Financial institutions offer mortgages with interest rates fixed for various periods ranging from Blank______. Multiple choice question. 2 months to 15 years 10 months to 10 years 6 months to 25 years 12 months to 30 years
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Financial institutions offer mortgages with interest rates fixed for various periods ranging from Blank______.
2 months to 15 years
10 months to 10 years
6 months to 25 years
12 months to 30 years
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- Based on Exhibit 9-9 or using a financial calculator, what would be the monthly mortgage payments for each of the following situations? Note: Round time value factor and final answers to 2 decimal places. What relationship exists between the length of the loan and the monthly payment? How does the mortgage rate affect the monthly payment? a $119,000, 15-year loan at 6.00 percent. b. $103,000, 30-year loan at 8.00 percent. c. $96,000, 20-year loan at 5.00 percent. d-1. Longer mortgage terms mean a d-2. For increase in mortgage rate Monthly Mortgage Payment [lower higher monthly payment. monthly payment is required. Term Rate 3.0% 30 years $ 4.22 25 years 20 years 15 years $ 4.74 $ 5.55 $ 6.91 3.5 4.49 5.01 5.80 7.15 4.0 4.77 5.28 6.06 7.40 4.5 5.07 5.56 6.33 7.65 5.0 5.37 5.85 6.60 7.91 5.5 5.68 6.14 6.88 8.17 6.0 6.00 6.44 7.16 8.44 6.5 6.32 6.75 7.46 8.71 7.0 6.65 7.07 7.75 8.99 7.5 6.99 7.39 8.06 9.27 8.0 7.34 7.72 8.36 9.56Make an amortization table to show the first two payments for the mortgage. Amount of mortgage Annual interest rate Years in mortgage Monthly payment $407,550 5.25% 35 $2122.29 Month Monthly payment Interest Principal End-of-month principal 1 $2122.29 $enter your response here $enter your response here $enter your response here 2 $2122.29 $enter your response here $enter your response here $enter your response hereAssume that a borrower is expected to prepay a loan at the end of Year 5. Based on the following loan information on the fully-amortized fixed rate mortgage what is the effective cost of borrowing of Loan C? (choose the closest answer) Financial Calculator 1: Financial Calculator 2 Loan Amount Maturity Contract interest rate Upfront fees Upfront mortgage Insurance fee Prepayment after Year Effective Cost of Borrowing 86.79 7AN Loan C $200,000 30 years 6.25% 3% 1.6% 5 Quiz Score: 8 o
- ManshukA mortgage has the following terms: Amount: $750,000 Rate: 6.25% Amortization (Years): 30 Term (Years): 20 Please determine the following: What is the Monthly Payment? In preparing an Income Statement, what is the Interest Expense for years 1 – 5? What is the Principal Balance at the end of year 6? What is the value of the loan at the expiration? If rates remain constant (flat), what would the benefit be to refinance this loan after year 10? do all the questions 1-5 and show the formulas in excel and show how you got itBased on Exhibit 9-9, or using a financial calculator, what would be the monthly mortgage payments for each of the following situations? Note: Round time value factor and final answers to 2 decimal places. What relationship exists between the length of the loan and the monthly payment? How does the mortgage rate affect the monthly payment? a. $61,000, 15-year loan at 7.50 percent. b. $151,000, 30-year loan at 8.00 percent. c. $88,000, 20-year loan at 6.50 percent. d-1. Longer mortgage terms mean a d-2. For increase in mortgage rate Monthly Mortgage Payment monthly payment. monthly payment is required.
- Please show how to solve a. b. and c. using the information below and Excel. Interest-only mortgage with monthly payments and loan amount: $56,000; Term: 15 years; Annual interest rate: 7.5% a. What is the total payment in the 180th month? b. What is the outstanding balance at the end of 10 years (120 months)? c. What is the total interest payment during the entire loan term (180 months)?Using this table as needed, calculate the required information for the mortgage. (Round dollars to the nearest cent.) Number Table Monthly Payment (in $) Term Total Amount Interest of $1,000s Financed of Loan Factor Interest Financed Rate (years) (in $) (in $) $162,300 7.25% 15 162.3 $ $ 1481.5880 $ 104385.84 %24Find the total monthly payment, including taxes and insurance, for the given mortgage loan using the table. Calculator answers may be slightly different. (Round your answer to the nearest cent.) Amount Rate Time(Years) AnnualTaxes AnnualInsurance $110,000 9% 15 $1500 $1200 $
- Make an amortization table to show the first two payments for the mortgage. Amount of mortgage Annual interest rate Years in mortgage Monthly payment $407,181 5.50% 35 $2186.63 Question content area bottom Part 1 Month Monthly payment Interest Principal End-of-month principal 1 $2186.63 $enter your response here $enter your response here $enter your response here 2 $2186.63 $enter your response here $enter your response hereThis Question: Complete the first two months of each amortization schedule for a fixed-rate mortgage. Mortgage, $144,800; Interest rate, 6.9%; Term of loan, 16 years Fill out the amortization schedule below and round all values to the nearest cent. 12 Monthly Mortgage Payment Formula: R= 121 12 1- 12 +r Interest Payment Formula: I=P 12 Payment Number Total Payment Interest Principal Payment Balance of Principal $144,800 Payment (a) S (e) S (b) $ () S[ (c) S (9) s (d) s (h) S 2.Consider a home mortgage of $17500 at a fixed APR of %6 for 15 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. Please show all work computaion explanation formulas clearly with steps