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

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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.)
Using this table as needed, calculate the required information for the mortgage. (Round dollars to the nearest cent.) AmountFinanced InterestRate Termof Loan(years) Numberof $1,000sFinanced TableFactor(in $) MonthlyPayment(in $) TotalInterest(in $) $162,300 5.25% 15 $ $ $
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
Estimate the affordable monthly mortgage payment, the affordable mortgage amount, and the affordable home purchase price for the following situation. (Refer to Exhibit 9.8 and Exhibit 9-9.) Note: Round time value factor to 2 decimal places, Intermediate and final answers to the nearest whole number. Monthly gross income Down payment to be made (percent of purchase price) Other debt (monthly payment) Monthly estimate for property taxes and insurance 30-year loan Affordable monthly mortgage payment Affordable mortgage amount Affordable home purchase price Affordable Amount Mortgage Costs $ 5,150 20 Percent $ 300 $ 400 6.5 Percent
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
Using this table as needed, calculate the required information for the mortgage. (Round dollars to the nearest cent.) Number Table Monthly Payment (in $) Term Total Amount Interest of Loan (years) of $1,000s Financed Factor Interest Financed Rate (in $) (in $) $165,300 5.25% 15 %24 %24 %24
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

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