Kandy is financing a $335,000 mortgage for 30 years at a fixed rate of 7.45% what is the total cost of the principal and interest after 30 years

Q: A $230,000 mortgage has a stated annual rate of 4.5% on a 30 year loan.  What is the monthly…

A: Compound = Monthly = 12Principal Amount = p = $230,000Rate of Return = r = 4.5 / 12 = 0.375%Time = t…

Q: (a) Determine the number of rounded payments required to repay the mortgage. ​(b) Determine the size…

A: Loan amortization refers to a schedule which is prepared to shows the periodic loan payments, amount…

Q: You plan to borrow $300,000 at a 4% annual interest rate for your mortgage. The terms require you to…

A: Amortization of a loan refers to the repayment of the loan in equal instalments on a regular…

Q: wer takes out a 10-year mortgage loan for $300,000 with an interest rate of 7%. What portion of the…

A: Interest payments:Interest payments refer to the amount of money that is paid by a borrower to a…

Q: A $50,000 interest only mortgage loan is made for 30 years at a nominal interest rate of 6 percent.…

A: Part (a): Answer: Monthly payments on loan $250 Calculation of daily accrued interest:

Q: ed to purchase a $112,500 cabin, but the buyer was able to ment, and borrow the balance. If monthly…

A: In this we need to calculate the present value factor and from that we can calculate the monthly…

Q: Consider a $100,000, 30-year, 6.6% mortgage with monthly payments. What portion of the payments…

A: A mortgage refers to a covered loan borrowed to purchase a property with the property itself acting…

Q: You purchase a cottage for $175,000. You obtain a 25-year, fixed-rate mortgage loan at 12.5% after…

A: A mortgage is a loan arrangement that allows a borrower to purchase a house or other real estate…

Q: A 25-year mortgage of $122,137.51 at 8.7% interest compounded monthly has a monthly payment of…

A: Amount of mortgage = $122,137.10Interest rate = 8.7%Period = 25 yearsWe can compute the required…

Q: A house costs $144,000. It is to be paid off in exactly ten years, with monthly payments of…

A: The Annual Percentage Rate(APR) of the loan can be calculated using the RATE function in Excel.

Q: A $127,000 mortgage has a 30-year term and a 10% nominal interest rate. (a) What is the monthly…

A: The amount that is deducted from your outstanding loan balance is known as the principal component.…

Q: A borrower takes out a 30-year mortgage loan for $100,000with an interest rate of 6% plus 4 points.…

A: Effective annual interest rate is the percentage at which the amount of interest earned on an…

Q: Van Buren Resources Inc. is considering borrowing $100,000 for 202 days from its bank. Van Buren…

A: Given:Borrowing amount=$1000000 for 202 daysPayable amount $3000 of interest at maturityRepaid…

Q: What is the cash value of a property with a mortgage that requires payments of $1200 per month for…

A: To determine : Cash value of property  Monthly Payment = pmt = $1200 Term =  25 years Number of…

Q: A $230,000 mortgage has a stated annual rate of 4.5% on a 30 year loan.  How much interest is paid…

A: Mortgage amount = $230,000Interest rate = 4.5%Period = 30 years

Q: The adjustable rate mortgage is for 15 years with monthly payments. Loan amount is $120,000. During…

A: Given: Loan amount = $120,000 Loan term = 15 Years First 8 years interest rate is 5% Last 7 years…

Q: The price of a home is $220,000. The bank requires a 20% down payment and one point at the time of…

A: Here, Price of Home is $220,000 Down Payment is 20% Closing Point is One Point i.e 1% of Loan Amount…

Q: What is the monthly mortgage constant on a 30-year mortgage loan of $90,000 requiring payments of…

A: Here, we'll find loan, IRR for the year.

