Assuming the mortgage is a 20-year adjustable rate mortgage, use the given information to find the monthly mortgage payment. Then make a rough estimate of the monthly payment for year 3 by calculating the monthly payment for a 20- year mortgage for the original amount at the new interest rate. P = $183,000; beginning interest rate, 5%; rate increases 1%, then 2%

Assuming the mortgage is a 20-year adjustable rate mortgage, use the given information to find the monthly mortgage payment. Then make a rough estimate of the monthly payment for year 3 by calculating the monthly payment for a 20- year mortgage for the original amount at the new interest rate. P = $183,000; beginning interest rate, 5%; rate increases 1%, then 2%

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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Based on Exhibit 7-7, what would be the monthly mortgage payments for each of the following situations? (Round your answers to 2 decimal places.) a A $160.000, 15-year loan at 4.5 percent. b. A $215,000, 30-year loan at 5 percent. c. A $190,000, 20-year loan at 6 percent. +
Suppose you make monthly mortgage payments of $1,345 and have 11 years left on the mortgage (next payment due next month). Assuming a 4.5% stated annual interest rate for the mortgage, how much would you need today to pay off the mortgage? I know payment is 1,345, number of periods remaining is 132 (11x12) and the interest rate monthly is .375 (4.5/12).
Determine the periodic payments PMT on the given loan or mortgage. (Round your answer to the nearest cent.) $80,000 borrowed at 6% for 9 years, with monthly payments PMT = $
Determine the monthly principal and interest payment for a 15 -year mortgage when the amount financed is $85,000 and the annual percentage rate (APR) is 7.0%. The monthly principal and interest payment is $ (Round to the nearest cent as nếeded.)
Use this table to find the monthly mortgage payments, when necessary. Find the total interest for a mortgage of $116,500 at 7% for 30 years. $158,513.28 $162,401.00 $180,473.34 $270,509.00
Use chart
If a mortgage has monthly payments of $1,315, a life of 30 years, and a rate of 4.25 percent per year, what is the mortgage amount? Note: Do not round intermediate calculations. Round your answer to 2 decimal places. Mortgage amount
Consider a home mortgage of $125,000 at a fixed APR of 4.5% for 25 years. a. Calculate the monthly payment. b. Determine the total amount paid over the term of the loan. c. Of the total amount paid, what percentage is paid toward the principal and what percentage is paid for interest. ..... a. The monthly payment is $ (Do not round until the final answer. Then round to the nearest cent as needed.)
Determine the monthly principal and interest payment for a 15-year mortgage when the amount financed is $85,000 and the annual percentage rate (APR) is 7.0%
G. Find the interest rate (APR) on a 27-year mortgage with a initial loan amount of $358,000, if the monthly payment is $2229.45 Let's use references for input values; and be sure to annualize the rate! INPUTS: OUTPUT: Period Rate is APR Payment Loan amount
What is the monthly payment (beginning) of a 30 year, 4.8%, $200,000 mortgage?
Determine the monthly principal and interest payment for a 20-year mortgage when the amount financed is $285,000 and the annual percentage rate (APR) is 4.0%. The monthly principal and interest payment is $

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