You want to take out a $340,000 mortgage. The mortgage rate is 5.99% (APR, semi-annually compounded)...
You want to take out a $340,000 mortgage. The mortgage rate is 5.99% (APR, semi-annually compounded) with monthly payments and a 10-year amortization period. What would be your monthly mortgage payments?
Homework Answers
APR(semi-annually) = 5.99%
APR(monthly) = 12[(1 + 0.0599/2)1/6 - 1] = 5.917%
Calculating Monthly Payment,
Using TVM Calculation,
PMT = [PV = 340,000, FV = 0, N = 120, I = 0.05917/12]
PMT = $3,760.46
Monthly Payment = $3,760.46
Add Answer to:
You want to take out a $340,000 mortgage. The mortgage rate is
5.99% (APR, semi-annually compounded)...
You want to buy a house and take out a mortgage for $250,000. The only mortgage...
You want to buy a house and take out a mortgage for $250,000. The only mortgage that you can afford is a 30 year ARM that has a fixed rate of 3% annual compounded monthly for the first 3 years and then can adjust every year after that. Against the advice of a wise EMIS professor that you once had, you decided to take the mortgage. a) What is the monthly payment for his home mortgage for the first 3...
Hi Can you assist with below and show all the work? 16. Calculating Monthly Mortgage Payments:...
Hi Can you assist with below and show all the work? 16. Calculating Monthly Mortgage Payments: Based on Exhibit 7-7, what would be the monthly mortgage payments for each of the following situations? a. A $100,000, 15-year loan at 7.5% APR compounded semi-annually b. A $200,000, 25-year loan at 9% APR compounded semi-annually c. A $165,000, 20-year loan at 10% APR compounded semi-annually What relationship exists between the length of the loan and the monthly payment? How does the mortgage...
A $92,000 mortgage has an interest rate of 9% compounded semi-annually for a 5 year term....
A $92,000 mortgage has an interest rate of 9% compounded semi-annually for a 5 year term. The mortgage is amortized over 20 years. What is the monthly payment?
Gerardo and Todd took out a 30 year mortgage for $126,000 at the APR of 10.7% , compounded monthly. After they had...
Gerardo and Todd took out a 30 year mortgage for $126,000 at the APR of 10.7% , compounded monthly. After they had made 10 years of the payments (120 payments) they decide to refinance the remaining loan balance for 25 years at the APR of 5.8%, compounded monthly. What will be the balance on their loan 4 years after the refinance?
Gerardo and Todd took out a 30 year mortgage for $126,000 at the APR of 10.7% , compounded monthly....
You want to buy a house worth $3,230,000. You choose to take out a 30-year fixed rate conforming ...
You want to buy a house worth $3,230,000. You choose to take out a 30-year fixed rate conforming mortgage, put a downpayment of $1.4 million and borrow the rest. The APR of the mortgage is 4.563% compounded monthly. What is the Present Value of the overall amount of interest you have to pay?
You take out a 30-year fixed-rate mortgage for $100,000 with an interest rate of 12% (APR). Part...
You take out a 30-year fixed-rate mortgage for $100,000 with an interest rate of 12% (APR). Part 1 What is the monthly payment?
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...
Five years ago you took out a 5/1 adjustable rate mortgage and the five-year fixed rate...
Five years ago you took out a 5/1 adjustable rate mortgage and the five-year fixed rate period has just expired. The loan was originally for $ 294,000with 360 payments at 4.2 % APR, compounded monthly. a. Now that you have made 60 payments, what is the remaining balance on the loan? b. If the interest rate increases by1 %, to 5.2 % APR, compounded monthly, what will be your new payments? a. Now that you have made 60 payments, what...
What is the relationship between an annually compounded rate and the annual percentage rate (APR) which...
What is the relationship between an annually compounded rate and the annual percentage rate (APR) which is calculated for truth-in-lending laws for a loan requiring monthly payments? Multiple Choice The APR is lower than the annually compounded rate. The APR is higher than the annually compounded rate. The APR equals the annually compounded rate. The answer depends on the interest rate.
Five years ago you took out a 5/1 adjustable rate mortgage and the five-year fixed rate...
Five years ago you took out a 5/1 adjustable rate mortgage and the five-year fixed rate period has just expired. The loan was originally for $ 310 comma 000 with 360 payments at 4.4 % APR, compounded monthly. a. Now that you have made 60 payments, what is the remaining balance on the loan? b. If the interest rate increases by 0.9 %, to 5.3 % APR, compounded monthly, what will be your new payments? a. Now that you have...
Gerardo and Todd took out a 30 year mortgage for $126,000 at the APR of 10.7% , compounded monthly. After they had made 10 years of the payments (120 payments) they decide to refinance the remaining loan balance for 25 years at the APR of 5.8%, compounded monthly. What will be the balance on their loan 4 years after the refinance?
Gerardo and Todd took out a 30 year mortgage for $126,000 at the APR of 10.7% , compounded monthly....
You take out a 30-year fixed-rate mortgage for $100,000 with an interest rate of 12% (APR). Part 1 What is the monthly payment?
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...
Most questions answered within 3 hours.
-
Cranium, Inc., purchases term papers from an overseas supplier
under a continuous review system. The average...
asked 1 hour ago -
1- What is the freezing point of pure water (in degrees
Celsius)?
2-
he molar mass...
asked 1 hour ago -
Determine the direction of the force that will act on the charge
in each of the...
asked 1 hour ago -
You purchase your daily coffee at the Chemist’s Coffeehouse and
have a choice of two cups:...
asked 4 hours ago -
Which of the following pairs of chemicals could be used to make
a buffer solution?
A.)...
asked 4 hours ago -
Problem 16-51 Sales
Activity Variance (LO 16-3)Odessa, Inc., reports the following
information concerning operations for the...
asked 5 hours ago -
Pictured on the right are thee point charges Q1 = 18.4 μC, Q2 =
-30.6 μC,...
asked 5 hours ago -
A graduate student is conducting research in psychology and
needs to obtain the IQ scores of...
asked 5 hours ago -
R2.84: There are 2 defective products in a production lot of 10.
An inspector randomly selected...
asked 7 hours ago -
Consider the following equilibrium system: COCl2(g) CO(g) +
Cl2(g) A 10.00 L evacuated flask is filled...
asked 7 hours ago -
1) What are the two distinct steps that one needs to perform
when developing a data...
asked 7 hours ago -
2) Write a C++ program that uses a class called “Degree” to
obtain the trigonometric
values...
asked 8 hours ago