Suppose aa $65,400 mortgage is to be amortized at 6.5% interest. Find the total amount of...
Suppose aa $65,400 mortgage is to be amortized at 6.5% interest. Find the total amount of interest that would be paid for a 15-year term.
Homework Answers
Solution:
Total amount of interest that would be paid for a 15-year term is $37,147.38
Add Answer to:
Suppose aa $65,400 mortgage is to be amortized at 6.5%
interest. Find the total amount of...
Find the total monthly payment, including taxes and insurance. Mortgage $89,050 Interest Rate 6.5% Term of...
Find the total monthly payment, including taxes and insurance. Mortgage $89,050 Interest Rate 6.5% Term of Loan 25 years Annual Taxes $936 Annual Insurance 5380 The total monthly payment is $ (Round to the nearest cent as needed.)
3. A mortgage loan in the amount of $150,000 is arranged with annual interest 8% compounded...
3. A mortgage loan in the amount of $150,000 is arranged with annual interest 8% compounded semi-annually. The loan is to be fully amortized in 20 years with quarterly payments. For this exercise assume the term is also 20 years. (a)Calculate the amount of principal paid for each of the first two quarters. (b)What is the outstanding balance of the mortgage at the end of the 3rd year? (c)What is the total amount of interests paid on the loan over...
19. Mortgage payments Aa Aa Mortgages, loans taken to purchase a property, involve regular payments at...
19. Mortgage payments Aa Aa Mortgages, loans taken to purchase a property, involve regular payments at fixed intervals and are treated as reverse annuities. Mortgages are the reverse of annuities, because you get a lump-sum amount as a loan in the beginning, and then you make monthly payments to the lender. You've decided to buy a house that is valued at $1 million. You have $500,000 to use as a down payment on the house, and want to take out...
6) A mortgage of $180 000 is amortized over 15 y with a 5-year term. 0...
6) A mortgage of $180 000 is amortized over 15 y with a 5-year term. 0 000 is amortized over 15 years at 6% compounded monthly a) Determine the monthly payment, (5 marks) Create an amortization schedule for the first 6 payments. (6 marks) Payment Monthly Interest Paid Principal Paid Outstanding Number Payment Principal 0 6 TOTAL c) How much of the 1st payment is interest? (1 mark) d) How much of the 3rd payment is used to reduce the...
A $198,000 mortgage amortized by monthly payments over 20 years is renewable after five years. Interest...
A $198,000 mortgage amortized by monthly payments over 20 years is renewable after five years. Interest is 4.65% compounded semi-annually. Complete parts (a) though (e) below. (a) What is the size of the monthly payments? The size of a monthly payment is $ (Round to the nearest cent as needed.) (b) How much interest is paid during the first year? The interest paid in the first year is $ (Round to the nearest cent as needed.) (c) ow much of...
A $180,000 mortgage is to be amortized by making monthly payments for 25 years. Interest is...
A $180,000 mortgage is to be amortized by making monthly payments for 25 years. Interest is 5.62% compounded semiannually for a 4-year term. a. Compute the size of the monthly payments. __________ b. Determine the balance at the end of the 4-year term. _____________ c. If the mortgage is renewed for a 5-year term at 5.30% compounded semiannually, what is the size of the monthly payment for the renewal period? ____________ I have had an inaccurate answer on this question...
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. $
do I have it right Part 1: Mortgage A mortgage is a loan used to purchase...
do I have it right
Part 1: Mortgage A mortgage is a loan used to purchase a home. It is bedover a period of 1,20 or 30 years. The interest rate is determined by the term of the l e ngth of time to pay back the loan) and the credit rating of the person borrowing the money Once a person signs the documents to borrow money for a home the presented we amortization table or schedule for the mortgage...
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
Find the total monthly payment, including taxes and insurance. Mortgage $89,050 Interest Rate 6.5% Term of Loan 25 years Annual Taxes $936 Annual Insurance 5380 The total monthly payment is $ (Round to the nearest cent as needed.)
19. Mortgage payments Aa Aa Mortgages, loans taken to purchase a property, involve regular payments at fixed intervals and are treated as reverse annuities. Mortgages are the reverse of annuities, because you get a lump-sum amount as a loan in the beginning, and then you make monthly payments to the lender. You've decided to buy a house that is valued at $1 million. You have $500,000 to use as a down payment on the house, and want to take out...
6) A mortgage of $180 000 is amortized over 15 y with a 5-year term. 0 000 is amortized over 15 years at 6% compounded monthly a) Determine the monthly payment, (5 marks) Create an amortization schedule for the first 6 payments. (6 marks) Payment Monthly Interest Paid Principal Paid Outstanding Number Payment Principal 0 6 TOTAL c) How much of the 1st payment is interest? (1 mark) d) How much of the 3rd payment is used to reduce the...
A $198,000 mortgage amortized by monthly payments over 20 years is renewable after five years. Interest is 4.65% compounded semi-annually. Complete parts (a) though (e) below. (a) What is the size of the monthly payments? The size of a monthly payment is $ (Round to the nearest cent as needed.) (b) How much interest is paid during the first year? The interest paid in the first year is $ (Round to the nearest cent as needed.) (c) ow much of...
do I have it right
Part 1: Mortgage A mortgage is a loan used to purchase a home. It is bedover a period of 1,20 or 30 years. The interest rate is determined by the term of the l e ngth of time to pay back the loan) and the credit rating of the person borrowing the money Once a person signs the documents to borrow money for a home the presented we amortization table or schedule for the mortgage...
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
Most questions answered within 3 hours.
-
How much must I invest today if I want to withdraw 1/3 of my
original investment...
asked 19 minutes ago -
What is meant by a “term premium”?
What can explain such a premium? Is it a...
asked 2 hours ago -
23. Which molecule has only covalent bonds? A. CO2 B. Al2O3 C.
Mg3N2
24. The octet...
asked 2 hours ago -
the
total pressure for a mixture of N2O4 and NO2 is 2.20 atm. If Kp=
7.10...
asked 2 hours ago -
Delaware Corp. prepared a master budget that included $22,385
for direct materials, $28,600 for direct labor,...
asked 2 hours ago -
For pesticide HCB (hexachlorobenzene), its logarithmic partition
coefficient log Kow is 5.6. What would be the...
asked 2 hours ago -
A chemist requires 0.422 mil Na2CO3 for a reaction. How many
grams does this correspond to?
asked 2 hours ago -
If the vapor pressure of carvone is approximately 9.4 torr at 99
°C, approximately how much...
asked 2 hours ago -
A juice bottling company is carrying out a test at 10%
significance that the mean population...
asked 3 hours ago -
What is the reflectivity (in percent) needed to keep water at a
temperature near its freezing...
asked 3 hours ago -
Suppose that the average surface temperature of Earth is 300K.
Assume this is uniform over its...
asked 3 hours ago -
Draw the condensed structural formula for alkenes and alkynes or
the line-angle structural formula for cycloalkenes...
asked 3 hours ago