Chetan CNBC.com reported mortgage applications increased 9.9% due to a decrease in the rate on 30-year fixed-rate mortgages. JoeSisneros wants to purchase a vacation home for $350,000 with 20% down. Calculate his monthly payment for a 40-year mortgage at5.5%. Calculate total interest. (Use Table 15.1.)Note: Round your intermediate calculations and final answers to the nearest cent.Monthly paymentTotal interest

The long-term loan that is taken to finance the real estate properties is called mortgage. It is…

Answered: CNBC.com reported mortgage applications…

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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CNBC.com reported mortgage applications increased 9.9% due to a decrease in the rate on 30-year fixed rate mortgages to 4.03%. Dennis Natali wants to purchase a vacation home for $250,000 with 20% down. Calculate his monthly payment for a 20-year mortgage at 5.5%. Calculate total interest. (Use Table 15.1.) (Do not round intermediate calculations. Round your final answers to the nearest cent.) Answer is complete but not entirely correct. Monthly payment Total interesti Return to question 1,420.00 6.508.33
CNBC.com reported mortgage applications increased 9.9% due to a decrease in the rate on 30-year fixed rate mortgages to 4.03%. Dennis Natali wants to purchase a vacation home for $235,000 with 20% down. Calculate his monthly payment for a 20-year mortgage at 3.5%. Calculate total interest. (Use Table 15.1.) (Do not round intermediate calculations. Round your final answers to the nearest cent.)
es CNBC.com reported mortgage applications increased 9.9% due to a decrease in the rate on 30-year fixed-rate mortgages. Joe Sisneros wants to purchase a vacation home for $235,000 with 20% down. Calculate his monthly payment for a 20-year mortgage 33%. Calculate total interest. (Use Table 15.1.) Note: Round your intermediate calculations and final answer to the nearest cent. Monthly payment Total interest $ 1,078.29
Using a spreadsheet program, create an amortization schedule for a 30-year mortgage of $500,000 at an annual interest rate of 4.24%. (a) In which month does the amount of principal in a monthly payment first exceed the amount of interest? _____ (b) How much interest is repaid for the term of the loan? (Round your answer to the nearest cent.) _____$ (c) If the loan amount was $750,000 instead of $500,000, would the month in which the amount of principal in a monthly payment first exceeded the amount of interest change?
Using a spreadsheet program, create an amortization schedule for a 30-year mortgage of $500,000 an annual interest rate of 4.29%. (a) In which month does the amount of principal in a monthly payment first exceed the amount of interest? b) How much interest is repaid for the term of the loan? (Round your answer to the nearest cent.) tf the loan amount was $750,000 instead of $500,000, would the month in which the amount of principal in a monthly payment first exceeded the amount of interest change? Yes No
Some lenders offer loans with biweekly payments rather than monthly payments. Investigate the effect of this on home loans by finding the payment and total interest on a thirty-year simple interest amortized loan of $150,000 at 14% interest. (Round your answers to the nearest cent.)
Find the total monthly payment, including taxes and insurance, for the given mortgage loan using the table. Calculator answers may be slightly different. (Round your answer to the nearest cent.) Amount Rate Time(Years) AnnualTaxes AnnualInsurance $183,000 5 1 2 % 15 $3000 $900
Please show how to solve this problem using excel and please show the spreadsheet formulas. Interest-only mortgage with monthly payments and loan amount: $56,000; Term: 15 years; Annual interest rate: 7.5% What is the total payment in the 180th month? What is the outstanding balance at the end of 10 years (120 months)? What is the total interest payment during the entire loan term (180 months)?
Complete the following table by using Table 15.1. (Do not round intermediate calculations. Round your answers to the nearest cent.): Selling price: $237,000 Down payment: $47,400 Amount mortgage: ?? Rate: 6.00% Years: 15 Monthly payment: ?? First payment broken down into-- Interest: ?? Principal: ?? Balance at end of month: ??
In Excel Please show how to solve this and please show step by step how to solve to answer questions A. and B. . You borrow a Graduated Payment Mortgage (GPM) of $400,000 with monthly payments and 15-year term. The annual interest rate is 4%. The lender allows you to pay only 0.5 monthly PMT for the first 5 years and pay full monthly PMT thereafter. In other words, your payment factors are as follows: month 1-month 60: 50%; and month 61- month 180: 100%. Suppose that the origination cost of the loan is $5,000, please answer the following questions: A. What is your monthly payment for the first 5 years? B. What is your annual effective cost of the GPM if you hold the loan for an entire term?
Find the monthly payment (in $) and the total interest (in $) for a mortgage of $46,000 at 5 1/4 % 1 4 for 40 years. Use this table and give the total interest as your answer. (Round your answers to the nearest cent.) Monthly payment$ Total interest$
CNBC.com reported mortgage applications increased 9.9% due to a decrease in the rate on 30-year fixed-rate mortgages. Joe Sisneros wants to purchase a vacation home for $335,000 with 20% down. Calculate his monthly payment for a 20-year mortgage at 3.5%. Calculate total interest. (Use Table 15.1.)

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