Answer When you purchased your house 10 years ago, you took out a 25-year annual payment mortgage with an interest rate of 5.5% per year. The annual payment on the mortgage is $39,540. You have just made your 10th payment and have now decided to pay the mortgage off by repaying the outstanding balance. What is the payoff amount for the remaining 15 payment? Draw CFD, and Enter the Answer in 'B2' Cell above.

Answer When you purchased your house 10 years ago, you took out a 25-year annual payment mortgage with an interest rate of 5.5% per year. The annual payment on the mortgage is $39,540. You have just made your 10th payment and have now decided to pay the mortgage off by repaying the outstanding balance. What is the payoff amount for the remaining 15 payment? Draw CFD, and Enter the Answer in 'B2' Cell above.

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

See similar textbooks

Similar questions

You plan to purchase a $160,000 house using a 15-year mortgage obtained from your local credit union. The mortgage rate offered to you is 6.5 percent. You will make a down payment of 15 percent of the purchase price. a. Calculate your monthly payments on this mortgage. b. Calculate the amount of interest and, separately, principal paid in the 25th payment. c. Calculate the amount of interest and, separately, principal paid in the 80th payment. d. Calculate the amount of interest paid over the life of this mortgage. (For all requirements, do not round intermediate calculations. Round your answers to 2 decimal places. (e.g., 32.16)) a. Monthly payment b. Amount of interest Amount of principal Amount of interest Amount of principal d. Amount of interest paid C. Amount
On June 1, you borrowed $350,000 to buy a house. The mortgage interest rate is 3.5%. The loan is to be repaid in equal monthly payments over 30 years. What is your monthly payment ? How much equity will you have in the house after 5 years? How much interest have you paid during year 6 only? How much interest will you be paying over the whole course of the loan?
Let’s assume that you plan to purchase a house which is selling for $350,000 today. You will make a monthly payment for the next 30 years, with an annual interest rate of 3%. What will be the amount of your monthly mortgage (i.e., home loan) payment? answer choices $1,890.37 $1,400.01 $1,475.61 $1,228.14
(Components of an annuity payment) You take out a 20-year mortgage for $275,000 to buy a new house. What will your monthly payments be if the interest rate on your mortgage is 6 percent? Use a spreadsheet to calculate your answer. Now, calculate the portion of the 120th monthly payment that goes toward interest and principal. Use five decimal places for the monthly interest rate in your calculations. a. Using a spreadsheet to calculate your answer, your monthly payments will be $ ( Round to the nearest cent.)
You can afford a $1300 per month mortgage payment. You've found a 30 year loan at 6% interest.a) How big of a loan can you afford?$b) How much total money will you pay the loan company?$c) How much of that money is interest?
Answer the following question using a spreadsheet and the material in the appendix. You would like to buy a house. Assume that given your income, you can afford to pay $12,000 a year to a lender for the next 30 years. If the interest rate is 7% how much can you borrow today based on your ability to pay? What about if the interest rate is 3%? Maximum mortgage at 7%: $ Maximum mortgage at 3%: $
You take out a 20-yearmortgage for $310,000 to buy a new house. What will your monthly payments be if the interest rate on your mortgage is 9 percent? Use a spreadsheet to calculate your answer. Now, calculate the portion of the 96th monthly payment that goes toward interest and principal. Use five decimal places for the monthly interest rate in your calculations. a. Using a spreadsheet to calculate your answer, your monthly payments will be
You have just purchased a home and taken out a $420,000 mortgage. The mortgage has a 30-year term with monthly payments and an APR of 5,68%. a. How much will you pay in interest, and how much will you pay in principal, during the first year? b. How much will you pay in interest, and how much will you pay in principal, during the 20th year (i.e., between 19 and 20 years from now)?
Solve all three parts Q) Suppose you decide to take out the $1 million 30-year fixed rate mortgage at 4%. a) How much money will you pay in interest in the first month (units: dollars)? b) How much principle will you still have left to pay off after making your first 15 years worth of payments (units: thousands of dollars)? c) How much money money will you pay in interest in the 181st payment (units: dollars)?
You recently took out a mortgage on a house for $325,000. The mortgage was at 14% interestfixed interest rate for 30 years. What is the payoff amount immediately after the 30th payment? (Show using BA II Plus or By Hand)
You plan to purchase a $160,000 house using a 15-year mortgage obtained from your local credit union. The mortgage rate offered to you is 6.75 percent. You will make a down payment of 20 percent of the purchase price. a. Calculate your monthly payments on this mortgage. b. Calculate the amount of interest and, separately, principal paid in the 20th payment c. Calculate the amount of interest and, separately, principal paid in the 150th payment d. Calculate the amount of interest paid over the life of this mortgage. (For all requirements, do not round intermediate calculations. Round your answers to 2 decimal places. (e.g., 32.16)) a. Monthly payment b. Amount of interest Amount of principal C. Amount of interest Amount of principal d. Amount of interest paid Amount
You purchase a cottage for $185,000. You obtain a 30-year, fixed rate mortgage loan at 13.0% after paying a down payment of 30%. Of the second month's mortgage payment, how much is interest and how much is applied to the principal? (Round your answers to the nearest cent.)Interest $________Applied to Principle $__________

SEE MORE QUESTIONS

Recommended textbooks for you

Essentials Of Investments

Finance

ISBN:

9781260013924

Author:

Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:

Mcgraw-hill Education,

FUNDAMENTALS OF CORPORATE FINANCE

Finance

ISBN:

9781260013962

Author:

BREALEY

Publisher:

RENT MCG

Financial Management: Theory & Practice

Finance

ISBN:

9781337909730

Author:

Brigham

Publisher:

Cengage

Foundations Of Finance

Finance

ISBN:

9780134897264

Author:

KEOWN, Arthur J., Martin, John D., PETTY, J. William

Publisher:

Pearson,

Fundamentals of Financial Management (MindTap Cou…

Finance

ISBN:

9781337395250

Author:

Eugene F. Brigham, Joel F. Houston

Publisher:

Cengage Learning

Corporate Finance (The Mcgraw-hill/Irwin Series i…

Finance

ISBN:

9780077861759

Author:

Stephen A. Ross Franco Modigliani Professor of Financial Economics Professor, Randolph W Westerfield Robert R. Dockson Deans Chair in Bus. Admin., Jeffrey Jaffe, Bradford D Jordan Professor

Publisher:

McGraw-Hill Education

Essentials Of Investments

Finance

ISBN:

9781260013924

Author:

Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:

Mcgraw-hill Education,

FUNDAMENTALS OF CORPORATE FINANCE

Finance

ISBN:

9781260013962

Author:

BREALEY

Publisher:

RENT MCG

Financial Management: Theory & Practice

Finance

ISBN:

9781337909730

Author:

Brigham

Publisher:

Cengage

Foundations Of Finance

Finance

ISBN:

9780134897264

Author:

KEOWN, Arthur J., Martin, John D., PETTY, J. William

Publisher:

Pearson,

Fundamentals of Financial Management (MindTap Cou…

Finance

ISBN:

9781337395250

Author:

Eugene F. Brigham, Joel F. Houston

Publisher:

Cengage Learning

Corporate Finance (The Mcgraw-hill/Irwin Series i…

Finance

ISBN:

9780077861759

Author:

Stephen A. Ross Franco Modigliani Professor of Financial Economics Professor, Randolph W Westerfield Robert R. Dockson Deans Chair in Bus. Admin., Jeffrey Jaffe, Bradford D Jordan Professor

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS