5. You are going to sell your home 10 years after you bought it. You bought it for $389,000. You had put 20% down and financed the remaining 80% of the house value with a 30-year, fixed-rate mortgage at 6.9%. How much interest did you pay? Please input your answer with two decimal places. Please enter a positive value. Question 4 Annual Rate Division Price 12 I 0.58% I 0.58% Total Paid 10 years 6.90% N 360 N 120 # of Payments 120 $ $ $ $ 245,947.63 $ 389,000.00 PV 311,200.00 $ PV 311,200.00 $ Total Principle 44,783.41 $ LTV 80% PMT (2,049.56) $ PMT (2,049.56) $ Total Interest 201,164.22 # of years 30 FV FV (266,416.59)
5. You are going to sell your home 10 years after you bought it. You bought it for $389,000. You had put 20% down and financed the remaining 80% of the house value with a 30-year, fixed-rate mortgage at 6.9%. How much interest did you pay? Please input your answer with two decimal places. Please enter a positive value. Question 4 Annual Rate Division Price 12 I 0.58% I 0.58% Total Paid 10 years 6.90% N 360 N 120 # of Payments 120 $ $ $ $ 245,947.63 $ 389,000.00 PV 311,200.00 $ PV 311,200.00 $ Total Principle 44,783.41 $ LTV 80% PMT (2,049.56) $ PMT (2,049.56) $ Total Interest 201,164.22 # of years 30 FV FV (266,416.59)
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Question
Transcribed Image Text:5. You are going to sell your home 10 years after you bought it. You bought it for $389,000. You had put 20% down and financed the remaining 80% of
the house value with a 30-year, fixed-rate mortgage at 6.9%.
How much interest did you pay?
Please input your answer with two decimal places. Please enter a positive value.
Question 4
Annual Rate
Division
Price
10 years
6.90%
N
360
N
120
# of Payments
120
$
12
I
0.58%
I
0.58%
Total Paid
$
$
$
245,947.63 $
389,000.00
PV
311,200.00 $
PV
311,200.00 $
Total Principle
44,783.41 $
LTV
80%
PMT
(2,049.56) $
(2,049.56) $
PMT
Total Interest
201,164.22
# of years
30
FV
FV
(266,416.59)
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