Consider a 30-year, fixed-rate mortgage for $120,000 at a nominal rate of 6% with monthly payments. If the borrower pays an additional $120 with each monthly payment, what will be the amount of the last monthly payment?   A. $839.46   B. $357.77   C. $843.66   D. $419.85   E. $355.99   F. $420.90   G. $418.81   H. $841.55

Q: The original amount that was borrowed for your home mortgage was 175,000 dollars, to be repaid…

A: Monthly payment (EMI) is calculated by present value of annuity formula. where r is APR and n is…

Q: 200,000 30 year mortgage with a contract rate of 8.94%, $3000 closing costs (lawyer, appraisal, and…

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Q: Suppose you have taken out a $125,090 fully amortizing fixed rate mortgage loan that has a term of…

A: A mortgage refers to a covered loan that is borrowed for purchasing a property with the property…

Q: Calculate the monthly mortgage payment for the following two scenarios. Create an amortization…

A: GIVEN, P= $200,000 R=3% N=15

Q: How much of a mortgage could you afford? a.) $224,787.34 b.) $227,478.34 c.) $227,847.25 d.)…

A: PV = P x [1 - {1 / (1 + r)^n}] / r Here, PV = Present Value P = Monthly Payment i.e. $1500 r =…

Q: You take out a 30-year mortgage, at a nominal annual rate of X%, with monthly compounding. Each…

A: Nominal Interest Rate: It represents the rate of interest that does not take into consideration the…

Q: A $50,000 interest only mortgage loan is made for 30 years at a nominal interest rate of 6 percent.…

A: Part (a): Answer: Monthly payments on loan $250 Calculation of daily accrued interest:

Q: You plan to borrow $48,800 at a 6.5% annual interest rate. The terms require you to amortize the…

A: The objective of the question is to calculate the amount of interest paid in the second year of an…

Q: Consider a 15 year, fixed rate mortgage for $150,000 at a nominal rate of 8%. The loan comes with a…

A: A fixed interest rate loan is where your Interest Rate is locked in (i.e. fixed) for a certain…

Q: A borrower obtains a fully amortizing loan for $80,000 at 10 percent for 7 year. Payments are…

A: A mortgage is a loan that allows a buyer to acquire a house or other real estate property and repay…

Q: A homeowner can obtain a $250,000, 30-year fixed-rate mortgage at a rate of 6.0 percent with zero…

A: Mortgage refers to the covered loan borrowed for the purchase or the maintenance of the property…

Q: You are buying your first condo for $250, 000 and you will make a $50, 000 down payment. You have…

A: Loan amount = Purchase price - Down paymentMonthly interest rate = Nominal interest rate / Number of…

Q: Use PMT = to determine the regular payment amount, rounded to the nearest cent. The cost of a home…

A: Cost of House is $110,000 Time period is 20 years or 20×12=240 months Interest rate is 3%  Monthly…

Q: Consider a 15-year, 9% mortgage for $200,000 with annual payments that are structured in the…

A: Given: Years = 15 Interest rate = 9% Loan amount = $200,000

Q: 4. Consider a 25-year fixed-rate mortgage for $250,000 at a nominal rate of 10%. If the borrower…

A: Given, 25-year fixed-rate mortgage for $250,000 Nominal rate = 10%. Additional $300 with each…

Q: Consider a home mortgage of $125,000 at a fixed APR of 12% for 30 years. a. Calculate the monthly…

A: Payment per period can be calculated using PMT function in excel.   PMT(rate, nper, pv, [fv],…

Q: What is the monthly payment size of a 25-year mortgage for $100 000 and an interest rate of 6%…

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Q: 1. You have just obtained a commercial mortgage for $6.25M with a 5-year term, 25-year amortization…

A: We are required to calculate an amortization table, therefore, we have to use excel and the excel…

Q: a 20-year a

A: Years of amortization = 20 in months =20*12= 240 The per month discount rate = 4.25% /12=0.3542%=…

Q: If an adjustable-rate 30-year mortgage for $120,000 starts at 4.0 percent and increases to 5.5…

A: Companies frequently have to make choices about financial transactions, initiatives, and investments…

Q: Find the monthly payment needed to amortize a typical $105,000 mortgage loan amortized over 30 years…

A: We need to determine the monthly payment as well as the interest component.  Given, Interest rate =…

Q: he following loan is a simple interest amortized loan with monthly payments. $7000, 7%, 4 years (a)…

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Q: Find the monthly payment for a 289,500.00 home with 20% down payment. The terms of the mortgage are…

A: The cost of home = 289,500 The down payment = 20%  Interest rate on mortgage = 8.5%  The time period…

Q: Use an amortization table (Use Spreadsheet application such as Excel) that determines the monthly…

A: Loans are paid by the same fixed monthly payments that carry the interest and loan payments.In this…

Q: You take out a traditional 30 year mortgage for $292,490. It has a fixed interest rate of 4.25% and…

A: EMI, or Equated Monthly Installment, is a fixed monthly payment made by a borrower to repay a loan,…

Q: . Assume you have just taken a 30-year mortgage of $550,000 at 9% with monthly compounding. Further,…

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Q: A borrower is making a choice between a mortgage with monthly payments or biweekly payments. The…

A: The rate of return, often abbreviated as ROR or RoR, is a measure used to evaluate the profitability…

Q: A fully amortizing CPM mortgage loan is made for $100,000 at 6 percent interest for a 30 year term.…

A: Several unrelated questions have been asked. The first question has multiple parts. All the parts of…

Q: You are about to take a mortgage and you plan to hold it for 10 years. A lender offers you a 30-year…

A: Option (i)Period (n)= 30 years = 30 X 12 = 360 monthsPrincipal of loan (P) = $ 250,000Contract rate…

Q: What are your monthly payments if the mortgage is for 30 years and the nominal annual mortgage…

A: Information provided: Principal amount = $150,000 Term = 30 years Interest rate = 5.50%

Q: Find the monthly payment needed to amortize a typical $220,000 mortgage loan amortized over 30 years…

A: COMPOUNDED MONTHLY RATE (5.3%/12) 0.441667% YEARS  (12*30) 360 PRESENT VALUE $220,000…

Q: Consider a 20-year mortgage for $174,334 at an annual interest rate of 5%. After 8 years, the…

A: Time period = 20 years  Value of mortgage = $174,344 Annual interest rate = 5% Refinancing time…