The Taylors agreed to make monthly payments on a mortgage of $130,000 amortized over 15 years. Interest for the first 3 years was 7.5 percent compounded semi-annually. Determine the mortgage balance at the end of the 3-year term OA. $141,121.64 OB. $141,948.91 OC. $114,600.42 OD. $114,072.53
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- Halep Inc. borrowed $30,000 from Davis Bank and signed a 4-year note payable stating the interest rate was 4% compounded annually. Halep Inc. will make payments of $8,264.70 at the end of each year. Prepare an amortization table showing the principal and interest in each payment.The Sahota's agreed to monthly payments on a mortgage of $633,000.00 amortized over 25 years. They negotiate an interest rate of 4.25% compounded semi-annually for the first 5 year term of the mortgage. a. Determine the Sahota's monthly payments. b. Determine the balance owing after the 5-year term. C. Upon renewing for another term of 5 years at 4.3% compounded semiannually, the Sahota's increase the payments by 10%. By how much will the amortization period be shortened?The Grewals agreed to monthly payments on a mortgage of $366,000.00 amortized over 25 years. Interest for the first five years was 4.7% compounded semi-annually. a. Determine the Grewals' monthly payments. b. Determine the balance owing after the 5-year term. c. Before renewing for another term of 5 years at 5.4% compounded semiannually, the Grewals make an additional payment of $20,000. If they keep the same monthly payments, by how much will the amortization period be shortened?
- The Grewals agreed to monthly payments on a mortgage of $336,000.00 amortized over 20 years. Interest for the first five years was 4.5% compounded semi-annually.(using calculator) a. Determine the Grewals’ monthly payments. b. Determine the balance owing after the 5-year term. c. Before renewing for another term of 5 years at 4.3% compounded semiannually, the Grewals make an additional payment of $12,000. If they keep the same monthly payments, by how much will the amortization period be shortened?4. The Taylors agreed to monthly payments rounded up to the nearest $100.00 on a mortgage of $136 000.00 amortized over 15 years. Interest for the first five years was 8.5% compounded semi- annually. After 30 months, as permitted by the mortgage agreement, the Taylors increased the rounded monthly payment by 10%. a) Determine the mortgage balance at the end of the five-year term. b) If the interest rate remains unchanged over the remaining term, how many more of the increased payments will amortize the mortgage balance? c) How much did the Taylors save by exercising the increase-in-payment option?A mortgage of $169,900 was taken out when the 5-year mortgage interest rate was 3.2% compounded semi-annually. 50 months later, the 5-year mortgage interest rate has decreased to 2.5%. What would be the new blend-and-extend mortgage rate if this mortgage is refinanced for a new 5-year term? Select one: a. 6.80% b. 3.08% c. 6.18% d. 7.20% e. 2.61%
- 9) The Taylors agreed to monthly payments rounded up to the nearest $100.00 on a mortgage of $136 000.00 amortized over 15 years. Interest for the first five years was 8.5% compounded semi-annually. After 30 months, as permitted by the mortgage agreement, the Taylors increased the rounded monthly payment by 10%. a) Determine the mortgage balance at the end of the five-year term. b) If the interest rate remains unchanged over the remaining term, how many more of the increased payments will amortize the mortgage balance? c) How much did the Taylors save by exercising the increase-in-payment option?Prepare an amortization schedule showing the first four payments for the loan. John finances $200,000 towards the purchase of a new home through a 30-year mortgage. The interest rate applied to the monthly unpaid balance is 4.75%. Payment Number 1 2 3 4 Amount of Payment Interest for Period Portion to Principal Principal at End of Period = v > KA + v 600 OnA variable-rate mortgage of $124,000 is amortized over 25 years by equal monthly payments. After 18 months the original interest rate of 5% compounded semi-annually was raised to 8.5% compounded semi-annually. Three years after the mortgage was taken out, it was renewed at the request of the mortgagor at a fixed rate of 7.4% compounded semi-annually for a four-year term. (a) Calculate the mortgage balance after 18 months. (b) Compute the size of the new monthly payment at the 8.5% rate of interest. (c) Determine the mortgage balance at the end of the four-year term. (a) The mortgage balance is $ after 18 months. (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
- A mortgage for a condominium had a principal balance of $40,800 that had to be amortized over the remaining period of 6 years. The interest rate was fixed at 5.42% compounded semi-annually and payments were made monthly. a. Calculate the size of the payments, rounded up to the next whole number. O $664 O $1,295 O $657 O $672A mortgage for a condominium had a principal balance of $45,300 that had to be amortized over the remaining period of 7 years. The interest rate was fixed at 3.32% compounded semi-annually and payments were made monthly. a. Calculate the size of the payments, rounded up to the next whole number. O $605 O $1,004 O $599 O $612 b. If the monthly payments were set at $705, by how much would the time period of the mortgage shorten? O 1 years and 1 months O 2 years and 2 months O 6 years and 6 months O 7 years and 8 months c. If the monthly payments were set at $705, calculate the size of the final payment. O $1,264.41 O $144.45 O $560.95 O $52,283.71Armita takes out a 3 year mortgage for $1,075,000 at an interest rate of i(26) = 8.875%. The amortization period is 20 years and she will make bi-weekly payments. What is the outstanding balance at the end of 1 year? a. $1,054,602.46 b. $1,044,056.44 c. $970,234.27 d. $1,022,964.39 e. $991,326.31