A family has a $137,210, 30-year mortgage at 5.4% compounded monthly. Find the monthly payment. Also find the unpaid balance after the following periods of time. (A) 10 years (B) 20 years (C) 25 years
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- A family has a $126,999, 30-year mortgage at 5.7% compounded monthly. Find the monthly payment. Also find the unpaid balance after the following periods of time. (A) 10 years (B) 20 years (C) 25 yearsA family has a $106,621 30-year mortgage at 6.6% compounded monthly. Find the monthly payment. Also, find the unpaid balance after the following periods of time a) 10 yearsb) 20 yearsc) 25 years Show equations and provide explanation for each variable. Show all calculation work afterwards.A family has a ,$81,212 30 -year mortgage at 6.3% compounded monthly. Find the monthly payment. Also find the unpaid balance after the following periods of time. (A) 10 years (B) 20 years (C) 25 years Question content area bottom Part 1 The monthly payment is $ (Round to the nearest cent as needed.) (A) The unpaid balance after 10 years is $ (Round to the nearest cent as needed.) (B) The unpaid balance after 20 years is $ (Round to the nearest cent as needed.) (C) The unpaid balance after 25 years is $ (Round to the nearest cent as needed.)
- For a 30-year house mortgage of $75,000 at 4.6% interest, find the following. (Round your final answers to two decimal places.) (a) the amount of the first monthly payment that goes to repay the principal (b) the amount of the 121st month's payment (after 10 years) that goes toward payment of principal.A couple borrows $300,000 at an APR of 4.8% compounded monthly on a 30-year mortgage with monthly payments of $1,574. (a) How much of the first payment goes to interest? (b) Find the total interest paid over the life of the loan. (c) After making their 70th payment, they refinance the loan at an APR of 3.6% compounded monthly for 15 years. The refinanced amount includes the unpaid balance from the original loan plus a refinance charge of $2,000. Find the new monthly payment. (d) Find the amount saved by refinancing.Consider a home mortgage of $225,000 at a fixed APR of 3% 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.
- Find the monthly payment (in $) and the total interest (in $) for a mortgage of $46,000 at 5 3/4 % for 40 YearsJillian and Collin borrowed $62,000 at 7.61% compounded monthly as a second mortgage loan against their current home. Repayment amount is $6,900 at the end of every six months. a. How many payments are required to repay the loan? Number of payments b. Use the given information to complete the amortization table below. Determine the missing values for the first two payment intervals, the last two payment intervals, and the totals. Report results to the nearest cent. Payment Amount Number Paid ($) 0 1 2 : : N - 1 N Total 6,900.00 6,900.00 : : = 6,900.00 Interest Paid ($) : : : Principal Repaid ($) : : Outstanding Balance ($) 62,000.00 : : 0.00This question has been previously answered but is not correct. A family has a $240, 000, 20-year mortgage at 5.75% compounded monthly. (A) Find the monthly payment and the total interest paid. (B) Find the unpaid balance after 8 years.
- You purchase a home and have a $200,000 mortgage for 20 years at 5%. Utilize an amortization schedule. What are the periodic annual payment required for the mortgage? What are the interest payment for the first year? What is the first year principal repayment What is the balance owed at the end of the first year? What are the interest paid on the principal repayment for the second year ? What is the balance owed at the end of the second year ? Why did the interest paid on the principal repayment change in the second year?A family has a $145,247, 15-years mortgage at 5.7 % compounded monthly. (A) Find the monthly payment and the total interest paid. (equations on picture - equations for problem A) Monthly payment: $____ (Round to two decimal places.) Total interest paid: $____ (Round to two decimal places.) (B) Suppose the family decides to add an extra $100 to its mortgage payment each month starting with the very first payment. How long will it take the family to pay off the mortgage? How much interest will the family save? (equations on picture - equations for problem B) Time: ____ years (Round to two decimal places.) Total interest paid: $____ (Round to two decimal places.)What is the value accumulated at the end of 30 years if $300 deposited at the end of each month in a mutual fund account that earns 12 percent annually during the period. Ans. A mortgage calls for monthly payments of $970.30, including interest at 7.6 percent. The current value of the mortgage is $95,258.72. Approximately how long will it take to fully amortize the mortgage? Ans. An income-producing property is priced at $550,000 and is expected to generate the following after-tax cash flows: Year 1: $50,000; Year 2: $55,000; Year 3: $60,000 and $600,000. Calculate the annual IRR for this investment opportunity. Ans.