Rosetta has a mortgage of $328,000 through her bank for property purchased. The loanis repaid by end of month payments of $2,135.16 with an interest rate of 5.45%compounded monthly over 22 years. What is the interest paid in the 5th year of themortgage? Enter a POSITIVE VALUE for the answer, rounded to two decimal places.P1=P2 =Interest paid in 5th year=(enter a positive value)

Amortization refers to the systematic and periodic repayment of interest and principal over a given…

Answered: Rosetta has a mortgage of $328,000…

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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PLEASE TYPE IT AND NOT HANDWRITTEN A couple purchased a house and lot and signed a mortgage contract with a bank for P8,000,000 to be paid in equal monthly payments over 25 years with interest at 5.25%. Find the monthly payment and make out a partial amortization schedule showing the distribution of the first 6 payments as to interest and repayment of principal.
Sonya has a $363,000 mortgage at 3.41% compounded monthly with end of month payments of $3,340.00. a) How many payments will Sonya have to make to amortize this loan? (rounded to the next higher whole number) b) How much will her final mortgage payment be? $ (enter a positive value)
Interest Earned. Lisa is depositing $3,500 in a six-month CD that pays 3.73% interest. How much interest will she accrue if she holds the CD until maturity? If she holds the CD until maturity, the amount of interest she will accrue is $_______
Calculate Jaime's mortgage payment using the 5% rate for 30 years on a mortgage balance of $233,000
A family has a $137,210, 30-year mortgage at 5.4% compounded monthly. Find the monthly payment. Also find the unpaid balance after the following periods of time. (A) 10 years (B) 20 years (C) 25 years
A family has taken out a mortgage of £450,000 to purchase a house on 1.1.2022. The mortgage is repaid in monthly instalments at the beginning of each month over 20 years.(a) Determine the monthly payment amount assuming an effective interest rate of 1.6% per annum.(b) After having made 5 years of payments the family takes out a new mortgage with an effective interest rate of 6% per annum for the remaining 15 years. Payments are made monthly in arrears. Determine the new monthly payment amount.(c) If the family would have originally agreed to make monthly instalments of £2,000 paid at the beginning of each month starting on 1.1.2022, when would they have paid off the loan? Assume an effective interest rate of 1.6% per annum throughout.
Matty deposits $1,300.00 into a Savings Account at their bank. The annual compound interest rate 2%. How much interest did they earn after after 10 years? Enter answer in format: $ 00.00 Question 2 Suzy deposits $2,400.00 into a Savings Account at their bank. The annual compound interest rate 2.5%. How much interest did she earn after after 15 years? Enter answer in format: $ 00.00
Juni buys a new car. Her auto loan is $12,000 with an annual interest rate of 3% compounded monthly for 5 years. Her monthly payment is $287 The following table shows the first payment in the amortization schedule. Payment number Loan Amount Payment Interest Principal Remaining Balance 1 12,000 287 ? ? ? Interest: $30 Interest: $8.61 Principal: $278.39 Principal: $257 Remaining Balance: $11,743 Remaining Balance: $ 11,721.61
Ife takes out a 3 year mortgage for $1,125,000 at an interest rate of i(2) = 4.500%. The amortization period is 30 years and she will make weekly payments. What is the outstanding balance at the end of 1 year? O a. $1,084,582.78 O b. $1,106,717.12 O c. $1,029,246.92 O d. $1,040,314.09 e. $1,128,851.46
A homeowner took out a 25-year fixed-rate mortgage of $205,000. The mortgage was taken out 7 years ago at a rate of 7.05 percent. If the homeowner refinances, the charges will be $3,350. What is the highest interest rate at which it would be beneficial to refinance the mortgage? Note: Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places. APR %
Kia deposited $1,100, at the BEGINNING of each year for 25 years in a credit union account. If the account paid 8% interest, compounded annually, use the appropriate formula to find the future value of her account. A. $73,441.24 B. $80,416.53 C. $86,849.86 D. $87,949.86
Calculate Andy's mortgage payment using the 5% rate for 30 years on a mortgage balance of $233,000

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