Calculate the monthly principal and interest (PI), using Table 14-1 from your text, and the monthly PITI for thefollowing mortgage, rounding to the nearest cent.Amount.Financed$122,500Interest.Rate10%Term ofLoan30 yearsMonthlyPIAnnualProperty Tax$2,218AnnualInsurance$1,450MonthlyPITI

Monthly PITI is very important in mortgage loans and that includes the monthly mortgage payment and…

Calculate the monthly principal and interest (PI), using Table 14-1 from your text, and the monthly PITI for the following mortgage, rounding to the nearest cent. Amount Interest Financed Rate $122,500 10% Term of Loan 30 years Monthly PI Annual Property Tax $2,218 Annual Monthly Insurance PITI $1,450

Calculate the monthly principal and interest (PI), using Table 14-1 from your text, and the monthly PITI for the following mortgage, rounding to the nearest cent. Amount Interest Financed Rate $122,500 10% Term of Loan 30 years Monthly PI Annual Property Tax $2,218 Annual Monthly Insurance PITI $1,450

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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Calculate the monthly payments for each of the following $119,600 mortgage loans. Assume no prepayments. a. 30-year fixed at 7.25 percent b. 15-year fixed at 6.25 percent c. 20-year fixed at 6.75 percent Note: Round intermediate computations to at least five (5) decimal places. Click on the table icon to view the Monthly Installment Loan Payment Factor (MILPF) table: a. The monthly payment, PMT, on the 30-year loan is $ (Round to the nearest cent.)
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 $ $ $
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%
omplete the first month of the amortization schedule for the following fixed rate mortgage. Round the answer to the nearest cent. Mortgage: $79,000 Interest rate: 8.5% Term of loan: 15 years Amortization Schedule Payment Total Interest Principal Balance of Number Payment Payment Payment Principal 1 $777.94 (a) _____ (b) _____ (c) _____
Consider a home mortgage of $225,000 at a fixed APR of 6% for 30 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.) b. The total amount paid over the term of the loan is $ (Round to the nearest cent as needed.) c. Of the total amount paid,% is paid toward the principal, and % is paid for interest. (Round to one decimal place as needed.)
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?
Using this table as needed, calculate the required information for the mortgage. Number Table Total Monthly Payment (in $) Term Amount Interest of Loan of $1,000s Factor Interest Financed Rate (years) Financed (in $) (in $) $85,500 8.00% 30 %24 %24 %24
Find the following for a $200,000 fixed-rate mortgage and the given information. a) Monthly mortgage payment (principal and interest) b) Monthly house payment (including property taxes and insurance) c) Initial monthly interest d) Income tax deductible portion of initial house payment e) Net initial monthly cost for the home (considering tax savings) Annual Owner's Income Tax Property Tax $1188 Term of Mortgage 20 years Interest Rate 6% a) The monthly mortgage payment is $ (Round to the nearest dollar as needed.) Annual Insurance $624 Bracket 15%
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
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 $
Make an amortization table to show the first two payments for the mortgage. Amount of mortgage $89,000 Month Annual interest rate Years in mortgage Monthly payment 5.50% Monthly payment $546.46 Interest 1 2 $546.46 (Round to the nearest cent as needed.) 25 Principal $546.46 End-of-month principal
Find the monthly payment needed to amortize a typical $115,000 mortgage loan amortized over 30 years at an annual interest rate of 5.7% compounded monthly. (Round your answers to the nearest cent.)$ Find the total interest paid on the loan.$

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