A house sells for $554,500 and a 7% down payment is made. A mortgage is secured at 6% for 35 years. Compute an amortization schedule for the first 3 months. Round your answers to two decimal places, if necessary. The value of the mortgage is $515,685 and the monthly payment is $2939.40.

Q: You obtain a $265,000, 15-year fixed-rate mortgage. The annual interest rate is 6.25 percent. In…

A: Using excel PMT function

Q: Consider that you take out a $250,000, 15-year mortgage with 3.5% interest with monthly payments.…

A: Loan amount (P) = $250,000 Monthly period of loan (n) = 180 (i.e. 15 years * 12) Monthly interest…

Q: A grocery store sells for $189,500 and a 10% down payment is made. A 40-year mortgage at 7% is…

A: Data given:Loan amount=$170,550 Monthly payment =$1059.12Interest rate=7%Monthly interest…

Q: wer takes out a 10-year mortgage loan for $300,000 with an interest rate of 7%. What portion of the…

A: Interest payments:Interest payments refer to the amount of money that is paid by a borrower to a…

Q: A hose sells for $3S8,500 and a 5% down payment is made. A martgage is secured at 7% for 35 years.…

A: The loan which is discharged by making installment payments consist of two components as interest…

Q: Prepare an amortization schedule for the first 3 payments (in $) of a $66,000 mortgage at 5% for 20…

A: Present Value Annuity Factor=1-1+rate-timerate

Q: Complete the first payment of the amortization schedule. (Do not round until the final answer. Then…

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

Q: A home is purchased for $229,000 with an amortized loan over 30 years at an interest rate of 4.6%.…

A: Purchase price =                 2,29,000         Loan Tenure =  30 years       Interest rate =…

Q: Make an amortization table to show the first two payments for the mortgage. Amount of Annual…

A: Amortization is a repayment schedule which is generally used by lenders such as banks, financial…

Q: Find the monthly payment (in $) and the total interest (in $) for a mortgage of $48,000 at  5 1/4%…

A: The monthly payment for a mortgage is made is such a way that the mortgage amortizes to zero by the…

Q: A home buyer signed a 20-year, 8% mortgage for $72,500. Payments of the mortgage should be made…

A: This can be solved using the present value of an annuity concept.Annuity is…

Q: Find the monthly payment needed to amortize principal and interest for the​ fixed-rate mortgage.…

A: Calculate the monthly payment as follows:

Q: A grocery store sells for  $544,500  and a  5%  down payment is made. A  15 -year mortgage at…

A: Borrowings are the liability that is used to finance the requirement of the funds. The borrower…

Q: Make an amortization table to show the first two payments for the mortgage. Amount of Annual…

A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: Complete the first two months of an amortization schedule for the fixed-rate mortgage. Mortgage:…

A: monthly payment formula: pmt = p×rm1-1+rm-m×n where, p = principal m = 12  m = no of years r = rate…

Q: A fully amortizing mortgage loan is made for $84,000 at 6 percent interest for 25 years. Payments…

A: A mortgage is a covered loan that is borrowed to purchase a property. The property in question acts…

Q: Consider a home mortgage of ​$225,000 at a fixed APR of 3​% for 25 years.   a. Calculate the monthly…

A: In case of a home mortgage fixed monthly payments are made. The fixed monthly payment consists of…

Q: A grocery store sells for  $544,500  and a  5%  down payment is made. A  15 -year mortgage at…

A: Mortgage Value is the amount on which amortizing payment is computed. It is calculated by reducing…

Q: You borrow $300,000 to buy a house; if the annual interest rate is 4% and the term of the loan is 20…

A: Mortgage refers to the covered loan that is borrowed for the purchase of property with the property…

Q: A grocery store sells for $346,500 and a 5% down payment is made. A 15-year mortgage at 4% is…

A: Mortgage Value is the amount on which amortizing payment is computed. It is calculated by reducing…

Q: A house sells for $227,500 and a 7% down payment is made. A mortgage is secured at 7% for 40 years.…

A: Loan amount = $211,575 Monthly payment = $1313.88 House price = $227,500 Down payment = 7% Loan…

Q: A house sells for $317,000 and a 5% down payment is made. A mortgage is secured at 4% for 40 years.…

A: Here,Cost of House is $317,000Down Payment is 5%Interest Rate is 4%Time Period is 40 years

Q: Prepare an amortization schedule for the first 3 payments (in $) of a $72,000 mortgage at 5% for 30…

A: Equated monthly installment is the monthly payment towards the loan taken. Some portion of the…

Q: The value of the mortgage is  $297,120  and the monthly payment is

A: Amortization Schedule: It is a table that contains details about the interest payment, principal…

Q: A bank has agreed to lend you $127,800 for a home loan. The loan will be fully amortized over 57…

A: Amortization is a term used in business to describe the process of spreading payments out over time.…

Q: Consider a 30-year home mortgage of $100,000 at 6% per year. What is the monthly payment? Use…

A: A mortgage is a covered loan meant to purchase or maintain real estate. The real estate acts as…

Q: Make an amortization table to show the first two payments for the mortgage. Amount of Annual…

A: Amortization table is as under-

Q: Prepare the first row of a loan amortization schedule based on the following information. The loan…

A: Here, Loan Amount is $17,900 Interest Rate is 9% Time Period is 22 years.

Q: Monthly payments are required on a $45,000 loan at 6.0% compounded monthly. The loan has an…

A: Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: Examine the loan of $210,000, 15-year mortgage with an APR of 3.8%. The borrower paid an extra $100…

A: Loan amortization refers to the spread of periodic repayment. An amortization schedule is prepared…