Consider a 20 year mortgage for $359670 at an annual interest rate of 4.8%. After 9 years, the mortgage is refinanced to an annual interest rate of 2.1%. What are the monthly payments after refinancing?
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Consider a 20 year mortgage for $359670 at an annual interest rate of 4.8%. After 9...
Consider a 20-year mortgage for $396,521 at an annual interest rate of 4.8%. After 6 years, the mortgage is refinanced to an annual interest rate of 2.3%. What are the monthly payments after refinancing? Round your answer to the nearest dollar.
Mr. H issues a 25 year mortgage of $225,000 at an annual interest rate of 4.5% to buy a house.The mortgage payments are made annually. 1. What is Mr. H's annual payment of principal and interest? $17,298 $13,353 $16,691 $15,174 2. How much interest does Mr. H pay in the second year of the mortgage? $11,283 $9,898 $8,710 $10,888 3. Suppose that immediately after making the second annual payment, Mr. H has the opportunity to refinance the remaining mortgage balance...
Ten years ago you obtained a 30-year mortgage for $400,000 with a fixed interest rate of 3% APR compounded monthly. The mortgage is a standard fixed rate mortgage with equal monthly payments over the life of the loan. What are the monthly fixed mortgage payments on this mortgage (i.e., the minimum required monthly payments to pay down the mortgage in 30 years)? What is the remaining loan balance immediately after making the 120th monthly payment (i.e., 10 years after initially...
20 Problem 5-55 Teaser Rate Mortgage (LG5-9) A mortgage broker is offering a 30-year $178,900 mortgage with a teaser rate. In the first two years of the mortgage, the borrower makes monthly payments on only a 3.5 percent APR interest rate. After the second year, the mortgage interest rate charged increases to 6.5 percent APR. 5 oints What are the monthly payments in the first two years? (Do not round intermediate calculations and round your final answer to 2 decimal...
A 20-year mortgage has an annual interest rate of 5 percent and a loan amount of $150,000. What are the monthly mortgage payments?
Consider a 20 year fixed rate mortgage for $175,000 at nominal interest rate of 8%. If the borrower wants to pay off the remaining balance on the mortgage after making the 12th payment, what is the remaining balance on the loan? Assume monthly payments. $157,624 $168,980 $173,538 $171,301
Ann got a 30 year Fully Amortizing FRM for $1,000,000 at an annual interest rate of 8% compounded monthly, with monthly payments. After 5 years of payments, Ann can refinance the balance into a 25 year Fully Amortizing FRM at an annual interest rate of 5% compounded monthly, with monthly payments. Refinancing will cost Ann 2 points and $1,500 in closing costs. If Ann refinances into this loan after 5 years, what will be her total cost of refinancing?"
Consider a 30-year mortgage for $330,582 at an annual interest rate of 4.3%. What is the remaining balance after 8 years?
Suppose you take out a 30-year mortgage for $241119 at an annual interest rate of 6.1%. After 10 years, you refinance to an annual rate of 4.9%, when there are 10 years left on the loan, you refinance again to an annual rate of 2.7%. What are your monthly payments for the last 10 years? Round your answer to the nearest dollar.
Problem 5-56 Teaser Rate Mortgage (LG5-9) A mortgage broker is offering a 25-year $280,000 mortgage with a teaser rate. In the first two years of the mortgage, the borrower makes monthly payments on only a 4.6 percent APR Interest rate. After the second year, the mortgage interest rate charged increases to 7.6 percent APR. What are the monthly payments in the first two years? (Do not round intermediate calculations and round your final answer to 2 decimal places.) Monthly payment...