John and Peggy recently bought a house. They financed the house with a $195,000, 30-year mortgage...
John and Peggy recently bought a house. They financed the house with a $195,000, 30-year mortgage with a nominal interest rate of 7.47%. Mortgage payments are made at the end of each month. What total dollar amount of their mortgage payments during the first 5 years will go towards repayment of principal?
Homework Answers
SEE THE SCREENSHOT. ANY DOUBTS, HAPPY TO HELP YOU. THANK YOU. THUMBS UP PLEASE.
![Home nert Page Layout Formulas Data Review View dd-Ins Cut Σ AutoSum ー E ゴWrap Text ta copy ▼ в 1 프 . Ej-., Δ. : rーー 逻锂函Merge & Center. $, % , 弼,8 C Paste Conditional Format CeInsert Delete Format Formatting, as Table w styles. ▼ ㆆ ▼ Sort &Find & 2 ClearFe Select Edting Format Painter Clipboard BG208 AY Font Alignment Number Cells AZ BA BC BD BE BF BG BH Bl BJ BK 194 195 196 197 198 199 200 201 202 203 204 205 206 207 208 209 210 211 212 LOAN YEARS RATE PMT 195000 30 7、47% 1359.46 [EXCEL PMT(BC197/12,BC196 12,-BC195)] PRESENT VALUE OF LOAN AFTER 5 YEARS YEARS LEFT LOAN BALANCE= 184449.02[EXCEL-PV(BC197/12,BC201*12,-BC 198)] 25 REPAYMENT OF PRINCIPAL IN 5 YEARS ANSWER REPAYMENT = $ 10,550.98 [BC195-BC202] CALCULATOR | LOAN OPTIONS fv. ann CAP STRU VALUE BOX DILUTION DOLLAR COST AVGMORTGAGE EXPO SheetiSheet2ShlI 福 130% 22-01-2019](http://img.homeworklib.com/questions/79ef7a20-78ac-11ea-b79d-69d8b82f5175.png?x-oss-process=image/resize,w_560)
Add Answer to:
John and Peggy recently bought a house. They financed the house
with a $195,000, 30-year mortgage...
33 John and Peggy recently bought a house. They financed the house with a $236,000, 30-year...
33 John and Peggy recently bought a house. They financed the house with a $236,000, 30-year mortgage with a nominal interest rate of 6.38%. Mortgage payments are made at the end of each month. What total dollar amount of their mortgage payments during the first 7 years will go towards repayment of principal? $21,061.49 $100,693.06 $23,047.75 $112,000.89 $29,693.34
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
A friend bought a house 15 years ago, taking out a $195,000 mortgage at 6% interest...
A friend bought a house 15 years ago, taking out a $195,000 mortgage at 6% interest for 30 years. How much does she still owe on her mortgage?
Assume you’ve recently purchased a home for $129,000 and you will be making monthly payments on...
Assume you’ve recently purchased a home for $129,000 and you will be making monthly payments on the mortgage. If the mortgage is for 30 years at an interest rate of 5%, what will be the monthly payment? For the first monthly payment, how much will go towards interest payment and how much will go towards repayment of the principal?
Izzy bought a house for $200,000 which she financed for 30 years at 3%, annual payments....
Izzy bought a house for $200,000 which she financed for 30 years at 3%, annual payments. How much Principal did she pay on the loan the first year? $4,203.85 $6,000.00 $8,319.61 $10,203.85
Loan Amortization Your company is planning to borrow $2.25 million on a 5-year, 8%, annual payment,...
Loan Amortization Your company is planning to borrow $2.25 million on a 5-year, 8%, annual payment, ly amortize term loan. What fraction of the payment made at the end of the second year will represent repayment of principal? Do not round intermediate calculations. Round your answer to two decimal places Loan Amortization Assume that your aunt sold her house on December 31, and to his close the sale she took a second mortgage in the amount of $30,000 as part...
Laura and Martin obtain a 30-year, $1 10,000 conventional mortgage at 10.5% on a house seling for S15 a) Determine the...
