![Task 6-8 Data 15 Year Mortgage 30 Year Mortgage Loan Amount Interest Rate Number of Payments $310,000.00 4.50% 180 $310,000.00 4.50% 360 Assignment Tasks Finance How much money will you save if you pay off the loan in 15 years instead of 30 years? (Please reference the total payment amounts in cells C39 and D39 to calculate the difference.) [5 points] Monthly Payment $2,371.48 $1,570.72 8 Total Payments (PMT * # of PMTs) $426,866.26 $565,460.81 Difference between 30-year and 15-year payback (the 30 year amount -the 15 year amount) Remember to divide the interest rate by 12 (to calculate the monthly interest rate) in your functions.](http://img.homeworklib.com/questions/4e124c20-785e-11ea-af60-0343d806ae5d.png?x-oss-process=image/resize,w_560)
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The solution to the given question is provided below
Difference between 30 year and 15 year payback=D39-C39=138594.55
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please I need help answering
this question thank you all the information are in the picture...
Please, I need someone to help me to solve this problem! Your success in business thus...
Please, I need someone to help me to solve this problem! Your success in business thus far has put you in a position to purchase a home for $500,000 located close to the university you attend. You plan to pay a 20% down payment of $100,000 and borrow the remaining $400,000. You need to decide on a mortgage, and realize you can apply the skills you have acquired in the last several chapters to evaluate your choices. To find the...
Please, be neat and detailed. Explanations would be great. I need to understand it. Thank you....
Please, be neat and detailed. Explanations would be
great. I need to understand it. Thank you.
1. [5 points total] Drs. Bhattacharya and Malinowski are expecting their third child and therefore are in the market for a new, larger, home. They are looking at a traditional colonial style home with a swimming pool on Nottingham Terrace that will cost $999,000 to purchase. They are now comparing lending options and have identified two potential options. They have asked for your expert...
can I please have help with this? how would I calculate this in a financial calculator?...
can I please have help with this? how would I
calculate this in a financial calculator?
Calculate the effective cost of the following loan if the borrower Loan amount: $100,000; Term: 30 years a. 8.285% b. C. prepays at the end of year 3 Interest rate: 7.5%; Monthly Payment: 5% prepayment penalty over entire te mn 8.645% 8.935% None of the above d. 20. You borrow $100,000 mortgage with monthly payments. You can either choose 15-year term wi choose 30-year...
I need help with this question. Back to Assignment Attempts: Average: 74 Attention: Due to a...
I need help with this question.
Back to Assignment Attempts: Average: 74 Attention: Due to a bug in Google Chrome, this page may not function correctly. Click here to learn more. Aa Aa 15. Mortgage payments Mortgages, loans taken to purchase a property, involve regular payments at fixed intervals and are treated as reverse annuities. Mortgages are the reverse of annuities, because you get a lump-sum amount as a loan in the beginning, and then you make monthly payments to...
May I please have help with 19 and 20 and how to solve them ? Calculate...
May I please have help with 19 and 20 and how to solve
them ?
Calculate the effective cost of the following loan if the borrower prepays at Loan amount $100,000, Term: 30 years; Interest rate: 75% Monthly Payment, b. 8.645% d. None of the above the end of year 3 8.285% 5%prepayment penalty over c 8.935% 20. You borrow $100,000 choose 30-year term payment between these two mortgages? a. $84,854 b. $102,366 c. $125,786 d. None of the above...
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...
may I please have help with number 21 and 22 20. You borrow S 100,000 mortgage...
may I please have help with number 21 and 22
20. You borrow S 100,000 mortgage with monthly payments. You can either choose 15-year term with interest rate 7%, or choose 30-year term with interest nte 8% 1f both loans are held to maturity, what is the difference of total interest payment between these two mortgages? a. $84,854 b. $102.366 $125.786 d. None of the above 21 You borrow si 10,000 at 6% for 30 years with monthly payments. You...
need help thanks! Suppose that you have just borrowed $250,000 in the form of a 30...
need help thanks!
Suppose that you have just borrowed $250,000 in the form of a 30 year mortgage. The loan has an annual interest rate of 9% with monthly payments and monthly compounding. a. What will your monthly payment be for this loan? b. What will the balance on this loan be at the end of the 12th year? How much interest will you pay in the 7th year of this loan? d. How much of the 248th payment will...
** Please read the bold statement after the question, I have the answers, but I need...
** Please read the bold statement after the question, I have the
answers, but I need to make sure they are correct. Thanks**
#1 Using a spreadsheet application, create an amortization
schedule for a 30 year, fixed rate (4.58%) $200k loan. Answer the
following: what is the monthly payment? how much total interest
will you pay? Print out enough of your spreadsheet to defend your
work and answers.
Assume that you took the loan in #1 and paid your monthly...
Real Estate Finance answer all please . John Corbitt takes a fully amortizing mortgage for $80,000 at 10 pe...
Real Estate Finance
answer all please
. John Corbitt takes a fully amortizing mortgage for $80,000 at 10 percent interest for 30 years, monthly payments. What will be his monthly payment? 2. Dave Burns wants to buy a house. To do so, he must incur a mortgage. A local lender has determined that Dave can afford a monthly payment of $600, principal and interest. If the current interest rate on 30-yearm fixed-rate mortgage is 9.50 percent, what is the maximum...
Please, be neat and detailed. Explanations would be
great. I need to understand it. Thank you.
1. [5 points total] Drs. Bhattacharya and Malinowski are expecting their third child and therefore are in the market for a new, larger, home. They are looking at a traditional colonial style home with a swimming pool on Nottingham Terrace that will cost $999,000 to purchase. They are now comparing lending options and have identified two potential options. They have asked for your expert...
can I please have help with this? how would I
calculate this in a financial calculator?
Calculate the effective cost of the following loan if the borrower Loan amount: $100,000; Term: 30 years a. 8.285% b. C. prepays at the end of year 3 Interest rate: 7.5%; Monthly Payment: 5% prepayment penalty over entire te mn 8.645% 8.935% None of the above d. 20. You borrow $100,000 mortgage with monthly payments. You can either choose 15-year term wi choose 30-year...
I need help with this question.
Back to Assignment Attempts: Average: 74 Attention: Due to a bug in Google Chrome, this page may not function correctly. Click here to learn more. Aa Aa 15. Mortgage payments Mortgages, loans taken to purchase a property, involve regular payments at fixed intervals and are treated as reverse annuities. Mortgages are the reverse of annuities, because you get a lump-sum amount as a loan in the beginning, and then you make monthly payments to...
May I please have help with 19 and 20 and how to solve
them ?
Calculate the effective cost of the following loan if the borrower prepays at Loan amount $100,000, Term: 30 years; Interest rate: 75% Monthly Payment, b. 8.645% d. None of the above the end of year 3 8.285% 5%prepayment penalty over c 8.935% 20. You borrow $100,000 choose 30-year term payment between these two mortgages? a. $84,854 b. $102,366 c. $125,786 d. None of the above...
may I please have help with number 21 and 22
20. You borrow S 100,000 mortgage with monthly payments. You can either choose 15-year term with interest rate 7%, or choose 30-year term with interest nte 8% 1f both loans are held to maturity, what is the difference of total interest payment between these two mortgages? a. $84,854 b. $102.366 $125.786 d. None of the above 21 You borrow si 10,000 at 6% for 30 years with monthly payments. You...
need help thanks!
Suppose that you have just borrowed $250,000 in the form of a 30 year mortgage. The loan has an annual interest rate of 9% with monthly payments and monthly compounding. a. What will your monthly payment be for this loan? b. What will the balance on this loan be at the end of the 12th year? How much interest will you pay in the 7th year of this loan? d. How much of the 248th payment will...
** Please read the bold statement after the question, I have the
answers, but I need to make sure they are correct. Thanks**
#1 Using a spreadsheet application, create an amortization
schedule for a 30 year, fixed rate (4.58%) $200k loan. Answer the
following: what is the monthly payment? how much total interest
will you pay? Print out enough of your spreadsheet to defend your
work and answers.
Assume that you took the loan in #1 and paid your monthly...
Real Estate Finance
answer all please
. John Corbitt takes a fully amortizing mortgage for $80,000 at 10 percent interest for 30 years, monthly payments. What will be his monthly payment? 2. Dave Burns wants to buy a house. To do so, he must incur a mortgage. A local lender has determined that Dave can afford a monthly payment of $600, principal and interest. If the current interest rate on 30-yearm fixed-rate mortgage is 9.50 percent, what is the maximum...
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