Amortgage of $173,000 is to be repaid by making payments of $990 at the end of each month if interest is 4 03% per annum compounded semi-annually, what is the term of the mortgage? State your answer in cyears and months (hrom 0 to 11 months)The term of the mortgage is year(s) and month(s)

Any periodic payment made to repay a loan or accumulate a sum for a specific purpose is regarded as…

Answered: A mortgage of $173,000 is to be repaid…

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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Similar questions

Make an amortization table to show the first two payments for the mortgage. Amount of mortgage Annual interest rate Years in mortgage Monthly payment $87,000 5.75% 25 $547.23
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A $305,000 mortgage at 5.00% compounded semi-annually was settled with monthly payments of $2,300. a. What is the amortization period for the mortgage? b. How much will the amortization period be shortened by if bi-weekly payments of $1,200 are made instead of the monthly payments?
Assume a 30 year fixed rate, fully amortizing mortgage for $260,000 at a stated rate of 5% with monthly payments (no fees, points or escrows). What is the loan balance (or "payoff amount) - after 4 years? Ch4 a. b. C. 230,530 d. 190,949 194,843 243,438
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 mortgage of $38,000 is repaid by making payments of $270 at the end of each month for 13 years. What is the nominal annual rate of interest compounded annually? The nominal annual rate of interest is % compounded annually. (Round to two decimal places as needed.) V
A 30-year mortgage requires payments of $4,865.46 at the end of each month. If interest is 5.31% compounded monthly, a) What was the original loan amount? $ b) What would be the amount of interest charged for the entire loan? $
A house sells for $309,500 and a 4% down payment is made. A mortgage is secured at 4% for 20 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 $297,120 and the monthly payment is $1800.55 . Part: 0 / 3 0 of 3 Parts Complete Part 1 of 3 Payment number Interest Payment on Principal Balance of Loan 1 $ $ $ Procedure for Computing an Amortization Schedule Step 1 Find the interest for the first month. Use =IPrt , where =t112 . Enter this value in a column labeled Interest. Step 2 Subtract the interest from the monthly payment to get the amount paid on the principal. Enter this amount in a column labeled Payment on Principal. Step 3 Subtract the amount of the payment on principal found in step 2 from the principal to…
A mortgage has a principal balance of $385,000, an interest rate of 4.45% compounded semi - annually not in advance. The amortization is 15 years. What is the accelerated bi-weekly payment amount? a) $674.61 b) $1,349.78 c) $1,463.71 d) $ 2,927.41
Of the bank approves a mortgage of 240,000 for 30 years and at a rate of 6% what will the the annnual mortgage payment
A 9-year mortgage is repaid by making monthly payments of $900. If the interest rate is 4.50% compounded semi-annually, what was the original amount of the mortgage?
An individual borrows £15,000 to be repaid in 10 years with monthly payments at the end of each month. The initial interest rate applied to the loan is 3% p.a. effective. a)Find the monthly repayment P1

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A mortgage of $173,000 is to be repaid by making payments of $996 at the end of each month f interest is 4 00% per anum compounded sees-annually, what is the term of the mortgage? State your answer in years and months om 0 to 11 months) The term of the morgage is year(s) and month(s)