Bill has a mortgage of $366,000 through his bank for property purchased. The loan is repaid by end of month payments of $2,912.69 with an interest rate of 4.35% compounded monthly over 14 years. What is the interest included in the 47th payment of the mortgage? Enter a POSITIVE VALUE rounded to two decimal places. $

Bill has a mortgage of $366,000 through his bank for property purchased. The loan is repaid by end of month payments of $2,912.69 with an interest rate of 4.35% compounded monthly over 14 years. What is the interest included in the 47th payment of the mortgage? Enter a POSITIVE VALUE rounded to two decimal places. $

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

Ivan is looking to purchase a home that costs $ 160,000. The interest rate is currently at 3.7%. Use the monthly payment formula below to find Ivan's monthly mortgage payment for the next 30 years. M = P)(1+)¹²t (1+)12t_1 Emilio's savings account had a balance of $621.96 at the end of July. During August, he made three savings account deposits of $83.11, $52.89, and $307.84 and one withdrawal of $129.00. At the end of August his account earned $11.50 in interest. Will Emilio meet his savings account goal of $1,000 by September 1st?
Calculate Andy's mortgage payment using the 5% rate for 30 years on a mortgage balance of $233,000
Given the following information on a 30-year fully-amortizing mortgage, use the amortization table function on your financial calculator to determine the portion of the monthly payment that goes to principal in 84th payment. Loan amount: $250.000; Annual interest rate: 6%; Monthly payment: $1,498.88.
James has a mortgage of $96,500 at 4% for 15 years. The property taxes are $3,900 per year, and the hazard insurance premium is $764.50 per year. Find the monthly PITI payment (in $). (Round your answer to the nearest cent. Use this table as needed.)
On May 6, Jim Ryan borrowed $14,000 from Lane Bank at 7 1/2% interest. Jim plans to repay the loan on March 11. Assume the loan is on ordinary interest. How much will Jim repay on March 11? (Use Days in a year table.) (Round your answer to the nearest cent.) Jim Repay
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
James has a mortgage of $86,500 at 8% for 15 years. The property taxes are $3,900 per year, and the hazard insurance premium is $764.50 per year. Find the monthly PITI payment (in $). (Round your answer to the nearest cent. Use this table as needed.) $
Robert has a mortgage of $326,000 through his bank for property purchased. The loan is repaid by end of month payments of $2,099.57 with an interest rate of 4.71% compounded monthly over 20 years. What is the interest paid in the 11th year of the mortgage?Interest paid in 11th year
Dante has a mortgage of $700,000 through the Meridian Bank for a vacation property. The mortgage is repaid by end of month payments with an interest rate of 4.6% compounded monthly for a term of 2 years, amortized over 20 years. At the end of the 2-year term, Dante will renew the mortgage for another 2-year term at a new, lower interest rate of 3.5% 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? C/Y = P/Y = I/Y = P1 = % 2) What is the balance when the mortgage is renewed? P/Y = I/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 = $ Enter a positive value. N = FV = $
Tom Bond borrowed $6,800 at 8-% for three years compounded annually. What is the compound amount of the loan and how much interest will he pay on the loan? Compound amount = $ (Round to the nearest cent as needed.)

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