Suppose you make monthly mortgage payments of $1,345 and have 11 years left on the mortgage (next payment due next month). Assuming a 4.5% stated annual interest rate for the mortgage, how much would you need today to pay off the mortgage? I know payment is 1,345, number of periods remaining is 132 (11x12) and  the interest rate monthly is .375 (4.5/12).

Q: You have just taken out a 30-year mortgage on your new home for $120,000. This mortgage is to be…

A: Use financial calculator:The present value of mortgage = 120,000The future value when all the loan…

Q: You have decided to refinance your mortgage. You plan to borrow whatever is outstanding on your…

A: The objective of the question is to find out the outstanding balance on the mortgage today.

Q: You are purchasing a house and you are considering getting a fixed-rate mortgage (FRM) for $750,000.…

A: Required monthly payments for the mortgage is calculated using excel PMT function Required monthly…

Q: You take out a 30-year mortgage, at a nominal annual rate of X%, with monthly compounding. Each…

A: Nominal Interest Rate: It represents the rate of interest that does not take into consideration the…

Q: How much do you owe on the mortgage​ today? ​(Note: Be careful not to round any intermediate steps…

A: Loan (mortgage) amortization schedule refers to a schedule which is prepared to shows the periodic…

Q: fixed-rate mortgage

A: Introduction: Fixed rate mortgages are home loans that carries a fixed rate of interest for the…

Q: You take out a 30-year mortgage, at a nominal annual rate of X%, with monthly compounding. Each…

A: An amortization schedule is a table or chart that displays the breakdown of periodic loan payments,…

Q: You have decided to refinance your mortgage. You plan to borrow whatever is outstanding on your…

A: Present value is the value of loan or future periodic payments at the present date.

Q: Suppose you have a 30 year mortgage for 221,564 with quarterly payments of 5,552 what is the total…

A: Interest can be computed as follows  = Total Payment - Principle Amount of Mortgage Total payment is…

Q: Consider a home mortgage of $125,000 at a fixed APR of 12% for 30 years. a. Calculate the monthly…

A: Payment per period can be calculated using PMT function in excel.   PMT(rate, nper, pv, [fv],…

Q: Consider a 2-year, fixed rate mortgage with an original balance of $28,000 and an interest rate of…

A: Mortgage:A mortgage is a financial agreement between a borrower and a lender, where the borrower…

Q: A $127,000 mortgage has a 30-year term and a 10% nominal interest rate. (a) What is the monthly…

A: The amount that is deducted from your outstanding loan balance is known as the principal component.…

Q: You have decided to refinance your mortgage. You plan to borrow whatever is outstanding on your…

A: The remaining principal balance on the mortgage after four years and eight months of timely payments…

Q: Use Excel to solve this problem. An $11,000 mortgage has a 30-year term and a 6% nominal interest…

A: >Please refer to the below spreadsheet for calculation and answer. Cell reference was also…

Q: Suppose that your unsubsidized Stafford loans plus accumulated interest total $ 27000 at the time…

A: Compound = monthly = 12 Present value = pv = $27,000 Interest rate = 8 / 12% Time = t = 10 * 12 =…

Q: The effective interest rate on a mortgage with monthly payments is 9.38%. What is the monthly…

A: An Annuity is a series of payments of fixed amounts and at fixed intervals. These can be of two…

Q: You have decided to refinance your mortgage. You plan to borrow whatever is outstanding on your…

A: The PV of an ordinary annuity is the value today of a series of equal payments made at the same…

Q: Consider a home mortgage of $225,000 at a fixed APR of 4.5% for 30 years. a. Calculate the monthly…

A: Mortgage type of loan is backed by some collateral  security against the loan. It is a secured loan.…

Q: A 30-year mortgage requires payments of $2,850.28 at the end of each month. If interest is 5.39%…

A: Compound = Monthly = 12Time = t = 30 * 12 = 360Payment = p = $2850.28Interest Rate = r = 5.39 / 12 %

Q: Assume that you take out a 30 yr mortgage with face value of $425,000 and stated annual rate of…

A: Monthly payment refers to the amount that is paid every month for the repayment of loan including…

Q: You have decided to refinance your mortgage. You plan to borrow whatever is outstanding on your…

A:

Q: What is the monthly payment on a mortgage of $275,000 with a 6.75% interest rate that runs for 25…

A: Compound = monthly = 12 Present Value = pv = $275,000 Interest rate = r = 6.75 / 12 = 0.5625% Time =…

Q: Consider a 20-year mortgage for $174,334 at an annual interest rate of 5%. After 8 years, the…

A: Time period = 20 years  Value of mortgage = $174,344 Annual interest rate = 5% Refinancing time…

Q: received a 20-year, $500,000 mortgage with a 12% annual interest rate (APR). What portion of the…

A: When the borrower borrows a loan from the lender, he has to pay a rate of interest on the borrowed…

Q: You’ve just taken out the $100,000, 30 yr mortgage at 6%.  When will the mortgage be paid in full…

A: Loans are paid by equal monthly payments which carry the payment of interest and payment of…

Q: You have just purchased a home and taken out a $460,000 mortgage. The mortgage has a 30​-year term…

A: We buy expensive or large ticket items like a home by taking a bank loan. The loan is repaid through…

Q: A mortgage of $26, 252.00 is to be repaid by making payments of $ 1368.00 at the end of each year.…

A: A mortgage is a covered loan that is taken out for the purchase of a property with the property…

Q: 9) Mortgage Payment You take out a 20-year fixed mortgage. The annual interest rate is ? = 0.10 and…

A: PV is the current worth of cash flows that are expected to occur in future.

Q: You just took out a 15-year traditional fixed-rate mortgage for $300,000 to buy a house. The…

A: Mortgage amortization:Mortgage amortization is a structured repayment process for home loans that…

Q: A homebuyer wishes to take out a mortgage of $200,000 for a 40-year period. What monthly payment is…

A: Mortgage loan=$200,000 Time period=40 years Interest rate=11% We can calculate the monthly payment…

Q: The maturity of the balloon loan is 5 years, amortization period is 30 years, loan amount is $85,000…

A:

Q: Suppose that you are currently making monthly paymentson a $163,133.00 20-year mortgage at 3.84%…

A: PV is the current worth of cash flows that are expected to occur in the future.

Q: Consider a $100,000, 30-year, 6.2% mortgage with monthly payments. What portion of the payments…

A: Borrowings are the liability of the company which is used to finance the requirement of the funds.…

Q: You have decided to refinance your mortgage. You plan to borrow whatever is outstanding on your…

A: Dear student, kindly check the answer in the explanation box below.Explanation:Part 1: Answer:The…

Q: Suppose that your unsubsidized Stafford loans plus accumulated interest total $ 34000 at the time…

A: Loan amount (P) = $34000 Monthly interest rate (r) = 0.00625 (0.075 / 12) Monthly period (n) = 120…

Q: b. You have a $300,000 mortgage with a 3.6% annual percentage rate with monthly compounding and a…

A: The monthly payment on a mortgage is an annuity i.e. the payment amount remains the same for the…

Q: If you could pay for your mortgage forever, how much would you have to pay per month for a…

A: A mortgage refers to a loan taken out to purchase property with the property itself acting as…

Q: Assume that you have taken out a 30-year mortgage of $240,000 and that your monthly payments are…

A: Annual interest rate refers to the percentage of return from the investment over a period of time.

Amortized Loans

The term "amortization" refers to spreading the value of a loan or a debt over a series of regular payments or installments comprising of both the principal and interest amount. It generally involves the process where in the value of a loan or an intangible asset is written down over its maturity period.