(a) What is the amount (in $) of the monthly principal and interest portion, PI, of Michael's loan? (b) Construct an amortization schedule for the first four months of Michael's mortgage. Portion Used to Reduce Monthly Payment (in $) Monthly Interest Loan Payment Number Balance (in $) Principal (in $) (in $) 1 3 4 (c) If the annual property taxes are $1,610 and the hazard insurance premium is $760 per year, what is the total monthly PITI of Michael's loan (in $)?

(a) What is the amount (in $) of the monthly principal and interest portion, PI, of Michael's loan? (b) Construct an amortization schedule for the first four months of Michael's mortgage. Portion Used to Reduce Monthly Payment (in $) Monthly Interest Loan Payment Number Balance (in $) Principal (in $) (in $) 1 3 4 (c) If the annual property taxes are $1,610 and the hazard insurance premium is $760 per year, what is the total monthly PITI of Michael's loan (in $)?

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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please answer asap!! a $164,000 mortgage for 30 years for a new home is obtained at the rate of 6.5% compounded monthly. 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. please do not provide solution in image format thank you.
A mortgage for a condominium had a principal balance of $41,400 that had to be amortized over the remaining period of 8 years. The interest rate was fixed at 3.02% compounded semi-annually and payments were made monthly. a. Calculate the size of the payments. b. If the monthly payments were set at $636, by how much would the time period of the mortgage shorten? year(s) months c. If the monthly payments were set at $636, calculate the size of the final payment.
Estimate the affordable monthly mortgage payment, the affordable mortgage amount, and the affordable home purchase price for the following situation. Use Exhibit 7-6, Exhibit 7-7. Note: Round your intermediate and final answers to the nearest whole dollar. Monthly gross income $ 4,850 Other debt (monthly payment) $260 20-year loan at 5 percent Down payment to be made (percent of purchase price ) 10 percent Monthly estimate for property taxes and insurance $ 385
5 A mortgage balance of $26,000 is to be repaid over a 12-year term by equal monthly payments at 5.1% compounded semi-annually. At the request of the mortgagor, the monthly payments were set at $450. (a) How many payments will the mortgagor have to make? (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.
Given the following information on a 30-year fully-amortizing mortgage, use the amortization table function on your financial calculator to determine the portion of the monthly payment that goes to principal in 84th payment. Loan amount: $250.000; Annual interest rate: 6%; Monthly payment: $1,498.88.
Subject: acc
A couple that borrows $300,000 at an APR of 4.8% compounded monthly on a 30- year mortgage has a monthly payment amount of $1574. (a) Fill in the missing entries for the first two payments of the amortization schedule. Balance Reduction Pmt # 0 1 2 Payment. $1574 $1574 Interest Unpaid Balance $300,000 (b) Approximately how much interest is paid during the first year? Hint: This can be done without making an amortization schedule. (c) After making their payments for ten years, they refinance the loan at an APR of 3.6% compounded monthly for 15 years, with a refinance charge of $2,000 included in the amount refinanced. Find the new monthly payment. (d) Find the amount saved by refinancing.
1) The amount of down payment one makes on a home directly affects the size of the monthly payments a. True b. False 2) A monthly payment of $ 850 on a 30 year $ 80,000 mortgage results in a total cost of interest of $ 306,000. a. True b. False 3) What are the points on a mortgage?
You obtain a $365,000, 15-year fixed-rate mortgage. The annual interest rate is 7.25 percent. In addition to the principal and interest paid, you must pay $375 a month into an escrow account for insurance and taxes. What is the total monthly payment (to the nearest dollar)? a. $2,547 b. $3,707 c. None of the above d. $2,272 e. $4,311
Find the following for a $200,000 fixed-rate mortgage and the given information. a) Monthly mortgage payment (principal and interest) b) Monthly house payment (including property taxes and insurance) c) Initial monthly interest d) Income tax deductible portion of initial house payment e) Net initial monthly cost for the home (considering tax savings) Annual Owner's Income Tax Property Tax $1188 Term of Mortgage 20 years Interest Rate 6% a) The monthly mortgage payment is $ (Round to the nearest dollar as needed.) Annual Insurance $624 Bracket 15%
please use ba II when able A homeowner has five years of monthly payments of $1,100 before she has paid off her house. If the interest rate is 5% APR, what is the remaining balance on her loan? A. $46,632 B. $69,948 C. $58,290 D. 81, 606
A mortgage for a condominium had a principal balance of $48,400 that had to be amortized over the remaining period of 5 years. The interest rate was fixed at 4.32% compounded semi-annually and payments were made monthly. a. Calculate the size of the payments. $0 Round up to the next whole number b. If the monthly payments were set at $998, by how much would the time period of the mortgage shorten? 0 year(s) c. If the monthly payments were set at $998, calculate the size of the final payment. Round to the nearest cent 0 months $0.00

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