2. You take out a 30-year mortgage for $275,000 at an interest rate of 5.1 percent. How much will you pay in interest over the life of this loan? Now assume you pay an extra $100 per month on this loan. How much is your total interest now? How much sooner will the mortgage be paid off?

Q: Find the mortgage payment for the given loan amount, interest rate, and term: loan amount is…

A: Compound = Month = 12Principal Amount = p = $124,000Interest Rate = r = 5.41 / 12 %Time = t = 30 *…

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A: A mortgage is a financial arrangement or loan that is typically used to purchase real estate, such…

Q: Using this table as needed, calculate the required information for the mortgage. (Round dollars to…

A: Therefore, the number of $1000's financed is 168.3.

Q: Percentage of

A: the potential credit in $s can be found out. AppraisedValue Lender'sPercentage Percentage…

Q: Mortgage Details Principal Loan Length Interest Rate Monthly Payment A. $157.00 How much of the…

A: Interest payment Lenders make money through interest when you take out a loan. Simply said, interest…

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A: Investment :— Investment is the dedication of an asset to attain an increase in value over a period…

Q: If the bank compounds interest annually, how much will you have in your account on January 01, 2021?

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A: When the borrower borrows a loan from the lender, he has to pay a rate of interest on the borrowed…

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Q: calculate the required information for the mortgage

A: An amortisation of loan is a type of loan. In this type of loan the borrower makes scheduled and…

Q: For the second mortgage application, calculate the percentage of appraised value and the potential…

A: A loan is a financial arrangement in which one or more people, companies, or other entities lend…

Q: For the second mortgage application, calculate the percentage of appraised value and the potential…

A: answer and calculations are given below

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A: Interest rates for house loans, specifically those for the amount borrowed to buy or refinance a…

Q: Find the interest rate (APR) on a 27-year mortgage with a initial loan amount of $358,000, if the…

A: A mortgage refers to a covered loan borrowed for the purchase of property with the property itself…

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A: Borrowings are the liability of the company which is used to finance the requirement of the funds.…

Q: Determine the periodic payments PMT on the given loan or mortgage. (Round your answer to the…

A: PMT: PMT is the annual payment. A loan borrowed should repaid annual or quarterly or monthly…

Q: monthly

A: I would borrow a loan that is amortized quarterly.   The reason for this is based on the principles…

Q: Discuss the basics of loan amortization and develop a loan amortization schedulethat you might use…

A: Loan amortization is the schedule that shows how the borrower will pay the debt in the future It is…

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Q: Using this table as needed, calculate the required information for the mortgage. (Round dollars to…

A:

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Cost of Credit

The cost of credit is an extra amount that the borrower has to pay besides the loan amount. These credit charges may vary from loan to loan. The cost of credit includes interest charges, maintenance charges, and arrangement charges. Some of the costs are mandatorily collected by the lender based on the loan amount and tenure of the loan. The cost of credit is also called finance charges of the credit.