Dec 31, 2014 you bought your first house with a loan of $190,000. The loan was a 30-year mortgage loan with an interest rate of 6% p.a. The first payment was paid on Jan 31, 2015. How much

Q: and you You have decided to refinance your mortgage. You plan to borrow whatever is outstanding on…

A: Present value is the value of loan or future periodic payments at the present date.

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 just took out a 30-year mortgage for $325,000 at 5% interest. How much of the first monthly…

A: A mortgage refers to a covered loan that is borrowed for the purchase of a property which itself…

Q: Find the monthly payment (in $) and the total interest (in $) for a mortgage of $46,000 at  5 1/4 %…

A: Monthly payment=4.14Total interest=$42,987.20So, the monthly payment is $4.14 and the total interest…

Q: If $5,000 is borrowed at a simple interest rate of 5.65% p.a., calculate the interest charged for 6…

A: the amount of interest Marissa should receive is $356.35.Explanation:For the first question:Interest…

Q: You take out a 20-year $260,000 mortgage loan with an APR of 9% and monthly payments. In 14 years…

A: Principal BalanceThe principal balance, in case of a mortgage loan is the amount due to pay for an…

Q: You are borrowing $100,000 to purchase a house. The interest rate is 3.5% over 15 years, with…

A: Solution 1 = Monthly Payment Formula =  PMT(rate, period,-borrowing) Monthly Payment $714.883…

Q: Suppose you want to purchase a $301,000 home, and you have the required $55,000 down payment in…

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

Q: Loan 30-Year Type Mortgage Rate 3.03% 15-Year New Car Mortgage Loan 2.30% 9.20% Used Car Loan 9.45%…

A: When the lender lends a loan to the borrower, he charges a rate of interest on the borrowed amount.…

Q: You plan to purchase a $200,000 house using a 15-year mortgage obtained from your local credit…

A:

Q: Daysha bought a house with a mortgage of $395,100. The mortgage is being financed with an interest…

A: We need to use NPER function in excel to calculate number of payments in both ordinary annuity and…

Q: ou just borrowed $490,000 for a mortgage on your new home. The mortgage has a 30​-year term with…

A: Mortgage loans make home buying home easy because paid by easy monthly payments that carry payment…

Q: You plan to buy a $100,000 home using a 30-year mortgage obtained from your local credit union. The…

A: An amortization schedule is a complete table of periodic loan payments, showing the amount of…

Q: Say that you purchase a house for $206,000 by getting a mortgage for $185,000 and paying a $21,000…

A: House Cost =  $206,000 Down Payment = $21,000 Mortgage Amount = $185,000 Time Period = 25 Years…

Q: You have just purchased a home and taken out a $510,000 mortgage. The mortgage has a 30-year term…

A: Mortgage amount = $510,000Term: 30 yearsAPR: 7.04%Monthly payments are to be made.Required:1.…

Q: Consider a 30-year, traditional mortgage on a $220,000 property. With 30% down payment and a 3% APR.…

A: Monthly payment refers to an amount that is being at every month including interest and principal…

Q: Please explain how to do this in Excel. Please explain how you did it and what the results mean. You…

A: Sale Price = $650,000Down Payment = 20% of Sale PriceTime Period = 30 YearsInterest Rate = 7.2%

Q: The discount rate is _ % per month. (Round to five decimal places.) The monthly mortgage payment is…

A: A mortgage payment is a regular commitment that a borrower makes to a lender in order to pay back a…

Q: You purchase a home for $434,000 by making a down payment of 15% and financing the remaining amount…

A: A mortgage refers to a covered loan that is borrowed for the purchase of a property, which itself…

Q: You have been shopping for a new home. You have the choice of financing for your $300,000. You can…

A: Principle amount is $300,000 We have two Choices:- 1st Choice:- Rate of interest is 4.5% Loan…

Q: You plan to purchase a $240,000 house using a 30-year mortgage obtained from your local credit…

A: A mortgage is a loan borrowed for property purchase which is covered by the property itself. It is…

Q: You are considering buying a house with a 15-year amortized mortgage loan. The value of the house is…

A: To find the repayment of principal in the third month of a 15-year mortgage loan, we first need to…

