Susan just purchased her first house valued at $200000. She paid a down payment of $20000, and took out a fixed rate mortgage loan for the balance from the bank. The loan is payable in monthly installments over a 15 year period at interest rate 6% per year. How much is her monthly mortgage payment?
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- Need helpTara has just bought a house for $930,000 with a 30% down payment and a 70% mortgage loan for 20 years at the interest rate of 2.19%, compounded monthly. She is scheduled to repay interest and principal every month over the loan period unless she sells the house at some point and fully pay off the loan. Question A Display here the formulae for calculating the Periodic (Annuity) Loan Payment, Interest Expense, Principal Repayment and Outstanding Loan Balance.Mr. and Mrs. Jones have taken out a mortgage loan of $195,000.00 from a bank at 5.5% APR for a fixed 15 years. How much will their monthly payment be? Show your work.
- Cassandra received a 30 year loan of $320,000 to purchase a house. The interest rate on the loan was 3.70% compounded semi-annually. a. What is the size of the monthly loan payment? Round to the nearest cent b. What is the balance of the loan at the end of year 3? Round to the nearest cent c. By how much will the amortization period shorten if Cassandra makes an extra payment of $30,000 at the end of year 3? years and monthsmDevin received a 15 year loan of $305,000 to purchase a house. The interest rate on the loan was 4.10% compounded semi-annually. a. What is the size of the monthly loan payment? Round to the nearest cent b. What is the balance of the loan at the end of year 4? Round to the nearest centWhen Sara Jean purchased her house 12 years ago, she took out a 30-year mortgage for $220,000. The mortgage has a fixed interest rate of 6% compounded monthly. (a) Compute Sara Jean’s monthly mortgage payments. (b) If Sarah Jean wants to pay off her mortgage today, for how much should she write a check? She made her most recent mortgage payment earlier today.
- A borrower has a 30-year mortgage loan for $200,000 with an interest rate of 6% APR compounded monthly and level monthly payments. At the end of year 10, she unexpectedly won a lottery and received an after-tax cash of $10,000. She used that cash to pay down the principal of her mortgage loan and will keep paying the same monthly payment till she pays off the mortgage loan. How many more months will she has to payJessica purchases a house for $323,000 and takes a mortgage for the full amount. Her mortgage charges 6.75% per year and interest is compounded monthly. She will repay the loan over 25 years with equal monthly payments. a) What is her monthly payment amount? b) How much of the 8th payment would be applied toward interest? c) How much would be the payoff amount if the mortgage is to be paid at the end of year 2 (i.e., before the 24th payment is made)?A family needs to take out a 15-year home mortgage loan of $170,000 through a local bank. Annual interest rates for 15-year mortgages at the bank are 3.5% compounded monthly. (a) Compute the family's monthly mortgage payment under this loan. (b) How much interest will the family pay over the life of the loan?