You plan to purchase a $220,000 house using a 15-year mortgage obtained fromyour bank. The mortgage rate offered to you is 4.75 percent. You will make a downpayment of 20 percent of the purchase price.a. Calculate your monthly payments on this mortgage.b. (1) Construct the amortization schedule for the mortgage.b. (2) How much total interest is paid on this mortgage?Complete this question by entering your answers in the tabs below.Req AReq B1AmortizationScheduleReq B2 TotalInterestConstruct the amortization schedule for the mortgage?Note: Round your intermediate calculations and final answers to 2 decimal places. (e.g.Real-World AmortizationRemainingMonthTotal PaymentInterestPrincipalBalance1696.67672.32175,327.682175,327.68694.011,347.30174,652.703691.33173,975.0517910.771,363.591805.40176,000.000.00

Answered: You plan to purchase a $220,000 house…

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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You plan to purchase a $290,000 house using a 30-year mortgage obtained from your local credit union. The mortgage rate offered to you is 7.25 percent. You will make a down payment of 20 percent of the purchase price. a. Calculate your monthly payments on this mortgage. b. Construct the amortization schedule for the first six payments. Complete this question by entering your answers in the tabs below. Required A Required B Calculate your monthly payments on this mortgage. (Do not round intermediate calculations. Round your answer to 2 decimal places. (e.g., 32.16)) Monthly payment Required B >
You plan to purchase a $320,000 house using a 15-year mortgage obtained from your bank. The mortgage rate offered to you is 5.20 percent. You will make a down payment of 15 percent of the purchase price. a. Calculate your monthly payments on this mortgage. b. (1) Construct the amortization schedule for the mortgage. b. (2) How much total interest is paid on this mortgage? Answer is not complete. Complete this question by entering your answers in the tabs below. Req A Req B1 Amortization Schedule Month 1 2 3 179 180 Construct the amortization schedule for the mortgage? (Do not round intermediate calculations. Round your answers to 2 decimal places. (e.g., 32.16)) Req 82 Total Interest Amortization Schedule for the 15-Year Mortgage Interest Cumulative Principal Principal 272,000.00 270,999.26 Cumulative Interest Ending Balance
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You plan to purchase a $350,000 house using a 15-year mortgage obtained from your bank. The mortgage rate offered to you is 5.50 percent. You will make a down payment of 20 percent of the purchase price. a. Calculate your monthly payments on this mortgage. b. Construct the amortization schedule for the mortgage. How much total interest is paid on this mortgage? (Do not round intermediate calculations. Round your answer to 2 decimal places. (e.g., 32.16))
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