Let's assume you took out a $300,000, 30-year mortgage with an annualyou haveinterest rate of 8% and monthly payments of $2,201.29. Becausemade 15 years worth of payments (that's 180 monthly payments = [15 x12]) there are another 180 monthly payments left before your mortgagewill be totally paid off. How much do you still owe on your mortgage?

Considering the data, Monthly rate(r) =0.0812=0.006667n=180 payments remainingMonthly payments =$…

Answered: Let's assume you took out a $300,000,…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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You have just made an offer on a new home and are seeking a mortgage. You need to borrow $620,000. a. The bank offers a 30-year mortgage with fixed monthly payments and an interest rate of 0.53% per month. What is the amount of your monthly payment if you take this loan? b. Suppose you take the 30-year mortgage described in part (a). How much will you still owe on the mortgage after 10 years? a. The bank offers a 30-year mortgage with fixed monthly payments and an interest rate of 0.53% per month. What is the amount of your monthly payment if you take this loan? Your monthly payment will be $nothing. (Round to the nearest cent.) b. Suppose you take the 30-year mortgage described in part (a). How much will you still owe on the mortgage after 10 years? The remaining loan amount will be $nothing.
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