I have 6 Mortgage questions that need to be answered. thank you
Part (a)
The monthly payment amount can be calculated using PMT function of excel. Inputs are:
Hence, the monthly payment amount = PMT (Rate, Nper, PV, FV) = PMT (0.4792%, 240, -320000, 0) = $ 2,246.79
Part (b)
Principal balance at the end of 5 year terms can be calculated using the PV function of excel. Inputs are:
Hence, the Principal balance at the end of 5 year terms = - PV (Rate, Nper, PMT, FV) = - PV (0.4792%, 180, 2246.79, 0) = $ 270,552.14
Part (c)
If, the effective monthly rate is r, then
(1 + r)12 = (1 + APR / 2)2 = (1 + 4.92% / 2)2 = 1.0498
Hence, r = 1.04981/12 - 1 = 0.4059%
The monthly payment amount can be calculated using PMT function of excel. Inputs are:
Hence, the monthly payment amount = PMT (Rate, Nper, PV, FV) = PMT (0.4059%, 180, -270552.14, 0) = $ 2,121.28
I have 6 Mortgage questions that need to be answered. thank you ot(s) will not be...
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Help ure.vretta.com Vretta BMAT text Question 2 of 4 James purchased a house for $475,000. He made a down payment of 10.00% of the value of the house and received a mortgage for the rest of the amount at 4.329 compounded semi-annually amortized over 15 years. The interest rate was fixed for a 7 year period. 59 a. Calculate the monthly payment amount. rint $0.00 Round to the nearest cent b. Calculate the principal balance at the end of the...
Ellucian Ethos ide x 88 Homepage - Wint x m Vretta x Vretta X Vretta 312/assignment/4623 Question 3 of 6 Kyle purchased a house for $375,000. He made a down payment of 10.00% of the value of the house and received a mortgage for the rest of the amount at 6.32% compounded semi-annually amortized over 25 years. The interest rate was fixed for a 4 year period. a. Calculate the monthly payment amount. $0.00 Round to the nearest cent b....
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