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![Monthly payment for 15 years [Pxrx(1+r)^n] =((1+r)^n-1] Here, 6% 1 Interest rate per annum 2 Number of years 3 Number of comp](http://img.homeworklib.com/questions/cac5e390-792b-11ea-8d1d-af309db05cb4.png?x-oss-process=image/resize,w_560)
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10 pts Question 7 Suppose that you can only qualify for a monthly mortgage payment of...
D Question 7 Suppose that you can only qualify for a monthly mortgage payment of $989.26...
D Question 7 Suppose that you can only qualify for a monthly mortgage payment of $989.26 lon a $165.000, 30-year mortgage at 6. How much extramust you send in each month to pay the mortgage off in 15 years? 10 pts $393.41 $366.46 $332.82 $403.10 $432.80
A. What would be your monthly mortgage payment if you pay for a $250,000
4. A. What would be your monthly mortgage payment if you pay for a $250,000 home by making a 20% down payment and then take out a 3.74% thirty year fixed rate mortgage loan where interest is compounded monthly to cover the remaining balance. All work must be shown justifying the following answers. Mortgage payment = B. How much total interest would you have to pay over the entire life of the loan. Total interest paid = C. Suppose you inherit some money and...
A family has a $142,847, 25-year mortgage at 4.8% compounded monthly (A) Find the monthly payment...
A family has a $142,847, 25-year mortgage at 4.8% compounded monthly (A) Find the monthly payment and the total interest paid. (B) Suppose the family decides to add an extra $100 to its mortgage payment each month starting with the very first payment. How long will it take the family to pay off the mortgage? How much interest will the family save? (A) Monthly payment: $ (Round to two decimal places.)
Consider a mortgage of $150,000 at an interest rate of 3.6% APR compounded monthly for 30...
Consider a mortgage of $150,000 at an interest rate of 3.6% APR compounded monthly for 30 years. 1. What would your monthly payment (PI) be? 2. How much interest would you pay over the 30 years note? 3. If you pay an extra $600 each month, how long would it take to pay off the loan? 4. Refer to #3, how much interest would you pay? 5. What would be your monthly payment if you wanted to pay off the...
Suppose you are two years into a 30-year mortgage at 4.125%. Your minimal monthly payment is $710...
Suppose you are two years into a 30-year mortgage at 4.125%. Your minimal monthly payment is $710.79 and your remaining balance on the loan is $141,500. You've been offered a deal to refinance to a 15 year mortgage at 3.125% with no closing costs. To determine if you should refinance, answer the following. (A) What is the monthly payment on a 15 year mortgage for $141,500 at 3.125% interest? (B) If you were to make the minimum monthly payments on...
Suppose you just purchase a new house for $550,000, with a 20% down payment. The mortgage...
Suppose you just purchase a new house for $550,000, with a 20% down payment. The mortgage has a 6.1 percent stated annual interest rate, compounded monthly, and calls for equal monthly payments over the next 30 years. Your first payment will be due in 1 month. However, the mortgage has an eight-year balloon payment, meaning that the balance of the loan must be paid off at the end of Year 8. Suppose there are no other transaction costs or finance...
Note. No class on Mónday, January 21, for observance Of MILR day. Consider a mortgage of...
Note. No class on Mónday, January 21, for observance Of MILR day. Consider a mortgage of $150,000 at an interest rate of 3.6% APR compounded monthly for 30 years. 1. What would your monthly payment (PI) be? 2. How much interest would you pay over the 30 years note? 3. If you pay an extra $600 each month, how long would it take to pay off the loan? Refer to #3, how much interest would you pay? 5. What would...
Suppose you purchase your first home by making a $10,000 down payment on a debt of...
Suppose you purchase your first home by making a $10,000 down payment on a debt of $150,000. The bank charges an APR of 4.8% compounded monthly for a 30 year mortgage. Your monthly payment on the remaining $140,000 is $787.00. (Do not enter $ sign and round answers to the nearest cent: Examples: 650.35, 12000.00) a) You elect to payoff the entire loan after you pay 240 payments (120 payments remain). How much must you pay to payoff the loan...
7. You need a 25-year, fixed-rate mortgage to buy a new home for $210,000. Your mortgage...
7. You need a 25-year, fixed-rate mortgage to buy a new home for $210,000. Your mortgage bank will lend you the money at a 8.1 percent APR for this 300-month loan. However, you can afford monthly payments of only $900, so you offer to pay off any remaining loan balance at the end of the loan in the form of a single balloon payment. Required: How large will this balloon payment have to be for you to keep your monthly...
You just entered into a $150,000 30-year home mortgage at an annual interest rate of 4.25%...
You just entered into a $150,000 30-year home mortgage at an annual interest rate of 4.25% making monthly payments of $737.91. Suppose you add an additional payment of $295.97 each month to the $737.91 house payment making your total monthly payments equal to $1,033.88. This extra amount is applied against the principal of the original loan. How long will it take you to pay off your loan of $150,000? Use a calculator to determine your answer. a. It will take...
D Question 7 Suppose that you can only qualify for a monthly mortgage payment of $989.26 lon a $165.000, 30-year mortgage at 6. How much extramust you send in each month to pay the mortgage off in 15 years? 10 pts $393.41 $366.46 $332.82 $403.10 $432.80
A family has a $142,847, 25-year mortgage at 4.8% compounded monthly (A) Find the monthly payment and the total interest paid. (B) Suppose the family decides to add an extra $100 to its mortgage payment each month starting with the very first payment. How long will it take the family to pay off the mortgage? How much interest will the family save? (A) Monthly payment: $ (Round to two decimal places.)
Consider a mortgage of $150,000 at an interest rate of 3.6% APR compounded monthly for 30 years. 1. What would your monthly payment (PI) be? 2. How much interest would you pay over the 30 years note? 3. If you pay an extra $600 each month, how long would it take to pay off the loan? 4. Refer to #3, how much interest would you pay? 5. What would be your monthly payment if you wanted to pay off the...
Note. No class on Mónday, January 21, for observance Of MILR day. Consider a mortgage of $150,000 at an interest rate of 3.6% APR compounded monthly for 30 years. 1. What would your monthly payment (PI) be? 2. How much interest would you pay over the 30 years note? 3. If you pay an extra $600 each month, how long would it take to pay off the loan? Refer to #3, how much interest would you pay? 5. What would...
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