ZuoTi.Pro
Question

10 Years ago you took out a 30-year mortgage to buy a house. Your annual payment...

10 Years ago you took out a 30-year mortgage to buy a house. Your annual payment is $18,162 and your current interest rate is 6%. Suppose you now want to refinance and still pay off the house in 20 years, how much principal do you still owe on the mortgage?

I keep getting the wrong answer using my BA II Plus Calculator.

The correct Answer is $208,316.71

business   finance   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

Clear the values in the calculator and then try

Since you took the loan 10 years back so the number of period remains is 20 So in the financial calculator key in these value

0 0
Add a comment
Know the answer?
Add Answer to:
10 Years ago you took out a 30-year mortgage to buy a house. Your annual payment...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • When you purchased your​ house, you took out a​ 30-year annual-payment mortgage with an interest rate...

    When you purchased your​ house, you took out a​ 30-year annual-payment mortgage with an interest rate of 5 % per year. The annual payment on the mortgage is $ 17 comma 573. You have just made a payment and have now decided to pay the mortgage off by repaying the outstanding balance. a. What is the payoff amount if you have lived in the house for 18 years​ (so there are 12 years left on the​ mortgage)? b. What is...

  • 1.) When you purchased your house 12 years ago, you took out a $300,225 mortgage to...

    1.) When you purchased your house 12 years ago, you took out a $300,225 mortgage to be paid back monthly over 30 years, with an APR of 6% compounded monthly. You have just made a payment and now have decided to pay the mortgage off by repaying the outstanding balance. a) What is your monthly payment on the mortgage? b.) What is the remaining balance of your mortgage? (Note there are 18 years left on the mortgage.)

  • When you purchased your house 4 years ago, you took out a $300,000, 30 year FRM...

    When you purchased your house 4 years ago, you took out a $300,000, 30 year FRM loan at 7.5%. You also paid 2 points to get this loan. Now you want to sell your house and buy another one. In order to do so, you must pay off the existing one. The loan came with 1% prepayment penalty. What has been your effective interest rate on this loan? (show work)(use financial calculator)

  • 3. Your dad bought a house for you 10 years ago. He took out a $200,000...

    3. Your dad bought a house for you 10 years ago. He took out a $200,000 mortgage then. The mortgage has a 15year term with monthly payments and has an APR of 8.00%. He paid monthly mortgage for 10 years or 120 months. On October1, 2018, you became the owner of the house and started to be responsible for the rest of the mortgage payments. (Hint: If you continue with the mortgage, you will pay the monthly payment for another...

  • suppose you took a $100,000 15 year fixed-rate mortgage at 4.5% (APR) 3 years ago. Now...

    suppose you took a $100,000 15 year fixed-rate mortgage at 4.5% (APR) 3 years ago. Now the market interest rate has dropped to 4%, and you are considering refinance your mortgage. (1) What was the original monthly payment? (2) Suppose you just made the 36th monthly payments. What is the remaining mortgage balance? (3) If you refinance with mortgage with another bank and keep the remaining term (that is, 12 years until the mortgage is paid off), what would the...

  • Five years ago you took out a 30-year mortgage with an APR of 6.5% for $200,000....

    Five years ago you took out a 30-year mortgage with an APR of 6.5% for $200,000. If you were to refinance the mortgage today for 20 years at an APR of 4.25%, how much would your monthly payment change by? (5 points) Your current monthly mortgage payment is $ .(2 decimal places) (5 points) Your current mortgage balance is $ . (1 decimal places) (5 points) Your new monthly mortgage payment would be $ after refinancing. (2 decimal places) (2...

  • 2 years ago we purchased a house with a $525,000 mortgage at 9% with 30 year mortgage What is the monthly payment? Ho...

    2 years ago we purchased a house with a $525,000 mortgage at 9% with 30 year mortgage What is the monthly payment? How much is owed after 2 years? How much interest did we pay over a 2 yr period? If we are looking to refinance and the current rate is 6.75% what would be the monthly payment on a 20yr and 15 yr mortgage.

  • Mortgage question: I buy a condo for $300,000 with 15% down at 4.8%. My current payment...

    Mortgage question: I buy a condo for $300,000 with 15% down at 4.8%. My current payment is $1,337.90. The real estate market is rising so my condo appreciates 4% every year. Also, my condo interest rate falls to 3.6%. I decide to refinance. I can refinance into a new mortgage for 85% of the value of my condo. 1) What is the value of my condo at the end of year 3? 2) Before you refinance, what is the principal...

  • Exactly 12 years ago Paul took out a mortgage of $500 000 to buy a house....

    Exactly 12 years ago Paul took out a mortgage of $500 000 to buy a house. The loan was taken over 25 years at 12% p.a. with interest compounding monthly and Paul makes monthly repayments. Paul's just won a lottery prize of $400 000. Show that the prize is insufficient to pay out the remaining debt using series

  • When you purchased your house 4 years ago, you took out a $300,000, 30 year FRM loan at 7.5%. You also paid 2 points to...

    When you purchased your house 4 years ago, you took out a $300,000, 30 year FRM loan at 7.5%. You also paid 2 points to get this loan. Now you want to sell your house and buy another one. In order to do so, you must pay off the existing one. The loan came with 1% prepayment penalty. What has been your effective interest rate on this loan? (show work)

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
Active Questions
ADVERTISEMENT