Problem 9-5 Calculating Monthly Mortgage Payments [LO9-4]Based on Exhibit 9-9, or using a financial calculator, what would be the monthly mortgage payments for each of the followingsituations?Note: Round time value factor and final answers to 2 decimal places.What relationship exists between the length of the loan and the monthly payment? How does the mortgage rate affect the monthlypayment?Answer is complete but not entirely correct.MonthlyMortgagePaymenta. $57,000, 15-year loan at 5.50 percent.b. $120,000, 30-year loan at 7.50 percent.c. $108,000, 20-year loan at 5.50 percent.d-1. Longer mortgage terms mean ad-2. For increase in mortgage ratelowerhigher$$$monthly payment.monthly payment is required.465.74839.06742.92

Based on Exhibit 9-9, or using a financial calculator, what would be the monthly mortgage payments for each of the situations? Note: Round time value factor and final answers to 2 decimal places. What relationship exists between the length of the loan and the monthly payment? How does the mortgage rate af payment? Answer is complete but not entirely correct. Monthly Mortgage Payment a. $57,000, 15-year loan at 5.50 percent. b. $120,000, 30-year loan at 7.50 percent. c. $108,000, 20-year loan at 5.50 percent. $ $ $ 465.74X 839.06 X 742.92 X

Based on Exhibit 9-9, or using a financial calculator, what would be the monthly mortgage payments for each of the situations? Note: Round time value factor and final answers to 2 decimal places. What relationship exists between the length of the loan and the monthly payment? How does the mortgage rate af payment? Answer is complete but not entirely correct. Monthly Mortgage Payment a. $57,000, 15-year loan at 5.50 percent. b. $120,000, 30-year loan at 7.50 percent. c. $108,000, 20-year loan at 5.50 percent. $ $ $ 465.74X 839.06 X 742.92 X

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

Using this table as needed, calculate the required information for the mortgage. AmountFinanced InterestRate Termof Loan(years) Numberof $1,000sFinanced TableFactor(in $) MonthlyPayment(in $) TotalInterest(in $) $89,500 8.00% 30 $ $ $
Find the amount (in $) of interest and the maturity value of the loans. Use the formula MV = P + I to find the maturity value. (Round your answers to two decimal places.) Principal Rate (%) Maturity Value $145,000 15-/1/2 Time 8 months $ Interest $
Based on Exhibit 7-8, what would be the monthly mortgage payments for each of the following situations? (Round mortgage payment factors and final answers to 2 decimal places. Omit the "$" sign in your response.) a) A $123,000, 15-year loan at 6.0 percent APR compounded semi - annually b) A $165, 000, 25- year loan at 7.5 percent APR compounded semi- annually c) A $68, 000, 20-year loan at 7.5 percent APR compounded semi - annually.
Suppose you earn a gross income of $2,710.00 per month and apply for a mortgage with a monthly PITI of $501.35. You have other financial obligations totaling $428.18 per month. If the lending ratio guidelines are as given in the table below, what type of mortgage, if any, would you qualify for? Mortgage Type Housing Expense Ratio Total Obligations Ratio FHA 29% 41% Conventional 28% 36% O FHA only O Conventional only O FHA and Conventional O None of the above
Complete the following table: (Use Table 15.1.) (Do not round intermediate calculations. Round your answers to the nearest cent.) First Payment Broken Down Into— Selling price Down payment Amount mortgage Rate Years Monthly payment Interest Principal Balance at end of month $221,000 $44,200 7.00 % 15
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.)
Hi there, quick question. For an loan with a capital amount of 2500, initiation fee of 315, interest rate of 5%, initiation of loan takes place 04/01/2021 and first paid date is 02/02/2021 (Active for 29 Days), the calculated interest for this period was calculated to be 360.45. Interest is calculated using compound interest. Is there a way to work backwards to obtain the formula? To determine the accuracy.
Estimate the affordable monthly mortgage payment, the affordable mortgage amount, and the affordable home purchase price for the following situation. (Refer to the images) Note: Round time value factor to 2 decimal places, intermediate and final answers to the nearest whole number. Mortgage Monthly gross income $ 4,700 Down payment to be made (percent of purchase price) 20% Other debt (monthly payment) $ 260 Monthly estimate for property taxes and insurance $ 490 30-year loan 8.0% 1.) What is the affordable monthly mortgage payment? 2.) What is the affordable mortgage amount? 3.) What is the affordable house purchase price?
Suppose you earn a gross income of $2,915.00 per month and apply for a mortgage with a monthly PITI of $900.74. You have other financial obligations totaling $174.90 per month. If the lending ratio guidelines are as given in the table below, what type of mortgage, if any, would you qualify for? Mortgage Type Housing Expense Ratio Total Obligations Ratio FHA 29% 41% Conventional 28% 36% O FHA only O Conventional only O FHA and Conventional O None of the above
If a mortgage has monthly payments of $1,288, a life of 20 years, and a rate of 4.70 percent per year, what is the mortgage amount? Note: Do not round intermediate calculations. Round your answer to 2 decimal places. Answer is complete but not entirely correct. 2,143.40 Mortgage amount
Suppose you take out a $185,500 mortgage for 30 years at 5.15% interest. (a) Find the monthly payment on this mortgage. S (b) Fill out the first two rows of the amortization schedule below. Round your answers to the nearest dollar. Payment Number Interest Payment Principal Payment Balance of Loan 1 2 Question Help: D Video M Message instructor D Post to forum

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