Q: There are $180,000 loan at 9% for 20 years and a second mortgage for $40,000 at 13% for 10 years.…

A: A fully amortizing loan is a type of loan in which the borrower makes regular payments that cover…

Q: A fully amortizing CPM mortgage loan is made for $100,000 at 6 percent interest for a 30 year term.…

A: Several unrelated questions have been asked. The first question has multiple parts. All the parts of…

Q: What is the monthly payment on a mortgage of $275,000 with a 6.75% interest rate that runs for 25…

A: Compound = monthly = 12 Present Value = pv = $275,000 Interest rate = r = 6.75 / 12 = 0.5625% Time =…

Q: You took out a fixed interest rate mortgage loan with an initial loan balance of $260,000, an annual…

A: Mortgage loans are paid by equal monthly payments that carry payment for interest and payment for…

Q: A building is sold for ₱10,000,000 and the bank requires 18% down payment. If the effective rate of…

A: Down payment = 18% Mortgage payment = 100% - 18% = 82% Mortgage amount (M) = 82% of P 10,000,000 = P…

Q: lender makes a 10 year loan of 120,000 which is to be paid by level paym 1. The interest rate for…

A: Loans are paid by the monthly payments and these are fixed monthly payments and these monthly…

Q: A variate rate mortgage of $200,000 is arranged with an annual rate of 5%. The loan is to be fu…

A: Compounding is the number of time interest and payments are rotated in the payment.Generally…

Q: Excellent bank has offered you, a GHC 60,000 35year loan to purchase equipment in your Factory. The…

A: Interest is an amount which is charged on deposited or borrowed amount on loan period. It is a cost…

Q: A mortgage for $200,000 with interest rate of 7.20%, fixed monthly payments, and term of 30 years…

A: A mortgage is a type of loan used to finance the purchase of real estate, where a lender provides…

Q: A business received a for year $2,000,000 loan at an interest rate of 7% per year. The principal is…

A: NPV means PV of amount which is receive or pay in future. NPV can be find by using discounting rate…

Q: A floating rate mortgage loan is made for $180,000 for a 30-year period at an initial rate of 12…

A: A loan is a financial arrangement in which one or more people, companies, or other entities lend…

Q: A house’s mortgage is $300,000. It will be repaid over the course of 25 years at 5% interest in…

A:

Q: A$66.000interest-only mortgage loan is made for 30 years at a nominal interest rate of 8 percent.…

A: Effective annual rate The rate of return received from an investment or the interest paid for the…

Q: A finance company uses the discount method of calculating interest. The loan principal is $5,000,…

A: Future Value = Present Value * (1+r)^n

Q: The price of a home is $260,000. The bank requires a 20% down payment and one point at the time of…

A: Explanation:Step 1: Calculate the down payment.The home price is $260,000, and the bank requires a…

Q: A floating rate mortgage loan is made for $185,000 for a 30-year period at an initial rate of 12…

A: The concept of the time value of money acknowledges that the value of money today differs from its…

Q: A borrower takes out a 30-year mortgage loan for $150,000 with an interest rate of 6% plus 4 points.…

A: Effective annual interest rate is the percentage at which the amount of interest earned on an…

Q: The maturity of the balloon loan is 5 years, amortization period is 30 years, loan amount is $85,000…

A:

Q: A floating rate mortgage loan is made for $170,000 for a 30-year period at an initial rate of 12…

A: A loan is a financial arrangement in which one or more people, companies, or other entities lend…

Q: Of the bank approves a mortgage of 240,000 for 30 years and at a rate of 6% what will the the…

A: The objective of the question is to calculate the annual mortgage payment for a loan amount of…

Q: $230,000 mortgage has a stated annual rate of 4.5% on a 30 year loan. What was the total you paid…

A: The stated annual rate means an annualized rate of interest that does not take into account the…

Q: A bank has agreed to lend you $127,800 for a home loan. The loan will be fully amortized over 57…

A: Amortization is a term used in business to describe the process of spreading payments out over time.…

Q: Suppose that four years ago you took out a Canadian mortgage for $683,000at an APR of 3.37% with…

A: Given:

Q: With a selling price $100,000, a 20% down payment, and a mortgage of 12% for 25 years, calculate:…

A: A. Amount of mortgage = Selling price*(1-Down payment) = $100000*(1-0.20) = $80000 Amount of…

Q: You took out a $200,000 mortgage for 30 years. The contract rate is tied to the one-year U.S.…

A: Mortgage value: $200,000Number of years of mortgage: 30Fixed risk premium: 9%First year index rate:…

Q: A house is to be purchased by financing $ 341,998 with a mortgage. A conventional 30-year loan is…

A: Given information :  Amount of mortgage = $341,998 Number of years = 30 Annual interest rate = 4%

Amortized Loans

The term "amortization" refers to spreading the value of a loan or a debt over a series of regular payments or installments comprising of both the principal and interest amount. It generally involves the process where in the value of a loan or an intangible asset is written down over its maturity period.