A home mortgage extends for 20 years at 8 percent interest compounded monthly, the payments are also made monthly , after how many months is half of the principal paid off

Q: A mortgage of $106,000 is to be repaid by making payments of $1154 at the end of each month. If…

A: Mortgage value refers to an amount that is being borrowed by the borrower from the lender at…

Q: e future value and the interest earned

A: Future value refers to the amount of the current asset at some future date based on the assumption…

Q: or a 25-year mortgage of $200, 000 at 5(1)/(2)% interest, one additional payment of $5, 000 is paid…

A: Mortgage amount=$200000Interest rate=5.5%Period=25 years

Q: (a) Determine the number of rounded payments required to repay the mortgage. ​(b) Determine the size…

A: Loan amortization refers to a schedule which is prepared to shows the periodic loan payments, amount…

Q: You buy a house for $800,000.  It is a 20 Year mortgage where the payments are made quarterly and at…

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

Q: A mortgage for a condominium had a principal balance of $47,400 that had to be amortized over the…

A: Given: Particulars Amount Mortgage $47,400 Years 6 Interest rate 3.42% Monthly payment…

Q: The balance on a mortgage was $41,000 and an interest rate of 3.75% compounded semi-annually was…

A: Monthly payments are calculated by present value of annuity function in excel i.e. PMT. Effective…

Q: A 25-year mortgage of $122,137.51 at 8.7% interest compounded monthly has a monthly payment of…

A: Amount of mortgage = $122,137.10Interest rate = 8.7%Period = 25 yearsWe can compute the required…

Q: The interest rate for the first three years of an $87,500 mortgage is 4.4% compounded semiannually.…

A:

Q: A payment of $500 is made at the end of each month for three years to a savings account. The…

A: Present value method is used to evaluate the different level of investment projects. With the help…

Q: alance on a mortgage was $48,200 and an interest rate of 4.50% compounded semi-annually was charged…

A: A mortgage is an agreement between borrower and lender that allows one to borrow money from a bank…

Q: A $135 000 mortgage is amortized by making monthly payments of $974.37. If interest is 4.92%…

A: Since interest rate is compounded semiannually, first we need to calculate monthly mortgage rate by…

Q: You have just negotiated a 5-year mortgage on $332,100 amortized over 25 years at a rate of 4.99%…

A: Amortization refers to the process of gradually paying off a debt or loan over a specified period…

Q: A mortgage of $119,000 is to be repaid by making payments of $945 at the end of each month. If…

A:

Q: A family has a $126,999​, 30​-year mortgage at 5.7% compounded monthly. Find the monthly payment.…

A: Step 1 When you and a lender enter into a mortgage, the lender is granted the power to seize your…

Q: what are the principal and interest payments each month for the first two months

A: A mortgage payment is a regular commitment that a borrower makes to a lender in order to pay back a…

Q: requires payment of $370 at the interest is 8% compounded semi-annually, what is the value of p? a.…

A: In mortgages if the interest rates changes than there is option to refinance the existing mortgage…

Q: Calculate the monthly mortgage payment made at the beginning of eachmonth on a $100,000 mortgage.…

A:

Q: A mortgage balance of ​$ 29,000 is to be repaid over a ​10-year term by equal monthly payments at…

A: A) Formula to compute the fixed monthly payment to amortize the loan isP=L×i(1+i)n(1+i)n-1Effective…

Q: A $96,000 mortgage is to be amortized by making monthly payments for 20 years. Interest is 8.6%…

A: An amortized loan is one that has planned, monthly payments that are applied to both the interest…

Q: A $230,000 mortgage has a stated annual rate of 4.5% on a 30 year loan.  How much interest is paid…

A: Mortgage amount = $230,000Interest rate = 4.5%Period = 30 years

Q: The adjustable rate mortgage is for 15 years with monthly payments. Loan amount is $120,000. During…

A: Given: Loan amount = $120,000 Loan term = 15 Years First 8 years interest rate is 5% Last 7 years…

Q: A 30-year mortgage requires payments of $2,850.28 at the end of each month. If interest is 5.39%…

A: Compound = Monthly = 12Time = t = 30 * 12 = 360Payment = p = $2850.28Interest Rate = r = 5.39 / 12 %

Q: The interest rate for the first five years of a $95,000 mortgage is 7.2% compounded semiannually.…

A: Given, The mortgage is $95000 Rate is 7.2% compounded annually Term is 25 years.

Q: A 25 year mortgage requires payments of $3443.75 at the end of each month. If interest 5.84%…

A: Monthly Payment is the payment that is to be paid monthly for a specific period of time to repay the…

Q: A house’s mortgage is $300,000. It will be repaid over the course of 25 years at 5% interest in…

A:

Q: A ​$96,000 mortgage is to be amortized by making monthly payments for 20 years. Interest is 7.1%…

A: Mortgage means amount which is borrowed by external sources to meet financial obligation or purchase…

Q: (a) The size of the monthly payment is $ (Round the final answer to the nearest cent as needed.…

A: Mortgage loans are very common in buying of homes and these loans make buying of homes easier and…

Q: The interest rate for the first five years of a $95,000 mortgage is 7.2% compounded semiannually.…

A: Given, The mortgage loan is $95000 Rate is 7.2%  Term of amortization is 25 years Prepayment is…

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.