Estimate the affordable monthly mortgage payment, the affordable mortgage amount, and the affordable home purc ollowing situation. (Refer to Exhibit 9-8 and Exhibit 9-9.) Note: Round time value factor to 2 decimal places, intermediate and final answers to the nearest whole number. Monthly gross income Down payment to be made (percent of purchase price) Other debt (monthly payment) Monthly estimate for property taxes and insurance 30-year loan Mortgage Costs $ 4,200 10 Percent $ 250 $ 290 6.0 Percent Affordable Affordable monthly mortgage payment Affordable mortgage amount Affordable home purchase price Amount

Estimate the affordable monthly mortgage payment, the affordable mortgage amount, and the affordable home purc ollowing situation. (Refer to Exhibit 9-8 and Exhibit 9-9.) Note: Round time value factor to 2 decimal places, intermediate and final answers to the nearest whole number. Monthly gross income Down payment to be made (percent of purchase price) Other debt (monthly payment) Monthly estimate for property taxes and insurance 30-year loan Mortgage Costs $ 4,200 10 Percent $ 250 $ 290 6.0 Percent Affordable Affordable monthly mortgage payment Affordable mortgage amount Affordable home purchase price Amount

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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Find the indicated amounts for the fixed-rate mortgages. Purchase price of home $160,000 SO 5.00% 30 Click the icon to view the table of the monthly payment of principal and interest per $1,000 of the amount financed. Down Mortgage Interest payment amount rate Years Monthly payment Mortgage paid for Total payment mortgage per $1,000 ICHHI The mortgage amount is S (Round to the nearest dollar as needed.) The monthly payment per $1,000 is S. (Round to the nearest cent as needed.) The monthly mortgage payment is S The total mortgage payment is S The total interest is $ (Round to the nearest cent as needed.) (Round to the nearest dollar as needed.) (Round to the nearest dollar as needed.) Interest paid
PLEASE DO NOT ROUND THE ANSWERS Selling Price of Home Down Payment Rate of Interest Years $ 160,000.00 $ 20,000.00 3.50% 30 Required: Please use the above information to answer the below questions: (Use Table 15-1) How many total payments on this mortgage? What is the principal (loan)? What is the payment per $1,000? What is the monthly mortgage payment? TABLE 15.1 Amortization table (mortgage principal and interest per $1,000) Term in Years INTEREST 3½% 5% 5½% 6% 6½% 7% 7½% 8% 8½% 9% 9½% 10% 10½% 11% 10 9.89 10.61 10.86 11.11 11.36 11.62 11.88 12.14 12.40 12.67 12.94 13.22 13.50 13.78 12 8.52 9.25 9.51 9.76 10.02 10.29 10.56 10.83 11.11 11.39 11.67 11.96 12.25 12.54 15 7.15 7.91 8.18 8.44 8.72 8.99 9.28 9.56 9.85 10.15 10.45 10.75 11.06 11.37 17 6.52 7.29 7.56 7.84 8.12 8.40 8.69 8.99 9.29 9.59 9.90 10.22 10.54 10.86 20 5.80 6.60 6.88 7.17 7.46 7.76 8.06 8.37 8.68 9.00 9.33 9.66 9.99 10.33 22 5.44 6.20 6.51 6.82 7.13 7.44 7.75 8.07 8.39 8.72 9.05 9.39…
Complete the following amortization chart by using Table 15.1. Note: Round your "Payment per $1,000" answer to 5 decimal places and other answers to the nearest cent. Selling price of home Down payment Principal (loan) Rate of interest Years Payment per $1,000 Monthly mortgage payment 69 $ 82,000 $ 6,000 5.0 % 30 30
Complete the following table: (Use Table 15.1.) Note: Do not round intermediate calculations. Round your answers to the nearest cent. Selling price down payment amount mortgage rate years Monthly paymeny First payment broken down to interest first payment broken down to principal Balance at end of month $236,000 $47,200 7.00% 15 TABLE 15.1 Amortization table (mortgage principal and interest per $1,000) Rate Interest Only 10 Year 15 Year 20 Year 25 Year 30 Year 40 Year 2.000 0.16667 9.20135 6.43509 5.05883 4.23854 3.69619 3.02826 2.125 0.17708 9.25743 6.49281 5.11825 4.29966 3.75902 3.09444 2.250 0.18750 9.31374 6.55085 5.17808 4.36131 3.82246 3.16142 2.375 0.19792 9.37026 6.60921 5.23834 4.42348 3.88653 3.22921 2.500 0.20833 9.42699 6.66789 5.29903 4.48617 3.95121 3.29778 2.625 0.21875 9.48394 6.72689 5.36014 4.54938 4.01651 3.36714 2.750 0.22917 9.54110 6.78622 5.42166 4.61311 4.08241 3.43728 2.875 0.23958 9.59848 6.84586 5.48361 4.67735 4.14892…
Using this table as needed, calculate the required information for the mortgage. Amount Interest Financed Rate $88,500 8.00% Need Help? Read It Submit Answer Term of Loan (years) 30 Number of $1,000s Financed 88.5 Table Factor (in $) 7.34 Monthly Payment (in $) X LA Total Interest (in $) X
What is monthly monthly mortgage insurance premium for following FHA mortgage during the first year of the loan: • Gross loan amount including up-front mortgage insurance premium: $180,000 • Average balance of base loan amount in first year: $178,416 Annual premium rate for FHA mortgage insurance (paid monthly): 0.85% (Input your answer rounded to the nearest whole penny and without the $ sign, e.g., 1000.01).
Estimate the affordable monthly mortgage payment, the affordable mortgage amount, and the affordable home purchase price for the following situation. Use Exhibit 7-6, Exhibit 7-7. Note: Round your intermediate and final answers to the nearest whole dollar. Monthly gross income $ 4,850 Other debt (monthly payment) $260 20-year loan at 5 percent Down payment to be made (percent of purchase price ) 10 percent Monthly estimate for property taxes and insurance $ 385
Consider a home mortgage of $125,000 at a fixed APR of 4.5% for 25 years. a. Calculate the monthly payment. b. Determine the total amount paid over the term of the loan. c. Of the total amount paid, what percentage is paid toward the principal and what percentage is paid for interest. ..... a. The monthly payment is $ (Do not round until the final answer. Then round to the nearest cent as needed.)
Calculate the monthly payments for each of the following $119,600 mortgage loans. Assume no prepayments. a. 30-year fixed at 7.25 percent b. 15-year fixed at 6.25 percent c. 20-year fixed at 6.75 percent Note: Round intermediate computations to at least five (5) decimal places. Click on the table icon to view the Monthly Installment Loan Payment Factor (MILPF) table: a. The monthly payment, PMT, on the 30-year loan is $ (Round to the nearest cent.)
Use the following amortization chart: Selling price of home Down payment Principal (loan) Rate of interest Years Payment per $1,000 Monthly mortgage payment $ 79,000 $ 6,000 $ 73,000 6% 30 $ 5.9955 $ 437.67 Assume the interest rate rises to 7.5%. What is the total cost of interest with the new interest rate? (Use Table 15.1). Note: Round your intermediate calculations and final answer to the nearest cent. Total cost of interest: ????? The answer is NOT $110,753.57 TABLE 15.1 Amortization table (mortgage principal and interest per $1,000) Rate Interest Only 10 Year 15 Year 20 Year 25 Year 30 Year 40 Year 2.000 0.16667 9.20135 6.43509 5.05883 4.23854 3.69619 3.02826 2.125 0.17708 9.25743 6.49281 5.11825 4.29966 3.75902 3.09444 2.250 0.18750 9.31374 6.55085 5.17808 4.36131 3.82246 3.16142 2.375 0.19792 9.37026 6.60921 5.23834 4.42348 3.88653 3.22921 2.500 0.20833 9.42699 6.66789 5.29903 4.48617 3.95121 3.29778 2.625 0.21875 9.48394 6.72689 5.36014 4.54938…
Investigate the effect of the interest rate on simple interest amortized auto loans by finding the monthly payment and the total interest for a four-year loan of $15,000 at the following interest rates. (Round all answers to the nearest cent.) (a) 6.5% payment total interest (b) 6.75% payment total interest (c) 7.0% payment total interest $ 355.72 $ 2054.04 $ 357.46 $2174.04 $ 359.19 $ 2280 (d) 8.0% payment $366.19 total interest $ 2606.04 X X X
You borrow $675,000 to buy a home using a 30-year mortgage with an interest rate of 3.675 percent and monthly payment. Calculate the interest portion of the 20th payment. Disregard property taxes and mortgage insurance. Group of answer choices $2,006 $1,999 $2,002 $1,818 $1,821

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