Armita has a mortgage for $907,598.00. The term of the mortgage is 5 years, and the amortization period is 20 years. Armita will make monthly paym 4.750%. After 3 years, the interest rate d ded semi-anually, and she decides retinarice her loan. In order to redinance, sh interest (based on the original interest rate), which is added to the outstanding balance on the new mortgage 300% a) What is the outstanding balance at the time Armita decides to refinance that including the penalty bi What is the amount of the penalty s The new mortgage has is t outstanding balance plus the penalty The term is 2 years, and the amonitation period is 17 years. What are the the

Armita has a mortgage for $907,598.00. The term of the mortgage is 5 years, and the amortization period is 20 years. Armita will make monthly paym 4.750%. After 3 years, the interest rate d ded semi-anually, and she decides retinarice her loan. In order to redinance, sh interest (based on the original interest rate), which is added to the outstanding balance on the new mortgage 300% a) What is the outstanding balance at the time Armita decides to refinance that including the penalty bi What is the amount of the penalty s The new mortgage has is t outstanding balance plus the penalty The term is 2 years, and the amonitation period is 17 years. What are the the

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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A family has taken out a mortgage of £450,000 to purchase a house on 1.1.2022. The mortgage is repaid in monthly instalments at the beginning of each month over 20 years.(a) Determine the monthly payment amount assuming an effective interest rate of 1.6% per annum.(b) After having made 5 years of payments the family takes out a new mortgage with an effective interest rate of 6% per annum for the remaining 15 years. Payments are made monthly in arrears. Determine the new monthly payment amount.(c) If the family would have originally agreed to make monthly instalments of £2,000 paid at the beginning of each month starting on 1.1.2022, when would they have paid off the loan? Assume an effective interest rate of 1.6% per annum throughout.
Ife takes out a 3 year mortgage for $1,125,000 at an interest rate of i(2) = 4.500%. The amortization period is 30 years and she will make weekly payments. What is the outstanding balance at the end of 1 year? O a. $1,084,582.78 O b. $1,106,717.12 O c. $1,029,246.92 O d. $1,040,314.09 e. $1,128,851.46
Lucky took out a $289,000 25-year mortgage at an APR of 4.85%.a. What is the monthly payment?b. What will be his total interest charges after 25 years?
Nikul
Erin has a mortgage of $640,000 through the Tangerine Bank for a vacation property. The mortgage is repaid by end of month payments with an interest rate of 5.3% compounded monthly for a term of 5 years, amortized over 25 years. At the end of the 5-year term, Erin will renew the mortgage for another 5-year term at a new, lower interest rate of 4.4% compounded monthly. Round ALL answers to two decimal places if necessary. 1) What are the end of month payments before the renewal of the mortgage? P/Y = I/Y = P1 = % P/Y = 2) What is the balance when the mortgage is renewed? I/Y = C/Y = PV = $ % PMT = $ (enter the rounded value into the calculator) P2 = 3) What will be the new end of month payments after the mortgage is renewed? C/Y = PV = $ N = PMT = $ FV = $ BAL= $ a positive value. N = FV = $ Enter
Marsha Terban bought a home for $110,000 with a down payment of $10,000. Her rate of interest is 9 1/2 percent for 15 years. Compute an amortization schedule for the first 3 months of the loan.
am. 118.
The Hills obtain a 30-year, $144,000 conventional mortgage at a 4.5% rate on a house selling for $180,000. Their monthly mortgage payment, including principal and interest, is $729.63. They also pay 2 points at closing. Determine the total amount the Hills will pay for their house over 30 years. The total amount is $ (Round to the nearest cent as needed.)
ABC purchased a piece of property for $3,000,000. The loan terms require monthly payments at the beginning of each month for 15 years at an annual percentage rate of 9 percent. What is the amount of each mortgage payment?
Jack takes out a mortgage for $725,000 at an interest rate of i(2) = 7.250%. The amortization period is 30 years. What is his weekly payment? a. $1,182.96 b. $1,126.62 C. $923.83 d. $1,171.69 e. $957.63

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