KErin took out a 15-year mortgage with an annual interest rate of 6% to purchase a house for $220,000 with a downpayment of $20,000. Find the amount of the monthly payment needed to amortize this loan.The amount of the monthly payment needed to amortize this loan is $1687.71(Round to the nearest cent as needed.)

Given information, Loan term (t) = 15 yearsAnnual interest rate (r) = 6% or 0.06House price =…

Answered: K Erin took out a 15-year mortgage with…

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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Vincent received a loan of $28,000 at 4.25% compounded monthly. She had to make payments at the end of every month for a period of 5 years to settle the loan. a. Calculate the size of payments. Round to the nearest cent b. Complete the partial amortization schedule, rounding the answers to the nearest cent. Payment Number Payment K 0 1 2 0 0.00 0 0 Total :: :: $0.00 $0.00 $0.00 $0.00 $0.00 Interest Portion Principal Portion $0.00 $0.00 :: :: $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 Principal Balance $28,000.00 $0.00 $0.00 :: $0.00 $0.00 0.00
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
Michael Sanchez purchased a condominium for $74,000. He made a 20% down payment and financed the balance with a 30 year, 5% fixed-rate mortgage. (Round your answers to the nearest cent. Use this table, if necessary.) (a) What is the amount (in $) of the monthly principal and interest portion, PI, of Michael's loan? $ (b) Construct an amortization schedule for the first four months of Michael's mortgage. PaymentNumber MonthlyPayment(in $) MonthlyInterest(in $) Portion Usedto ReducePrincipal(in $) LoanBalance(in $) 0 $ 1 $ $ $ $ 2 $ $ $ $ 3 $ $ $ $ 4 $ $ $ $ (c) If the annual property taxes are $1,640 and the hazard insurance premium is $670 per year, what is the total monthly PITI of Michael's loan (in $)? $
You purchase a house in East Lansing, MI. You calculate the amount financed to be $203,315. You obtain a 15-year mortgage with an interest rate of 3.8% and have calculated a monthly payment of $1,062. For the following, round your answer to the nearest cent. The payment on the principle in the first month is $450.41 $403.56 $418.17 $643.83 $489.31 OOOO
The Taylors have purchased a $240,000 house. They made an initial down payment of $40,000 and secured a mortgage with interest charged at the rate of 9%/year on the unpaid balance. Interest computations are made at the end of each month. If the loan is to be amortized over 30 years, what monthly payment will the Taylors be required to make? (Round your answer to the nearest cent.) $_______ What is their equity (disregarding appreciation) after 5 years? After 10 years? After 20 years? (Round your answers to the nearest cent.) 5yrs- 10yrs- 20yrs-
Jeff purchased a house costing $200,000. He put 20% down and borrowed the balance negotiating a 4.20% conventional fixed-rate mortgage loan with a maturity of 15 years Approximately, how long would it take Jeff to repay one-half of the original loan principal balance if payments are made as agreed?
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),
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.)
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