What is the monthly payment on a 30-year mortgage of $150,000 at 11% interest per year,...

Question

Question

What is the monthly payment on a 30-year mortgage of $150,000 at 11% interest per year, compounded monthly? (Round your answe

Answer 1

Answer #1

monthly payment

=150000/((1-(1+(11%/12))^(-30*12))/(11%/12))

=1428.49

total amnount paid on loan=1428.49*30*12=514256.40

Answer 2

Similar Homework Help Questions

What is the monthly payment on a 30-year mortgage of $60,000 at 7% interest? (Round your...

What is the monthly payment on a 30-year mortgage of $60,000 at 7% interest? (Round your answer to the nearest cent.) $ What is the monthly payment on this same mortgage if it is to be repaid over a 15-year period? (Round your answer to the nearest cent.) $
Find the monthly payment needed to amortize a typical $115,000 mortgage loan amortized over 30 years...

Find the monthly payment needed to amortize a typical $115,000 mortgage loan amortized over 30 years at an annual interest rate of 5.3% compounded monthly. (Round your answers to the nearest cent.) $ Find the total interest paid on the loan. $
Find the monthly payment needed to amortize a typical $205,000 mortgage loan amortized over 30 years...

Find the monthly payment needed to amortize a typical $205,000 mortgage loan amortized over 30 years at an annual interest rate of 7.1% compounded monthly. (Round your answers to the nearest cent.) a) $ b) Find the total interest paid on the loan. $

Find the monthly payment needed to amortize a typical $95,000 mortgage loan amortized over 30 years...

Find the monthly payment needed to amortize a typical $95,000 mortgage loan amortized over 30 years at an annual interest rate of 6.9% compounded monthly (Round your answers to the nearest cent.) $623.67 X Enter a number Find the total interest paid on the loan. Anther Vansion
1.) Consider a home mortgage of $150,000 at a fixed APR of 6% for 15 years....

1.) Consider a home mortgage of $150,000 at a fixed APR of 6% for 15 years. -. Calculate the monthly payment. -. Determine the total amount paid over the term of the loan. - Of the total amount paid, what percentage is paid toward the principal and what percentage is paid for interest. a. The monthly payment is what? (Do not round until the final answer. Then round to the nearest cent as needed.) b. The total amount paid over...
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...

Consider a 30-year mortgage with an interest rate of 10% compounded monthly and a monthly payment...

Consider a 30-year mortgage with an interest rate of 10% compounded monthly and a monthly payment of $850. (1) Calculate the principal. (2) How much of the principal is paid the first, 5th, 20th and last year? (3) How much interest is paid the first, 5th, 20th and last year year? (4) What is the total amount of money paid during the 30 years? (5) What is the total amount of interest paid during the 30 years? (6) What is...
(1) What would be the monthly payment for the 30 year monthly mortgage (total 360 equal...

(1) What would be the monthly payment for the 30 year monthly mortgage (total 360 equal amount payments) on the house worth three hundred thousand now, if the first payment is due a month from now and the yearly interest rate is (a) r-: 4% compounded monthly, (b) r-4% compounded continuously, (c) r-5% compounded monthly, (d) r--5% compounded continuously. Explain your calculations and box your answers giving nearest integer to the actual answer
Consider a 30-year mortgage at an interest rate of 9% compounded monthly with a $1300 monthly...

Consider a 30-year mortgage at an interest rate of 9% compounded monthly with a $1300 monthly payment. What is the total amount paid in interest?

A $130,000 mortgage amortized by monthly payments over 20 years is renewable after five years (a)...

A $130,000 mortgage amortized by monthly payments over 20 years is renewable after five years (a) If interest is 5.22% compounded annually, what is the size of each monthly payment? (b) Find the total interest paid during the first year. (c) Compute the interest included in the 26th payment. (d) If the mortgage is renewed after five years at 4.10% compounded annually, what is the size of the monthly payment for the renewal period? (0) Construct a partial amortization schedule...