A $110,000 mortgage was amortized over 25 years by monthly repayments. The interest rate on the mortgage was fixed at 4.30% compounded semi-annually for the entire period. a. Calculate the size of the payments rounded up to the next $100. Round up to the next 100 b. Using the payment from part a., calculate the size of the final payment.

A $110,000 mortgage was amortized over 25 years by monthly repayments. The interest rate on the mortgage was fixed at 4.30% compounded semi-annually for the entire period. a. Calculate the size of the payments rounded up to the next $100. Round up to the next 100 b. Using the payment from part a., calculate the size of the final payment.

PFIN (with PFIN Online, 1 term (6 months) Printed Access Card) (New, Engaging Titles from 4LTR Press)

6th Edition

ISBN:9781337117005

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter7: Using Consumer Loans

Section: Chapter Questions

Problem 4FPE

See similar textbooks

Similar questions

Question Consider the first payment against a $200,000 mortgage that last for 25 years. Fixed repayments are made on a monthly basis. The first row of the amortization schedule is shown below. Payment # 1 2 Payment d Interest 716.67 ... Debt Payment P1 Calculate d, the fixed monthly payments that are made. Round your answer to the nearest cent. Balance b₁ Ih
9.1 A 20-year, $470,000 mortgage at 3.20% compounded semi-annually is repaid with monthly payments. a. What is the size of the monthly payments? b. Find the balance of the mortgage at the end of 6 years? c. By how much did the amortization period shorten by if the monthly payments are increased by $275 at the end of year six(HOW MANY YEARS AND MONTHS? Kindly explain with excel details Thank you
K Make an amortization table to show the first two payments for the mortgage. Amount of mortgage Annual interest rate Years in mortgage Monthly payment $407,292 5.50% 35 $2187.22 Monthly End-of-month Month Interest Principal payment principal 1 $2187.22 2 $2187.22 $ (Round to the nearest cent as needed.)
QUESTION 1 A $30 000.00 mortgage is amortized by monthly payments over twenty years and is renewable after five years. a) If the interest rate is 8.5% compounded semi-annually, calculate the outstanding balance at the end of the second-year term. OA. $29188.08 B. $26378.01 OC. $28375.47 OD. $20138.92
Question 1 of 11 A mortgage for a condominium had a principal balance of $42,000 that had to be amortized over the remaining period of 7 years. The interest rate was fixed at 3.42% compounded semi-annually and payments were made monthly. a. Calculate the size of the payments. $0 Round up to the next whole number b. If the monthly payments were set at $713, by how much would the time period of the mortgage shorten? o year(s) o months c. If the monthly payments were set at $713, calculate the size of the final payment. $0.00 Round to the nearest cent
5 A mortgage balance of $26,000 is to be repaid over a 12-year term by equal monthly payments at 5.1% compounded semi-annually. At the request of the mortgagor, the monthly payments were set at $450. (a) How many payments will the mortgagor have to make? (b) What is the size of the last payment? (c) Determine the difference between the total amount required to amortize the mortgage with the contractual monthly payments rounded to the nearest cent and the total actual amount paid.
K A $89,000 mortgage is to be amortized by making monthly payments for 20 years. Interest is 8.8% compounded semi-annually for a five-year term (a) Compute the size of the monthly payment. (b) Determine the balance at the end of the five-year term (c) If the mortgage is renewed for a five-year term at 9% compounded semi-annually, what is the size of the monthly payment for the renewal term? pe here to search (a) The size of the monthly payment is $ (Round the final answer to the nearest cent as needed Round all intermediate values to six decimal places as needed) (b) The balance at the end of the five-year term is 5 (Round the final answer to the nearest cent as needed Round all intermediate values to six decimal places as needed) (c) The size of the monthly payment for the renewal term is S Round the final answer to the nearest cont as needed Round all intermediate values to six decimal places as needed) ORCH Back C Mustly sunny Next BAM 12:12 201
Jaspreet received a 15 year loan of $300,000 to purchase a house. The interest rate on the loan was 3.70% compounded semi-annually. a. What is the size of the monthly loan payment? $0.00 Round to the nearest cent Question 5 of 6 b. What is the balance of the loan at the end of year 2? $0.00 Round to the nearest cent c. By how much will the amortization period shorten if Jaspreet makes an extra payment of $30,000 at the end of year 2? SUBMIT QUESTION
Find the monthly payment needed to amortize principal and interest for the fixed-rate mortgage. Loan Amount Interest Rate Term $269,750 3.5% 5 years The monthly payment is $
6. A $130,000 mortgage was amortized over 10 years by monthly repayments. The interest rate on the mortgage was fixed at 5.60% compounded semi-annually for the entire period. a. Calculate the size of the payments rounded up to the next $100. b. Using the payment from part a., calculate the size of the final payment. Kindly keep all the decimals for all the procedures, DO NOT ROUND
er A $44,000 mortgage taken out on June 1 is to be repaid by monthly payments rounded up to the nearest $10. The payments are due on the first day of each month starting July 1. The amortization period is 12 years and interest is 5% compounded semi-annually for a six-month term. Construct an amortization schedule for the six-month term. O. What is the monthly payment rounded up to the nearest $10? or Payment = $ PT SW
OLA#9.1: A 30-year, $450,000 mortgage at 3.30% compounded annually is repaid with monthly payments. a. What is the size of the monthly payments? b. Find the balance of the mortgage at the end of 7 years? c. By how much did the amortization period shorten by if the monthly payments are increased by $125 at the end of year seven?