A $120,000 mortgage was amortized over 10 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. $1,300.00 Round up to the next 100 b. Using the payment from part a., calculate the size of the final payment. $0.00 X Round to the nearest cent

A $120,000 mortgage was amortized over 10 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. $1,300.00 Round up to the next 100 b. Using the payment from part a., calculate the size of the final payment. $0.00 X Round to the nearest cent

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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A mortgage balance of $28,000 is to be repaid over a 15-year term by equal monthly payments at 4.9% compounded semi-annually. At the request of the mortgagor, the monthly payments were set at $425. (a) (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. How many payments will the mortgagor have to make? (a) The mortgagor will have to make payments. (Round up to the nearest whole number.)
A $98,000 mortgage is to be amortized by making monthly payments for 20 years. Interest is 6.6% 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 8% compounded semi-annually, what is the size of the monthly payment for the renewal term? (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 $ (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 $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
The balance on a mortgage was $40,100 and an interest rate of 5.50% compounded semi-annually was charged for the remaining 5-year term. Monthly payments were made to settle the mortgage. a. Calculate the size of the monthly payments. Round up to the next whole number b. If the monthly payments were set at $915, how long would it take to pay off the mortgage? years months Express the answer in years and months, rounded to the next payment period c. If the monthly payments were set at $915, calculate the size of the final payment. Round to the nearest cent V
A$282,000 mortgage for 25 years for a new home is obtained at the rate of 6.5% compounded monithly. Find (a) the monthly payment, (b) the interest in the first payment, (c) the principal repaid in the first payment, and (d) the finance charge. (a) The monthly payment on the mortgage is S (Round the final answer to two decimal places as needed Round all intermediate values to six decimal places as needed.)
With a selling price $100,000, a 20% down payment, and a mortgage of 12% for 25 years, calculate: A. amount of mortgage B. monthly payment C. interest portion of first payment D. Principal portion of first payment
Consider a home mortgage of $125,000 at a fixed APR of 4.5% for 25 years. a. Calculate the monthly payment. b. Determine the total amount paid over the term of the loan. c. Of the total amount paid, what percentage is paid toward the principal and what percentage is paid for interest. ..... a. The monthly payment is $ (Do not round until the final answer. Then round to the nearest cent as needed.)
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?
Calculate the monthly payment of a $750,000 mortgage. The mortgage has an amortization of 25 years. The interest rate for a 5-year term mortgage is 5.70% compounded semi-annually not in advance.
A mortgage for a condominium had a principal balance of $40,800 that had to be amortized over the remaining period of 6 years. The interest rate was fixed at 5.42% compounded semi-annually and payments were made monthly. a. Calculate the size of the payments, rounded up to the next whole number. O $664 O $1,295 O $657 O $672
A mortgage for a condominium had a principal balance of $43,800 that had to be amortized over the remaining period of 6 years. The interest rate was fixed at 4.52% compounded semi-annually and payments were made monthly. a. Calculate the size of the payments. b. If the monthly payments were set at $845, by how much would the time period of the mortgage shorten? c. If the monthly payments were set at $845, calculate the size of the final payment.
Make an amortization table to show the first two payments for the mortgage. Amount of Annual interest rate Years in mortgage Monthly payment mortgage $110,000 5.25% 30 $607.20 Monthly payment End-of-month principal Month Interest Principal 1 S607.20 2 $607.20 2$ (Round to the nearest cent as needed.)
A house sells for $155,000 and a 20% down payment is made. A mortgage was secured at 3% for 30 years. Round to the nearest cent, if necessary. Part: 0 / 4 0 of 4 Parts Complete Part 1 of 4 Find the down payment. The down payment is $ . (b) Find the amont of the mortgage. (c) Find the monthly payment ( d) Find the total interest paid

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