you have just purchased a $300,000 home. your down payment was $75,000 so your mortgage is 225,000. its a 15 year mortgage at nominal annual rate of 6%. Payment at end of each month. what is monthly payment?
| EMI | ||
| Loan Amount | $ 2,25,000 | |
| Interest rate per period | 0.50% | |
| Number of periods | 180 | |
| EMI = [P x R x (1+R)^N]/[(1+R)^N-1] | ||
| Where, | ||
| EMI= Equal Monthly Payment | ||
| P= Loan Amount | ||
| R= Interest rate per period | ||
| N= Number of periods | ||
| = [ $225000x0.005 x (1+0.005)^180]/[(1+0.005)^180 -1] | ||
| = [ $1125( 1.005 )^180] / [(1.005 )^180 -1 | ||
| =$1898.6779 | ||
| =$1898.68 (rounded off) | ||
you have just purchased a $300,000 home. your down payment was $75,000 so your mortgage is...
you have just purchased a $300,000 home. your down payment was $75,000 so your mortgage is 225,000. its a 15 year mortgage at nominal annual rate of 6%. Payment at end of each month. what is monthly payment?
You are buying a home and have saved $45,000 for a down payment. The house costs $360,000. You are given a choice by the mortgage banker. You can use your entire $45,000 for the down payment, and borrow $315,000 at a 4.2% annual rate with monthly payments of about $1540 per month for 30 years (360 monthly payments). Or you can buy down the interest rate by paying an upfront fee to the lender of $8,000. This will reduce the...
You just purchased a house and have signed a 30-year mortgage for $500,000 with a 12% annual interest rate. What will be your monthly mortgage payment for this home?
Assume that you have a 30 year fully-amortized fixed rate mortgage for your home. Your loan amount is $300,000 with a 3% annual interest rate. After 28 years, you would like to sell the property. What is your loan balance at the end of 28 years? Assume that you have a 30 year fully-amortized fixed rate mortgage for your home. Your loan amount is $300,000 with a 3% annual interest rate and your balloon payment is $50,000. What is your...
Assume you purchase a $225,000 home. What would your monthly payment be with a 4% annual rate on a 30 year mortgage with a 15% down payment? Use excel.
you have just taken out a 30 year $120,000 mortgage on your new home. This mortgage is to be repaid in 360 equal monthly installments. if the stated (nominal) annual interest rate is 15.73 percent, what is the amount of interest portion of the FIRST installment?
You have just purchased a new home. No money was required as a down payment; you will be making payments of $2,000 per month (think of these as annual payments of $24,000) for the next 30 years. Determine the present value of your future payments at each of the following interest rates: a. 2% b. 4% c. 6% d. 8%
1. Gary and Ann have just purchased a new home. They paid $40,000 as a down payment and obtained a $200,000 mortgage to pay for the rest. The 30-year mortgage has an interest rate of 0.5% per month. How much will they pay each month in principal and interest? Your answer must be correct to the nearest penny. 2. Jerry and Katrina took out a 30-year, $360,000 mortgage on their 2800-square-foot house. The mortgage rate is 0.4% per month so...
Total Loan amount: The total mortgage loan amount is the amount you borrow after paying your down payment. Here, we assumed that you would pay 20% of the home value (property value) as a down payment. 2. Months: The mortgage payment period is set to 30 years. In terms of months, this is equivalent to 30 years multiplied by 12 months. We put our primary basis of payments in terms of months, which is why we need to convert everything...
You just purchased a $400,000 house and gave a 20% down payment. For the remaining portion, you obtained a 30-year mortgage at a 6% interest rate. A) What are the monthly payments on this mortgage? B) If the house appreciates at a 3 percent annually, what will be the value of the house in ten years? C) In ten years, how much equity will you have on this home?