Dion took out a mortgage of $459,000 for a house and just made the 91st end of month payment. Interest on the loan was 3.85% compounded monthly and the mortgage has a period of 20 years. Round ALL answers to two decimal places if necessary. 1) What are his monthly payments? P/Y = I/Y = % C/Y = PV = $ PMT= $ N = FV = $ 2) What is his current outstanding balance after the 91st payment? |BAL = $ (enter a positive value)

Dion took out a mortgage of $459,000 for a house and just made the 91st end of month payment. Interest on the loan was 3.85% compounded monthly and the mortgage has a period of 20 years. Round ALL answers to two decimal places if necessary. 1) What are his monthly payments? P/Y = I/Y = % C/Y = PV = $ PMT= $ N = FV = $ 2) What is his current outstanding balance after the 91st payment? |BAL = $ (enter a positive value)

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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Ben Brown bought a home for $225,000. He put down 20%. The mortgage is at 6 ½% for 30 years. Using the formula or calculator, his monthly payment is: Multiple Choice $1,422.15 $1,319.40 $1,216.80 $1,137.72
George secured an adjustable-rate mortgage (ARM) loan to help finance the purchase of his home 5 years ago. The amount of the loan was $350,000 for a term of 30 years, with interest at the rate of 8%/year compounded monthly. Currently, the interest rate for his ARM is 2.5%/year compounded monthly, and George's monthly payments are due to be reset. What will be the new monthly payment? (Round your answer to the nearest cent.) $ Submit Answer
Marcel Thiessen purchased a home for $205,600 and obtained a 15-year, fixed-rate mortgage at 7% after paying a down payment of 10%. Of the first month's mortgage payment, how much is interest and how much is applied to the principal? (Round your answer to the nearest cent.)
9. Jason bought a home in Arlington, Texas, for $127,000. He put down 25% and obtained a mortgage for 30 years at 6%. a. What is Jason’s monthly payment? (Do not round intermediate calculations. Round your answer to the nearest cent.) Monthly payment $ b. What is the total interest cost of the loan? (Use the amortization worksheet on the financial calculator.) Total interest cost $
Tristan has a mortgage of $330,000 through his bank for property purchased. The loan is repaid by end of month payments of $2,820.51 with an interest rate of 6.2% compounded monthly over 15 years. What is the interest paid in the 5th year of the mortgage? Enter a POSITIVE VALUE for the answer, rounded to two decimal places. P1 == P2 Interest paid in 5th year = = $ (enter a positive value) 13
Trashia has a mortgage of $474,000 through her bank for property purchased. The loan is repaid by end of month payments of $2,839.48 with an interest rate of 4.8% compounded monthly over 23 years. What is the interest paid in the 7th year of the mortgage? Enter a POSITIVE VALUE for the answer, rounded to two decimal places. P1 = P2 = Interest paid in 7th year = $ (enter a positive value)
Donelle just purchased a new home with a $400,000 mortgage with a fixed rate of 8.5% (APR) and a 30-year maturity. What are Donelle's monthly payments on the mortgage? O $3,101.69 O $2,833.33 O $2.907,85 $3,075.65
Mr. and Mrs. Smith have taken out a mortgage loan of $150,000.00 from a bank at 6% APR for a fixed 15 years. How much will their monthly payment be? $1269.57 $1297.59 $1265.79 $1275.59
Elijah took out a mortgage of $672,000 for a house and just made the 113th end of month payment. Interest on the loan was 3.88% compounded monthly and the mortgage has a period of 20 years. Round ALL answers to two decimal places if necessary. 1) What are his monthly payments? P/Y = I/Y = % BAL= $ positive value) C/Y = (enter a PV = $ PMT = $ N = 2) What is his current outstanding balance after the 113th payment? FV = $
Kylie has a mortgage of $563,000 through her bank for property purchased. The loan is repaid by end of month payments of $4,493.68 with an interest rate of 6.27% compounded monthly over 17 years. What is the interest paid in the 6th year of the mortgage? Interest paid in 6th year = $ (Enter in a positive amount for your answer.) Submit Question
K Bill and Kim Johnson are purchasing a house for $309,000. Their bank requires them to pay a 10% down payment. The current mortgage rate is 8%, and they are required to pay one point at the time of closing. Determine the total amount Bill and Kim will pay for their house, including principal, interest, down payment, and points (do not include taxes and homeowners' insurance) for the following lengths of their mortgage. a) 10 years b) 20 years c) 30 years CAT
Marcel Thiessen purchased a home for $205, 700 and obtained a 15-year, fixed - rate mortgage at 10% after paying a down payment of 10%. Of the first month's mortgage payment, how much is interest and how much is applied to the principal? (Round your answer to the nearest cent.)

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