Jimmy paid off a mortgage by paying $750 per month for 14 years. What was the...
Jimmy paid off a mortgage by paying $750 per month for 14 years. What was the original amount of the mortgage if the interest rate charged was 5.50% compounded semi-annually?
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![Effective annual rate of 5.5% compounded : 5.58% [(1 +5.5%/2)^2-1] Convert that effective to nominal monthly rate : 5.44% ((0](http://img.homeworklib.com/questions/ea8b3b40-f548-11ea-8f73-cb03eaacdc17.png?x-oss-process=image/resize,w_560)
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Jimmy paid off a mortgage by paying $750 per month for 14 years.
What was the...
Jimmy paid off a mortgage by paying $750 per month for 14 years. What was the...
Jimmy paid off a mortgage by paying $750 per month for 14 years. What was the original amount of the mortgage if the interest rate charged was 5.50% compounded semi-annually?
Question 12 of 13 Jimmy paid off a mortgage by paying $750 per month for 14...
Question 12 of 13 Jimmy paid off a mortgage by paying $750 per month for 14 years. What was the original amount of the mortgage if the interest rate charged was 4.40% compounded semi-annually? Round to the nearest cent 7 SAVE PROGRESS SUBMIT
Question 7 of 13 Jimmy paid off a mortgage by paying $725 per month for 10...
Question 7 of 13 Jimmy paid off a mortgage by paying $725 per month for 10 years. What was the original amount of the mortgage if the interest rate charged was 5.30% compounded semi-annually? Round to the nearest cent e Next Question
Richard leased equipment worth $35,000 for 9 years and will own it outright at the end...
Richard leased equipment worth $35,000 for 9 years and will own it outright at the end of the lease with no further payment. Calculate the size of the monthly lease payments if the lease rate is 6.53% compounded monthly. Note: Lease payments are made at the beginning of each month. yummy paid off a mortgage by paying $700 per month for 14 years. What was the original amount of the mortgage if the interest rate charged was 4.20% compounded semi-annually?
factors that affect the length of time it take to pay off mortgage Complete the following...
factors that affect the length of time it take to pay
off mortgage
Complete the following assignment and submit your work to the dropbox. your fic, ensure your name appears on the top of every page of your document and that all calculations have been double checked The cost to purchase a new condominium is $145000. The bank insists on a minimum down payment of $5000 and will grant you a mortgage for the remaining amount. The bank offers an...
(4 points) Consider a 2-year mortgage loan that is paid back semi-annually. The semi-annually compounded mortgage rate is 5%. The principal is $1000. a) (1 point) Calculate the semi-annual coupon. b)...
(4 points) Consider a 2-year mortgage loan that is paid back semi-annually. The semi-annually compounded mortgage rate is 5%. The principal is $1000. a) (1 point) Calculate the semi-annual coupon. b) (3 points) How much of the coupon is interest payment and how much is principal repayment in 0.5 year, in 1 year, in 1.5 years, and in 2 years? Also calculate the (post- coupon) notional value of the outstanding principle for these four dates.
(4 points) Consider a 2-year...
Ali deposited $1,200 at the end of every month into an RRSP for 6 years. The...
Ali deposited $1,200 at the end of every month into an RRSP for 6 years. The interest rate earned was 5.50% compounded semi-annually for the first 3 years and changed to 5.75% compounded monthly for the next 3 years. What was the accumulated value of the RRSP at the end of 6 years?
A 21-year mortgage is amortized by making payments of $3,052.61 at the end of every month....
A 21-year mortgage is amortized by making payments of $3,052.61 at the end of every month. If interest is 8.45% compounded semi-annually, what was the original mortgage balance? Select one: a. $342,119.36 b. $351,979.36 c. $363,506.77 d. $322,919.36 e. $362,111.36
A mortgage requires payments of $1,000.00 at the end of every month for 25 years. If...
A mortgage requires payments of $1,000.00 at the end of every month for 25 years. If interest is 6% compounded semi-annually, calculate the principal of the loan. Select one: O a. $300,000 b. $33,328.64 O c. $155,206.86 O d. $156,297.23 e. $46,188.41
Satwinder deposited $145 at the end of each month for fifteen years at 7.5% compounded monthly. After her last deposit...
Satwinder deposited $145 at the end of each month for fifteen years at 7.5% compounded monthly. After her last deposit she converted the balance into an ordinary annuity paying $1200 every three months for twelve years. If interest on the annuity is compounded semi-annually what is the nominal rate of interest paid by the annuity?
Question 12 of 13 Jimmy paid off a mortgage by paying $750 per month for 14 years. What was the original amount of the mortgage if the interest rate charged was 4.40% compounded semi-annually? Round to the nearest cent 7 SAVE PROGRESS SUBMIT
Question 7 of 13 Jimmy paid off a mortgage by paying $725 per month for 10 years. What was the original amount of the mortgage if the interest rate charged was 5.30% compounded semi-annually? Round to the nearest cent e Next Question
Richard leased equipment worth $35,000 for 9 years and will own it outright at the end of the lease with no further payment. Calculate the size of the monthly lease payments if the lease rate is 6.53% compounded monthly. Note: Lease payments are made at the beginning of each month. yummy paid off a mortgage by paying $700 per month for 14 years. What was the original amount of the mortgage if the interest rate charged was 4.20% compounded semi-annually?
factors that affect the length of time it take to pay
off mortgage
Complete the following assignment and submit your work to the dropbox. your fic, ensure your name appears on the top of every page of your document and that all calculations have been double checked The cost to purchase a new condominium is $145000. The bank insists on a minimum down payment of $5000 and will grant you a mortgage for the remaining amount. The bank offers an...
(4 points) Consider a 2-year mortgage loan that is paid back semi-annually. The semi-annually compounded mortgage rate is 5%. The principal is $1000. a) (1 point) Calculate the semi-annual coupon. b) (3 points) How much of the coupon is interest payment and how much is principal repayment in 0.5 year, in 1 year, in 1.5 years, and in 2 years? Also calculate the (post- coupon) notional value of the outstanding principle for these four dates.
(4 points) Consider a 2-year...
A 21-year mortgage is amortized by making payments of $3,052.61 at the end of every month. If interest is 8.45% compounded semi-annually, what was the original mortgage balance? Select one: a. $342,119.36 b. $351,979.36 c. $363,506.77 d. $322,919.36 e. $362,111.36
A mortgage requires payments of $1,000.00 at the end of every month for 25 years. If interest is 6% compounded semi-annually, calculate the principal of the loan. Select one: O a. $300,000 b. $33,328.64 O c. $155,206.86 O d. $156,297.23 e. $46,188.41
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