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- QUESTION 15 Ann buys a property that costs $1,000,000. She finances the purchase with a 70% LTV mortgage. She gets a 20 year interest only fixed rate mortgage at an annual interest rate of 5%, with annual compounding and annual payments. Ann must pay 2 points upfront in mortgage closing costs (as a % of the loan amount). The loan has a 5/4/3/2/1 prepayment penalty structure (she must pay a 5% penalty if she prepays at any time in the first year, 4% penalty in the second year, etc). Suppose Ann will sell the property during year 3, after she makes the 3rd year's mortgage payment and pays off the balance when she sells. What is Ann's annualized IRR for the loan? A. 5.74% B. 6.69% C. 5.10% D. 5.00%QUESTION 17 Ann wants to buy an office building which costs $1,000,000. She obtains a 30 year fully amortizing fixed rate mortgage at 80% LTV, an annual interest rate of 4%, with monthly compounding and monthly payments. Ann has a balloon payment due 5 years after she gets the loan. If Ann pays the required monthly payment for 5 years, how much is her balloon payment? OA. $723,580.11 B. $207,385.65 OC. $697,779.42 OD. $794,198.17QUESTION 19 Clark and Lana take a 30-year home mortgage of $128,000 at 7.8%, compounded monthly. They make their regular monthly payments tor 5 ymars, then decide to pay $1300 per month. Match the question with the answer there are more answers than questions. v What is their regular monthly payment? What is the unpaid balance when they begin paying the $1300? How many payments of $1300 will it take to pay off the loan? How much interost will they save by paying the loan this way? AS11,789.16 B. 144.27 monthly payments C.$ 242,841.08 D. S 88,874,36 ES 331,716.33 F $ 921.43 G. 76.35 monthly payments H. S 89.43 1$121.462.80
- QUESTION 21 Ann wants to buy an office building which costs $1,000,000. She obtains a 30 year fully amortizing fixed rate mortgage at 80% LTV, an annual interest rate of 4%, with monthly compounding and monthly payments. How much is Ann's monthly payment? OA. $3,333.33 OB. $4,774.15 OC. $3,819.32 OD. $2,666.67Question 16 Maria takes out a 30-year mortgage for $220,324 at an annual interest rate of 3%. How much does she still owe when there is 1 year left on the loan? Round your answer to the nearest dollar.Question 12 of 12 You decide to lease a new BMW automobile. The vehicle costs $47,000 new and you are required to pay all taxes and an additional $7,000 (down payment) at the beginning of the lease. The lease payments are $620 per month at the end of the month for three years and you know the lease company charges interest at 5% compounded monthly. (Accrued interest is rounded to the nearest penny at each payment) a. What is the residual value of the car after three years? Round to the nearest cent b. How much interest do you pay over the life of the lease? Round to the nearest cent c. How much principal do you pay in the third year of the lease? Round to the nearest cent
- MM-6 An office equipment representative has a machine for sale or lease. If you buy the machine, the cost is $7,596. If you lease the machine, you will have to sign a noncancelable lease and make 5 payments of $2,000 each. The first payment will be paid on the first day of the lease. At the time of the last payment, you will receive title to the machine. The present value of an ordinary annuity of $1 is as LO M.8 follows: Present Value of $1 Discounted at Number of Periods 10% 12% 16% 0.909 0.893 0.862 1.736 2.487 1.690 2.402 1.605 2.246 3.037 3.605 2.798 3.274 3.170 3.791 The interest rate implicit in this lease is approximately: 2345Question 6: Chetan is purchasing a home for $670,000. RBC has approved his loan application for a 25- year fixed rate loan at 5% annual interest. If Chetan pays 10% of the purchase price as down payment, calculate his monthly mortgage payment. If his annual property taxes are $1,560 and his annual homeowner's insurance is $720, calculate the total PITI payment for his loan.15
- QUESTION 12 Ann wants to buy an office building which costs $1,000,000. She obtains a 30 year partially amortizing fixed rate mortgage at 100% LTV, an annual interest rate of 7%, with monthly compounding and monthly payments. The payment on the loan is $6,000 per month. Ann has a balloon payment due 5 years after she gets the loan. If Ann pays the required monthly payment for 5 years, how much is her balloon payment? OA. $1,000,000 B. $941,315.90 OC. $988,067.85 OD. $864,988.05QUESTION 2 Ann wants to buy an office building which costs $2,000,000. She obtains a 30 year, Interest Only fixed rate mortgage at 80% LTV, at an annual interest rate of 5%, with monthly compounding and monthly payments. How much is Ann's monthly payment? A. $8,333.33 OB. $10,736.43 OC. $6,666.67 D. $8,589.15Question 11 Find the monthly house payment necessary to amortize the following loan. In order to purchase a home, a family borrows $70,000 at 12% for 15 years. What is the monthly payment? $840.12
