N= 15% PV- PMT- b) Daniel bought an apartment in White Rock for $638,800. He made a 15% downpayment and negotiated a three-year mortgage at 4.9% amortized over 20 years. Calculate his monthly payment. FV- P/V- C/Y= PMT END BEGIN After looking at his finances, he decided to make a payment of $4000 each month. How many years and months will it take him to pay it off with this monthly payment? N= 105= N= PV= PMT= FV= P/Y= C/Y= PMT END BEGIN 1%= PV- PMT= FV- P/Y= c) You have decided to purchase a house in Langley for $1,475,000. You locked in a 4-year term mortgage rate of 5.5% compounded semi-annually, amortized over 30 years. You saved 10% for a down payment. i) Calculate your monthly payments. C/Y= PMT: END BEGIN N= 1%= PV- PMT- FV- P/Y= ii) How much will you still owe after 4 years? C/Y= PMT: END BEGIN N= 1%= PV- PMT= FV= P/Y- C/Y= PMT: END BEGIN iii) If you renegotiate a new term for 5 years at 7.3% amortized over 20 years, how much will your payments increase/decrease?
N= 15% PV- PMT- b) Daniel bought an apartment in White Rock for $638,800. He made a 15% downpayment and negotiated a three-year mortgage at 4.9% amortized over 20 years. Calculate his monthly payment. FV- P/V- C/Y= PMT END BEGIN After looking at his finances, he decided to make a payment of $4000 each month. How many years and months will it take him to pay it off with this monthly payment? N= 105= N= PV= PMT= FV= P/Y= C/Y= PMT END BEGIN 1%= PV- PMT= FV- P/Y= c) You have decided to purchase a house in Langley for $1,475,000. You locked in a 4-year term mortgage rate of 5.5% compounded semi-annually, amortized over 30 years. You saved 10% for a down payment. i) Calculate your monthly payments. C/Y= PMT: END BEGIN N= 1%= PV- PMT- FV- P/Y= ii) How much will you still owe after 4 years? C/Y= PMT: END BEGIN N= 1%= PV- PMT= FV= P/Y- C/Y= PMT: END BEGIN iii) If you renegotiate a new term for 5 years at 7.3% amortized over 20 years, how much will your payments increase/decrease?
Chapter4: Time Value Of Money
Section: Chapter Questions
Problem 25PROB
Related questions
Question
Transcribed Image Text:N=
15%
PV-
PMT-
b) Daniel bought an apartment in White Rock for $638,800. He made a
15% downpayment and negotiated a three-year mortgage at 4.9%
amortized over 20 years. Calculate his monthly payment.
FV-
P/V-
C/Y=
PMT END BEGIN
After looking at his finances, he decided to make a payment of
$4000 each month. How many years and months will it take him
to pay it off with this monthly payment?
N=
105=
N=
PV=
PMT=
FV=
P/Y=
C/Y=
PMT END BEGIN
1%=
PV-
PMT=
FV-
P/Y=
c) You have decided to purchase a house in Langley for $1,475,000.
You locked in a 4-year term mortgage rate of 5.5% compounded
semi-annually, amortized over 30 years. You saved 10% for a down
payment.
i) Calculate your monthly payments.
C/Y=
PMT: END BEGIN
N=
1%=
PV-
PMT-
FV-
P/Y=
ii) How much will you still owe after 4 years?
C/Y=
PMT: END BEGIN
N=
1%=
PV-
PMT=
FV=
P/Y-
C/Y=
PMT: END BEGIN
iii) If you renegotiate a new term for 5 years at 7.3% amortized
over 20 years, how much will your payments increase/decrease?
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Recommended textbooks for you
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning