EAL ESTATE AMORTIZATION TABLE ERMS YEARS 6}% 6% 7% 7}% 7% TERMS IN YEARS 6% 8% 9% 10 11.10 11.23 11.35 11.48 11.62 11.75 11.88 12.01 12.14 12.27 12.40 12.67 10 15 8.44 8.57 8.71 8.85 8.99 9.13 9.28 9.42 9.56 9.71 9.85 10.15 15 20 7.16 7.31 7.46 7.60 7.76 7.91 8.06 8.21 8.37 8.53 8.68 9.00 20 25 6.44 6.60 6.75 6.91 7,07 7.23 7.39 7.56 7.72 7.89 8.06 8.40 25 30 6.00 6.16 6.32 6.49 6.65 6.83 7.00 7.17 7.34 7.52 7.69 8.05 30 $2, 997.42 $1, 587.81 $1, 336.06 $733.08
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- 1. Jason and Coretta agreed to pay $559,000 for a four-bedroom colonial home with a $70,000 down payment. They have a 30-year mortgage at a fixed rate of 6.00%.How much is their monthly payment? Monthly payment $ Complete the table for the breakdown of the first payment. Portion to --- Payment number 1 Interest $_______________ Principal $______________ Balance of loan outstanding $________________________Judy recently purchased her first home for $220,000. She made a down payment of $20,000, and financed the balance over 15 years, at 6% interest. If Judy's first payment is due on October 1 of this year, approximately how much interest will she pay inthis year? $2,073.47. $1,979.76 $3,288.63. $5,885.09.OLA#9.2: Hannah purchased a house for $475,000. She made a downpayment of 25% of the value of the house and received a mortgage for the rest of the amount at 5.50% compounded semi-annually for 25 years. The interest rate was fixed for a 5-year term. a. Calculate the size of the monthly payments. b. Calculate the principal balance at the end of the 5-year term. c. Calculate the size of the monthly payments if after the first 5-year term the mortgage was renewed for another 5-year term at 5.25% compounded semi-annually?
- 3. Scott purchased a house for $375,000. She made a down payment of 20.00% of the value of the house and received a mortgage for the rest of the amount at 4.72% compounded semi-annually amortized over 20 years. The interest rate was fixed for a 7 year period. a. Calculate the monthly payment amount. b. Calculate the principal balance at the end of the 7 year term. c. Calculate the monthly payment amount if the mortgage was renewed for another years at 3.82% compounded semi-annually? ROUND ALL ANSWERS TO THE NEAREST CENT USE EXCEL FOR PRECISE ANSWERSCristy borrowed $4,800 from a family friend 2½ years ago at 7% compounded annually for the first year and 8% compounded semi-annually thereafter. She made a payment 1½ years into the loan for $2980. How much should Cristy pay today to clear her loan? Select one: a. $5384.26 b. $2554.13 c. none d. $5777.30Jim and Joan Miller are borrowing $120,000 at 6.5% per annum compounded monthly for 30 years (360 months) to purchase a home. Their monthly payment is determined to be $758.48. A recursive formula for their balance after each monthly payment has been made. A determination of Jim and Joan's balance after the first payment. Don't forget the interest affecting their payment create a table showing their balance after each monthly payment. Determine when the balance will be below $75,000. Determine when the balance will be paid off. Determine the interest expense when the loan is paid.(find the total paid, and subtract 120,000 from it).
- Mr. and Mrs. Smith have just purchased a $600,000 house and have made a down payment of$120,000. They can amortize the balance at 4% for 30 years. Using Excel, populate the following amortization table: payment number 1, 60,180,240,300,360 monthly payment principle interest amount paid on loanQ.harry and Potter bought a property by making semi annual payments of $3210.00 for 8.5 years. if the first payment is due on the date of purchase and interest is 8.53% compounded quarterly what is effective rate of interest for the property.Juni buys a new car. Her auto loan is $12,000 with an annual interest rate of 3% compounded monthly for 5 years. Her monthly payment is $287 The following table shows the first payment in the amortization schedule. Payment number Loan Amount Payment Interest Principal Remaining Balance 1 12,000 287 ? ? ? Interest: $30 Interest: $8.61 Principal: $278.39 Principal: $257 Remaining Balance: $11,743 Remaining Balance: $ 11,721.61
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