Consider a loan of $225,000 at nominal interest rate of 6.5% for 15 years. How much of the payment during the first year goes towards interest? Assume monthly payments
Consider a loan of $225,000 at nominal interest rate of 6.5% for 15 years. How much...
A bank is offering you a loan of $10,000 for 20 years. The stated interest rate (APR) is 7%. If this is an amortized loan with monthly payment, how much is your fixed payment? Put in your answer with two decimal numbers after rounding. No dollar sign($). Answer: Suppose you are buying your first condo for $155,000, and you will make a $15,000 down payment. You have arranged to finance the remainder with a 30- year, monthly payment, amortized mortgage...
17 A bank is offering you a loan of $10,000 for 20 years. The stated interest rate (APR) is 7%. If this is an amortized loan with monthly payment, how much is your fixed payment? Put in your answer with two decimal numbers after rounding. No dollar sign($). of Answer: 18 Suppose you are buying your first condo for $155,000, and you will make a $15,000 down payment. You have arranged to finance the remainder with a 30-year, monthly payment,...
Enginering Economy: 5. You obtain a 30 years loan on the 2.4% nominal interest rate mortgage of $18,000,000 from ABC bank. The payment is due each month. You are allowed to pay back only the interest due for the first three years (the grace period) then make the monthly payments thereafter. You have paid back the loan for 10 years including the three years ofthe grace period. (30%) 5.1 What is the interest due per month for the first three...
Consider a standard mortgage (360 months) with monthly payments and a nominal rate of 5.00%. What portion of the payments during the first 27 months goes toward interest? 68.97% O 79.93% O 78.25% 76.35% 82.36% What is the remaining balance on a $225,000 mortgage after 95 months? The mortgage is a standard mortgage (360 months) with monthly payments and a nominal rate of 6.90%. O $192,816 O $198,720 O $206,714 O $201.315 $219,138 Consider a standard mortgage (360 months) with...
Consider a $15,000 loan with an annual interest rate of 9%, a term of four years, anda monthly payment of A (5 points) What is the amount of the monthly payment? a. (10 points) Ifyou pay $750 per month, how many months will it take to repay the loan? b. (10 points) If you pay $750 per month on this loan, how much will the final payment C. be? Consider a $15,000 loan with an annual interest rate of 9%,...
Consider a 20 year fixed rate mortgage for $175,000 at nominal interest rate of 8%. If the borrower wants to pay off the remaining balance on the mortgage after making the 12th payment, what is the remaining balance on the loan? Assume monthly payments. $157,624 $168,980 $173,538 $171,301
A couple apply for a $225,000 thirty year home loan; the interest rate on the loan will be 4.5%. The bank obtains the following information: Stable gross monthly income of the couple $5,600 Annual homeowners insurance premium 2,400 Annual real estate taxes 2,900 Monthly auto loan payment 350 Monthly Visa 45 Monthly student loan payment 145 Child support 0 Annual auto insurance premium 1,200 Projected monthly utilities 495 Monthly...
A thirty year monthly payment mortgage loan for 500,000 is offered at a nominal rate of 8.4% convertible monthly. Find thea) Monthly payment,b) The total principal and interest that would be paid on the loan over 30 years c) The balance in 5 years andd) The principal and interest paid over the first 5 years.
Ramon is approved for a 8 year loan of 45,000 at nominal rate of interest convertible semiannually of 8.2432 percent. He will be making monthly payments at the end of each month. a. What is his monthly payment?
[2 points] Suppose that 15 years ago you bought a home for $500,000, paying 20% as a down payment, and financing the rest at 5% interest for 30 years. How much money did you pay as your down payment? [2 points] How much money was your existing mortgage (loan) for? [2 points] What is your current monthly payment on your existing mortgage? Note: Carry at least 4 decimal places during calculations, but round your final answer to the nearest cent....