Erin has a mortgage of $640,000 through the Tangerine Bank for a vac The mortgage is repaid by end of month payments with an interest rat compounded monthly for a term of 5 years, amortized over 25 years. A 5-year term, Erin will renew the mortgage for another 5-year term at a interest rate of 4.4% compounded monthly. Round ALL answers to two decimal places if necessary. 1) What are the end of month payments before the renewal of the mor P/Y = 12 IY C/Y = 12 DY 240.000 N= 30C FV

Erin has a mortgage of $640,000 through the Tangerine Bank for a vac The mortgage is repaid by end of month payments with an interest rat compounded monthly for a term of 5 years, amortized over 25 years. A 5-year term, Erin will renew the mortgage for another 5-year term at a interest rate of 4.4% compounded monthly. Round ALL answers to two decimal places if necessary. 1) What are the end of month payments before the renewal of the mor P/Y = 12 IY C/Y = 12 DY 240.000 N= 30C FV

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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On September 1, the home mortgage balance was $262,000 for the home owned by Kim Thompson. The interest rate for the loan is 8 percent. Assuming that Kim makes the September monthly mortgage payment of $2620 , calculate the following: (a) The amount of interest included in the September payment (round your answer to the nearest cent). (b) The amount of the monthly mortgage payment that will be used to reduce the principal balance. (c) The new balance after Kim makes this monthly mortgage payment.
Bilbo Baggins has just purchased a home and taken out a $400,000 mortgage. The mortgage has a 30-year term with monthly payments and has an APR of 5.4%. Compute Bilbo's monthly payments.
Ivan is looking to purchase a home that costs $ 160,000. The interest rate is currently at 3.7%. Use the monthly payment formula below to find Ivan's monthly mortgage payment for the next 30 years. M = P)(1+)¹²t (1+)12t_1 Emilio's savings account had a balance of $621.96 at the end of July. During August, he made three savings account deposits of $83.11, $52.89, and $307.84 and one withdrawal of $129.00. At the end of August his account earned $11.50 in interest. Will Emilio meet his savings account goal of $1,000 by September 1st?
If a mortgage has monthly payments of $1,315, a life of 30 years, and a rate of 4.25 percent per year, what is the mortgage amount? Note: Do not round intermediate calculations. Round your answer to 2 decimal places. Mortgage amount
Ife takes out a 3 year mortgage for $1,125,000 at an interest rate of i(2) = 4.500%. The amortization period is 30 years and she will make weekly payments. What is the outstanding balance at the end of 1 year? O a. $1,084,582.78 O b. $1,106,717.12 O c. $1,029,246.92 O d. $1,040,314.09 e. $1,128,851.46
Nikul
Erin has a mortgage of $640,000 through the Tangerine Bank for a vacation property. The mortgage is repaid by end of month payments with an interest rate of 5.3% compounded monthly for a term of 5 years, amortized over 25 years. At the end of the 5-year term, Erin will renew the mortgage for another 5-year term at a new, lower interest rate of 4.4% compounded monthly. Round ALL answers to two decimal places if necessary. 1) What are the end of month payments before the renewal of the mortgage? P/Y = I/Y = P1 = % P/Y = 2) What is the balance when the mortgage is renewed? I/Y = C/Y = PV = $ % PMT = $ (enter the rounded value into the calculator) P2 = 3) What will be the new end of month payments after the mortgage is renewed? C/Y = PV = $ N = PMT = $ FV = $ BAL= $ a positive value. N = FV = $ Enter
A mortgage broker is offering a 30-year $192,900 mortgage with a teaser rate. In the first two years of the mortgage, the borrower makes monthly payments on only a 4.9 percent APR interest rate. After the second year, the mortgage interest rate charged increases to 7.9 percent APR. What are the monthly payments in the first two years? (Do not round intermediate calculations and round your final answer to 2 decimal places.) Monthly payment What are the monthly payments after the second year? (Do not round intermediate calculations and round your final answer to 2 decimal places.) Monthly payment
Aziza is taking out a $1475 mortgage with a 30-year, fixed rate, fully amortizing loan and with 7.0% interest. What will be Aziza's monthly payments? Round your answer to the nearest cent (e.g. if your answer is $1,000.567, enter 1000.57),
On September 1, the home mortgage balance was $238,000 for the home owned by Susan Gonzalez. The interest rate for the loan is 6 percent. Assuming that Susan makes the September monthly mortgage payment of $2856, calculate the following: (a) The amount of interest included in the September payment (round your answer to the nearest cent). (b) The amount of the monthly mortgage payment that will be used to reduce the principal balance. (c) The new balance after Susan makes this monthly mortgage payment. (a) Interest amount: (b) Principal reduction: (c) New balance: 2 H D 4 A
The Hills obtain a 30-year, $144,000 conventional mortgage at a 4.5% rate on a house selling for $180,000. Their monthly mortgage payment, including principal and interest, is $729.63. They also pay 2 points at closing. Determine the total amount the Hills will pay for their house over 30 years. The total amount is $ (Round to the nearest cent as needed.)
Kylie takes out a $12,500 loan on May 1, 2023, to be re-paid over 5.5 years, with the first payment at the end of that month. For the first 2 years, interest is charged at an annual rate of 4%. After that, the annual interest rate increases to 5.4%. What monthly payment is needed to ensure the loan is paid in time?

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