Xander takes out a loan for $260000 at an interest rate of 4.8%p.a. compounded monthly. The minimum monthly repayments over 25 years are currently $1489.8. a. Calculate the outstanding debt after 7 year(s) of minimum payments. Calculator input: n = i = PV = РMT — FV = PİY = C/Y = Outstanding debt = b. After 7 year(s), Xander transfers the remainder of her loan to a bank charging a home loan interest of 4.4%p.a. compounded monthly. (i) Calculate the new monthly repayment monthly payment = $ How much interest will Xander save? Calculate the balance (ii) remaining using your answer from b(i) and the final PMT. Total interest saved =

Xander takes out a loan for $260000 at an interest rate of 4.8%p.a. compounded monthly. The minimum monthly repayments over 25 years are currently $1489.8. a. Calculate the outstanding debt after 7 year(s) of minimum payments. Calculator input: n = i = PV = РMT — FV = PİY = C/Y = Outstanding debt = b. After 7 year(s), Xander transfers the remainder of her loan to a bank charging a home loan interest of 4.4%p.a. compounded monthly. (i) Calculate the new monthly repayment monthly payment = $ How much interest will Xander save? Calculate the balance (ii) remaining using your answer from b(i) and the final PMT. Total interest saved =

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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The Taylors have purchased a $310,000 house. They made an initial down payment of $40,000 and secured a mortgage with interest charged at the rate of 10%/year on the unpaid balance. Interest computations are made at the end of each month. If the loan is to be amortized over 30 yr, what monthly payment will the Taylor's be required to make? (Round your answers to the nearest cent.) monthly payment $ What is their equity (disregarding appreciation) after 5 yr? After 10 yr? After 20 yr? equity after 5 yr $ equity after 10 yr $ equity after 20 yr $
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