthly payment size of a 21-year mortgage for $169 600 and an interest rate of 7.2% compounded semi-annually? Oa Oь OC Od $1926.11 $1211.96 $1169.11 $1296.11
The mortgage on your house is five years old. It required
monthly payments of $ 1,422, had an original term of 30 years and
had an interest rate of 9% (APR). In the intervening five years,
interest rates have fallen and so you have decided to refinance,
that is, you will roll over the outstanding balance into a new
mortgage. The new mortgage has a 30-year term, requires monthly
payments, and has an interest rate of 6.125 % (APR).
a....
A $152,000 mortgage loan at 4.8% compounded monthly requires monthly payments during its 25-year amortization period. (Do not round the intermediate calculations. Round your answers to 2 decimal places.) a. Calculate the monthly payments rounded to the cent. PMT is $ b. Calculate the balance owing on the loan after eight years using the Retrospective Method. After 8 years of payments, the balance outstanding on the loan is $
The mortgage on your house is five years old. It required monthly payments of $ 1 422 , had an original term of 30 years, and had an interest rate of 9 % (APR). In the intervening five years, interest rates have fallen and so you have decided to refinancelong dashthat is, you will roll over the outstanding balance into a new mortgage. The new mortgage has a 30-year term, requires monthly payments, and has an interest rate of 6.625...