(Related to Checkpoint 6.3) (Determining the outstanding balance of a loan) Ten years ago you took out a $300,000, 25-year mortgage with an annual interest rate of 11 percent and monthly payments of $2,940.34. What is the outstanding balance on your current loan if you just make the 120th payment? If you just make the 120th payment, the outstanding balance on your current loan is $ (Round to the nearest cent.)

(Related to Checkpoint 6.3) (Determining the outstanding balance of a loan) Ten years ago you took out a $300,000, 25-year mortgage with an annual interest rate of 11 percent and monthly payments of $2,940.34. What is the outstanding balance on your current loan if you just make the 120th payment? If you just make the 120th payment, the outstanding balance on your current loan is $ (Round to the nearest cent.)

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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Similar questions

You recently took out a mortgage on a house for $325,000. The mortgage was at 14% interestfixed interest rate for 30 years. What is the payoff amount immediately after the 30th payment? (Show using BA II Plus or By Hand)
(Related to Checkpoint 6.3) (Determining the outstanding balance of a loan) Five years ago you took out a $250,000, 25-year mortgage with an annual interest rate of 11 percent and monthly payments of $2,450.28. What is the outstanding balance on your current loan if you just make the 60th payment? CTT If you just make the 60th payment, the outstanding balance on your current loan is $ (Round to the nearest cent.)
Investigate the effect of the term on simple interest amortized auto loans by finding the monthly payment and the total interest for a loan of $13,000 at 8 and 7/8% interest if the term is the following. (Round all answers to the nearest cent.) (a) 3 years. Payment $ Total interest $ (b) 4 years. Payment $ Total interest $ 4615 (c) 5 years. Payment Total interest Enter a number. XX XX XX
If a lender makes a simple loan of $500 for 5 years and charges 3%, then the amount that the lender receive at maturity is $ (Round your response to the nearest two decimal place) If a lender makes a simple loan of $2000 for one year and charges $90 interest, then the simple interest rate on that loan is %. (Round your response to the nearest whole number) If a borrower must repay $106.50 one year from today in order to receive a simple loan of $100 today, the simple interest on this loan is OA. 6.0% OB. 6.5% OC. 65% OD. 5.0%
Watch the video and then solve the problem given below. Click here to watch the video. You are considering a loan with an annual rate of 8%. The mortgage is $130,000 with 180 monthly payments of $1242.35 for 15 years. Complete the first two months of the amortization table. (Simplify your answers. Round to the nearest cent as needed.) Payment number Interest payment Principal payment Balance of loan 1
Investigate the effect of the term on simple interest amortized auto loans by finding the monthly payment and the total interest for a loan of $10,000 at 7 and 7/8% interest if the term is the following. (Round all answers to the nearest cent.) (a) 3 years. Payment $312.79 Total interest $ 1260.34 (b) 4 years. Payment $ 243.54 Total interest $ (c) 5 years. Payment Total interest $ $ 202.17 X
Investigate the effect of the term on simple interest amortized auto loans by finding the monthly payment and the total interest for a loan of $16,000 at 9 7/8% interest if the term is the following. (Round your answers to the nearest cent.) (a) three years payment total interest (b) four years payment $ total interest $ (c) five years payment $ total interest $
Mortgage, part 1 (The Loan)5 years ago you purchased a home for $215,000. You made a 10% down payment and paid for the rest with a 30 year mortgage with a rate of 4.65%. How much was the down payment? How much of the purchase price did you finance with the loan? What is your monthly payment? Use solver. Clearly write the formula you will use as well as all values used in the formula. How much of the loan is left to pay after the first 5 years? Use solver. Clearly write the formula you will use as well as all values used in the formula. How much did you pay to the lender (total) over the first 5 years? How much of what you paid to the lender in the first 5 years was interest? If you paid this loan for all 30 years, how much interest would you pay?
A 20-year mortgage has an annual interest rate of 5.5 percent and a loan amount of $210,000. (Hint: Use the "CUMPRINC" function in Excel.) What is the remaining balance at the 72th payment? Note: Round your answer to 2 decimal places. Answer is complete but not entirely correct. Balance $ 41,010.77x

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