Laura and Martin obtain a 30-year, $1 10,000 conventional mortgage at 10.5% on a house seling for S15 a) Determine the total amount they will pay for their house. b) How much of the cost will be interest? c) How much of the first payment on the mortgage is applied to the principal? The r month 31, 65 mortgage payment including principal and inte est a) The total amount that Laura and Martin will pay for their house is s...
Mortgage Information Annual Interest Rate 4.90% Repayment Years 30 Price of House $275,000 Down Payment $55,000...
Mortgage Information Annual Interest Rate 4.90% Repayment Years 30 Price of House $275,000 Down Payment $55,000 Principal of Loan Monthly Payments On the Mortgage worksheet, use the PMT function in cell B7 to calculate the monthly payments of the mortgage. Use cell locations from this worksheet to define each argument of the function. Assumethat payments are made at the end of each month.On the Mortgage worksheet, use the data provided to enter a formula in cell B6 to calculate the...
You are buying a house that costs $440000 and plan on taking out a 30-year fixed...
You are buying a house that costs $440000 and plan on taking out a 30-year fixed rate mortgage at an annual interest rate of 2.4%. 1)You make a 15% down payment of 66000, and take out a loan for the remaining $374000. How much would your mortgage payments be? (Ignore taxes, fees, and other charges, and round to the nearest penny.) . 2)You make this mortgage payment at the end of the first month. Your mortgage payment at the end of...
John and Katie bought a house in Edmonton exactly 7 years ago. They took out a...
John and Katie bought a house in Edmonton exactly 7 years ago. They took out a mortgage of $500,000 at that time. The mortgage has a 25-year amortization period, monthly mortgage payments, and a quoted interest rate of 5% (APR, semi-annually compounded). John and Katie recently decided to buy a new house, also in Edmonton. Today they will receive payment from the buyer of their old home and make a down payment on the new house. If the old house...
Loan Amortization Your company is planning to borrow $2.25 million on a 5-year, 8%, annual payment, ly amortize term loan. What fraction of the payment made at the end of the second year will represent repayment of principal? Do not round intermediate calculations. Round your answer to two decimal places Loan Amortization Assume that your aunt sold her house on December 31, and to his close the sale she took a second mortgage in the amount of $30,000 as part...
Laura and Martin obtain a 30-year, $1 10,000 conventional mortgage at 10.5% on a house seling for S15 a) Determine the total amount they will pay for their house. b) How much of the cost will be interest? c) How much of the first payment on the mortgage is applied to the principal? The r month 31, 65 mortgage payment including principal and inte est a) The total amount that Laura and Martin will pay for their house is s...
Most questions answered within 3 hours.
-
Solid potassium phosphate is slowly added to 150 mL of a 0.0518
M calcium nitrate solution....
asked 10 seconds ago -
(CO 2) A field can be added to a report to
values for two or more...
asked 1 hour ago -
Identify 3 research scenarios that might provide a low,
medium, and high degree of variability in...
asked 2 hours ago -
how
does gravity affect the trajectory of projectile? what would be the
shape of the trajactory...
asked 3 hours ago -
Two small plastic spheres are given positive electrical charges.
When they are a distance of 15.4...
asked 3 hours ago -
An acidic solution containing gold ions is
electrolyzed, producing gaseous oxygen (from water) at the anode...
asked 3 hours ago -
Assume that the population of Mexico is 128
million and that the population increases 1.01
percentannually....
asked 4 hours ago -
Can someone please help me add appropriate descriptive
comments to each line of code in the...
asked 4 hours ago -
Romeo wishes to throw a bouquet of flowers to Juliet, who is on
a second-story balcony,...
asked 5 hours ago -
Why is QE a controversial monetary policy tool.
A. It may lead to excessive inflation.B. By...
asked 5 hours ago -
Principles of Programming midterm study guide help!
1.)
______ Which of the following would reference the...
asked 5 hours ago -
A finite potential well has depth U0 = 2.78 eV . What is the
penetration distance...
asked 6 hours ago