The monthly mortgage payment on your house is $821.69. It is a 30 year mortgage at 6.5%compounded monthly. How much principal do you pay the second year? (Recall P1 = 1, and P2 = 12for the first year, P1 = 13, etc for the second year ..)%3D%3DO $8,310O $1,550O $9,007O $1,675O $8,206

An ordinary annuity is a term in which series of regular payments are made at the end of each period…

Answered: The monthly mortgage payment on your…

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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After 10 years, the principal on this mortgage is $141,667. How much of the next Mortgage Details Principal $180,000 Loan Length 30 years Interest Rate 5% payment will go towards interest? Monthly Payment $966 A. $590.28 B. $375.72 C. $579.60 D. $386.40
1. Jordan & Jasmine borrow $220,000 for a house with a rate of 7% p.a. compounding quarterly. They repay the loan by making quarterly payments over the next 10 years. What is the appropriate quarterly mortgage repayment? What is the outstanding balance on the loan after three years?
On February 1, you borrow $750,000 to buy a house. The mortgage rate is 7.23% compounded semi-annually. The loan is to be repaid ir equal monthly payments over 20 years. The first payment is due on March 1. How much of the third payment applies to the principal balance? (Assume that each month is equal to 1/12 of a year.) 8 00:06.17 Multiple Choice 1,418.29 1.426.71 4.443.73
Calculate the monthly principal and interest (PI), using Table 14-1 from your text, and the monthly PITI for the following mortgage, rounding to the nearest cent. Amount. Financed $122,500 Interest. Rate 10% Term of Loan 30 years Monthly PI Annual Property Tax $2,218 Annual Insurance $1,450 Monthly PITI
You take out a mortgage for $320,000 at 3% compounded monthly. What are your monthly payments if the mortgage is for 20 years? O $1,774.71 O $799.00 O $1,888.83 O $977.15 O $974.71
Theodore D. Kat is applying to his credit union for a mortgage of $200,000. The bank has quoted 8% an interest rate. He would pay off the mortgage over 25- years (amortization period) and make a payment at the end of each month. A. Calculate EAR (1/100 of one percent, no %, e.g. 9.35) B. How much are Theodore's monthly payments?
A house sells for $227,500 and a 7% down payment is made. A mortgage is secured at 7% for 40 years. Compute an amortization schedule for the first 3 months. Round your answers to two decimal places, if necessary. The value of the mortgage is $211.575 and the monthly payment is $1313.88. Part: 0/3
Assume we have a $500,000 mortgage at a 3.5% original interest rate, 30-year term, and monthly payments. The interest rate can be adjusted at the end of each year, and we assume the rate increases by 0.25% after the first year. What is the monthly payment for the 4th year of the loan? O 2,418,25 O 2,448,03 O 2,455,81 None of the given answers O2,481,25
How much will you pay on a 25 year, $400,000 mortgage if you make monthly payment at the beginning of month? Interest is 3.5% compounded annually. O a. $1,968 O b. $1,973 OC. $1,979 O d. $1,997 O e. $1,991
You want to buy a house and will need to borrow $295,000. The interest rate on your loan is 6.37 percent compounded monthly and the loan is for 30 years. What are your monthly mortgage payments? Multiple Choice: $1,839.45 $1,857.22 $1,778.14 $1,829.74 $1,931.42
A house sells for $317,000 and a 5% down payment is made. A mortgage is secured at 4% for 40 years. Compute an amortization schedule for the first 3 months. Round your answers to two decimal places, if necessary. The value of the mortgage is $301,150 and the monthly payment is $1258.81.
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The monthly mortgage payment on your house is $821.69. It is a 30 year mortgage at 6.5% compounded monthly. How much principal do you pay the second year? (Recall P1 = 1, and P2 for the first year, P1 = 13, etc for the second year...) %3D $8,310 $1,550 $9,007 $1,675 $8,206