ZuoTi.Pro
Question

A friend bought a house 15 years ago, taking out a $195,000 mortgage at 6% interest...

A friend bought a house 15 years ago, taking out a $195,000 mortgage at 6% interest for 30 years. How much does she still owe on her mortgage?

business   finance   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

SEE THE IMAGE. ANY DOUBTS, FEEL FREE TO ASK. THUMBS UP PLEASE

AS NOTHING WAS MENTIONED, EXCEL WAS USED

Home nert Page Layout Formulas Data Review View dd-Ins s Cut ta copy. E AutoSum ー E ゴWrap Text в 1 프 . Ej-., Δ. : rーー 逻锂函Merge & Center. $, % , 弼,8 C Paste Conditional Format CeInsert Delete Format Formatting as Table Styles2 Clear Sort &Find & Format Painter Clipboard IN350 IJ Alignment Number Cells Edting IK IM IN lO IP Ia IR IS IT 336 337 338 339 340 341 342 343 344 345 346 347 348 349 350 351 352 353 354 LOAN YEARS PERIODS IN A YEAR RATE 195000 30 12 696 PMT $ 1,169.12 EXCEL -PMT IN340/IN339,IN338*IN339,-IN337) 15 YEARS HAVE COMPLETED 15 YEARS STILL LEFT YEARS LEFT LOAN BALANCE 15 138545.25 EXCEL PV(IN340/IN339,IN346 IN339,-IN342) 제 トト11 CALCULATOR | LOAN OPTIONS fv. ann CAP STRU VALUE BOX DILUTIONDOLLAR COST AVGMORTGAGE EXPO SheetiSheet2Shel 福 130% 05:24

0 0
Add a comment
Know the answer?
Add Answer to:
A friend bought a house 15 years ago, taking out a $195,000 mortgage at 6% interest...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • 10 Years ago you took out a 30-year mortgage to buy a house. Your annual payment...

    10 Years ago you took out a 30-year mortgage to buy a house. Your annual payment is $18,162 and your current interest rate is 6%. Suppose you now want to refinance and still pay off the house in 20 years, how much principal do you still owe on the mortgage? I keep getting the wrong answer using my BA II Plus Calculator. The correct Answer is $208,316.71

  • Question: Suppose your friend April is considering to refinance her mortgage. She bought her house 60...

    Question: Suppose your friend April is considering to refinance her mortgage. She bought her house 60 month... Suppose your friend April is considering to refinance her mortgage. She bought her house 60 months ago. The amount of loan equals 196,000. She paid cash to cover the 5% down payment plus all required closing costs (closing costs include application fee, appraisal fee, loan origination fees and other costs, usually about 3%-5% of the loan amount). Since she had a decent credit...

  • Frank purchased his house 16 years ago by taking out a 25-year mortgage for $150,000. The...

    Frank purchased his house 16 years ago by taking out a 25-year mortgage for $150,000. The mortgage has a fixed interest rate of 5 percent compounded monthly. If he wants to pay off his mortgage today, how much money does he need? He made his most recent mortgage payment earlier today.

  • Suppose your friend April is considering to refinance her mortgage. She bought her house 60 months...

    Suppose your friend April is considering to refinance her mortgage. She bought her house 60 months ago. The amount of loan equals 154,00. She paid cash to cover the 5% down payment plus all required closing costs (closing costs include application fee, appraisal fee, loan origination fees and other costs, usually about 3%-5% of the loan amount). Since she had a decent credit history and relatively stable income, her mortgage rate was 5.25% for 30 years at the time of...

  • John and Peggy recently bought a house. They financed the house with a $195,000, 30-year mortgage...

    John and Peggy recently bought a house. They financed the house with a $195,000, 30-year mortgage with a nominal interest rate of 7.47%. Mortgage payments are made at the end of each month. What total dollar amount of their mortgage payments during the first 5 years will go towards repayment of principal?

  • Suppose that you bought a house worth $400,000 by putting a down payment of $50.000 and by taking...

    Suppose that you bought a house worth $400,000 by putting a down payment of $50.000 and by taking out a loan for the rest at an interest rate of 42% compounded montly, payable with monthly payments for 30 years. Assume the payments are due at the end of each month. a. Find your monthly payments b. Suppose that 10 years later the house was worth $460,000. How much do you still owe on the house at that point. c. And...

  • Five years ago, Marcus bought a house. He secured a mortgage from his bank for $420,000...

    Five years ago, Marcus bought a house. He secured a mortgage from his bank for $420,000 . The mortgage had monthly payments for 20 years with an interest rate of 6.0% compounded monthly. However, after five years, it is time to renegotiate the mortgage. Interest rates have fallen to 4.5% compounded monthly, and Marcus still intends to make monthly payments and to pay back the debt over the remaining 15 years. Please provide rough work. a) How much were Marcus'...

  • Five years ago, Marcus bought a house. He secured a mortgage from his bank for $2,000,000...

    Five years ago, Marcus bought a house. He secured a mortgage from his bank for $2,000,000 . The mortgage had monthly payments for 20 years with an interest rate of 6.0% compounded monthly. However, after five years, it is time to renegotiate the mortgage. Interest rates have fallen to 4.5% compounded monthly, and Marcus still intends to make monthly payments and to pay back the debt over the remaining 15 years. a) How much were Marcus' initial monthly payments? (1...

  • Part II-Mortgage Refinance Suppose your friend April is considering to refinance her mortgage. She bought her...

    Part II-Mortgage Refinance Suppose your friend April is considering to refinance her mortgage. She bought her bonge 60 months ago. The amount of loan equals 154,000. She paid cash to cover the 5% down payment plus all required closing costs closing costs include application fee, appraisal fee. loan origination fees and other costs, usually about 3%-5% of the loan amount). Since she had a decent credit history and relatively stable income, her mortgage rate was 5.25% for 30 years at...

  • Sarah secured a bank loan of $190,000 for the purchase of a house. The mortgage is...

    Sarah secured a bank loan of $190,000 for the purchase of a house. The mortgage is to be amortized through monthly payments for a term of 15 years, with an interest rate of 3%/year compounded monthly on the unpaid balance. She plans to sell her house in 10 years. How much will Sarah still owe on her house at that time? (Round your answer to the nearest cent.)

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT