You recently borrowed $500,000.00 to purchase your new home, amortized over 20 years. The interest rate...

Question

Question

You recently borrowed $500,000.00 to purchase your new home, amortized over 20 years. The interest rate is 8% and you will be

Answer 1

Answer #1

SEE THE IMAGE. ANY DOUBTS, FEEL FREE TO ASK. THUMBS UP PLEASE

Answer 2

Similar Homework Help Questions

Bawy borrowed $10,000 to purchase a new car at an annual interest rate of 115. She...

Bawy borrowed $10,000 to purchase a new car at an annual interest rate of 115. She is to pay it back in equal monthly payments over a year period. How much total interest will be paid over the period of the ban? Hound to the nearest dollar OA $1436 OB. 30 OC 02 OD 63045
A $120,000 mortgage is amortized over 25 years. If interest on the mortgage is 5.5 percent...

A $120,000 mortgage is amortized over 25 years. If interest on the mortgage is 5.5 percent compounded semi-annually, calculate the size of monthly payments made at the end of each month. O A. $732.47 O B. $637.47 OC. $723.47 OD. $673.47
Assume that you have a 30 year fully-amortized fixed rate mortgage for your home. Your loan...

Assume that you have a 30 year fully-amortized fixed rate mortgage for your home. Your loan amount is $300,000 with a 3% annual interest rate. After 28 years, you would like to sell the property. What is your loan balance at the end of 28 years? Assume that you have a 30 year fully-amortized fixed rate mortgage for your home. Your loan amount is $300,000 with a 3% annual interest rate and your balloon payment is $50,000. What is your...

Ralph has just borrowed $1800 to purchase a new stereo, at a nominal rate of interest...

Ralph has just borrowed $1800 to purchase a new stereo, at a nominal rate of interest of 11.8% convertible monthly. Although he is charged interest from the moment he borrows the money, the first payment is not due for 7 months. If he will make 24 monthly payments, how much interest is in the 17th payment?
You borrow $500,000 to purchase a home. The bank charges an interest rate of 5.75 percent...

You borrow $500,000 to purchase a home. The bank charges an interest rate of 5.75 percent (APR) and the loan will be paid in equal monthly installments over 30 years. What is your monthly payment? What is the total interest paid over 30 years? How much interest is paid in the first payment? What is the effective interest rate (EAR) on the loan?
You are planning to purchase a new house or condominium to use as your primary residence....

You are planning to purchase a new house or condominium to use as your primary residence. This assignment will analyze some of the financial aspects of doing so. The final purchase price is $420,000 and, if you need a mortgage from the bank, your down payment will have to be 20% of the purchase price. The mortgage is a 30-year fixed rate loan with an Annual Percentage Rate (APR) of 6.00%. You will incur a one-time closing cost of $6,500...

A $200,000 loan amortized over 8 years at an interest rate of 10% per year requires...

A $200,000 loan amortized over 8 years at an interest rate of 10% per year requires payments of $21,215.85 to completely remove the loan when interest is charged on the unrecovered balance of the principal. If interest is charged on the original principal instead of the unrecovered balance, what is the loan balance after 8 years provided the same $21,215.85 payments are made each year? The loan balance is $ .
13-19 odd please 13. A $10,000 loan is to be amortized for 10 years with quarterly...

13-19 odd please 13. A $10,000 loan is to be amortized for 10 years with quarterly payments of $334.27. If the interest rate is 6% compounded quarterly, what is the unpaid balance immediately after the sixth payment? 14. A debt of $8000 is to be amortized with 8 equal semi- annual payments of $1288.29. If the interest rate is 12% compounded semiannually, find the unpaid balance immediately after the fifth payment. 15. When Maria Acosta bought a car 2 years...
You borrowed $100,000 exactly 5 years ago. The loan is structured as an amortized loan. The...

You borrowed $100,000 exactly 5 years ago. The loan is structured as an amortized loan. The interest rate is 7% and you make quarterly (end-of-quarter) payments of $2124.88. The loan is amortized over 25 years. How much principal have you paid over the first 5 years? Use Excel to calculate. Please show all Excel formulas.

Six years ago, Bill Tower borrowed $1,320,000 to purchase a new home. The loan had an...

Six years ago, Bill Tower borrowed $1,320,000 to purchase a new home. The loan had an interest rate of 6.75% p.a. and a term of 240 months (i.e., required 20 years of monthly payments with the first payment due one month after Bill closed on the loan). What is the current payoff amount on Bill’s loan (that is, immediately after the 72nd payment assuming that Bill has only made the required monthly payment every month)?