Q: The following table shows annual rates for various types of loans in 2021. Assume monthly payments…

A: A mortgage is a loan borrowed for property purchase which is covered by the property itself. It is…

Q: 14. A couple has decided to purchase in beach condominium as an investment property. The condo has a…

A: Data given: Purchase price= $360,000 Down payment=20% APR=3.6% (with monthly compounding) N=30 years…

Q: 1. Consider a home mortgage of ​$150,000 at a fixed APR of 4.5​% for 25 years.   a. Calculate the…

A: As per our guidelines we are supposed to answer only one question (if there are multiple questions…

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: You plan to buy a house in October 2022. The sale price is $539,000. You need to pay 10% down…

A: Sale Price = $539,000 Down Payment = 10% of Sale Price Time Period = 15 Years Interest Rate = 3.75%

Q: When you purchase a home by securing a mortgage, the total paid toward the principal is your equity…

A: Time Period = 30 Years Frequency = Monthly Payment (360)

Q: Suppose you are buying your first home for $144,000, and you have $17,000 for your down payment. You…

A: purchasing price = $144,000 down payment = $17,000 loan amount = $144,000 - 17,000…

Q: You have a 25-year $400,000 mortgage with a 3.5% rate of interest (compounded monthly) that you make…

A: As per instructions, the solution will be provided on TI BA II Plus calculator.  First, we need to…

Q: Please build an excel spreadsheet and show the formulas  to answer a. through g. using the…

A: See the answer in the explanation field.Explanation:Answer information:Step 1:a) Loan Amount = Price…

Q: 2. You take out a 30-year mortgage for $275,000 at an interest rate of 5.1 percent. How much will…

A: Loan Amortization is a method of determining the principal payments, interest payments, and balance…

Q: You can afford a $800 per month mortgage payment. You've found a 30 year loan at 8% interest a) How…

A: Monthly payment (P) = $ 800 Period = 30  Years Number of monthly payments (n) = 30*12 = 360 Annual…

Q: Liz Rogers just closed a $320,000 fixed-rate mortgage loan. The stated mortgage interest rate is…

A: Loans are paid by the equal monthly installments that carry payment for interest and payment for…

Q: borrow $400,000 from Bank of America on a 30-year mortgage at 6% interest rate. a. What would Tim's…

A: The given problem can be solved using PMT function in excel. PMT function computes installment…

Q: Use an online loan calculator to determine the regular payment amount, rounded to the nearest…

A: The long-term loan that was obtained from the lender is being repaid in monthly mortgage…

Q: Tom creates a 30-year mortgage of $150,000 with APR 5.6%, monthly paid.  What is the percentage he…

A: First, We need to calculate Monthly payment of loan Monthly Payment  = P * r * [(1+ r)n/({1 + r}n…

Q: You want to buy a house and will need to borrow $295,000. The interest rate on your loan is 6.37…

A: Here, Borrowed Amount (PV) is $295,000 Interest Rate (r) is 6.37% Compounding Period (m) is Monthly…

Q: Your monthly mortgage payment (principal plus interest) is $1,500. If you have a 34-year loan with a…

A: Information Provided: Interest rate = 0.25% per month Period of loan = 34 years Monthly payment =…

Q: You Borrowed $150,000 to for a period of 15 years at fixed APR of 6% to buy a house.  How much is…

A: The first step will be to compute the periodic payments. Here the loan is for buying a house and…

Q: n June 1, you borrowed $350,000 to buy a house. The mortgage interest rate is 3.5%. The loan is to…

A: Mortgage loans are secured loans paid by equal monthly installments and these monthly payment carry…

Q: Let’s assume that you plan to purchase a house which is selling for $350,000 today. You will make a…

A: Formulas that are used:-

Q: PLEASEEE THNAKS

A: The objective of this question is to find the periodic interest rate for a mortgage loan. The…

Cost of Credit

The cost of credit is an extra amount that the borrower has to pay besides the loan amount. These credit charges may vary from loan to loan. The cost of credit includes interest charges, maintenance charges, and arrangement charges. Some of the costs are mandatorily collected by the lender based on the loan amount and tenure of the loan. The cost of credit is also called finance charges of the credit.