You take out a traditional 30 year mortgage for $292,490. It has a fixedinterest rate of 4.25% and the payments are made monthly. What is yourmonthly payment on the mortgage?Oa. $1,286.64Ob. $1,342.95c. $1409.11Od. $1,438.87

EMI, or Equated Monthly Installment, is a fixed monthly payment made by a borrower to repay a loan,…

Answered: You take out a traditional 30 year…

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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Similar questions

7. Determine how much you would pay in total, interest and principal, at the end of your 30-year mortgage at 3.99% compounded monthly, if the monthly payment is $ 675.00.
Use this table to find the monthly mortgage payments, when necessary. Find the total interest for a mortgage of $116,500 at 7% for 30 years. $158,513.28 $162,401.00 $180,473.34 $270,509.00
Assume that you take out a 30-year mortgage (360 months) with a face value of $425,000 and a stated annual rate of 2.51%. Given this information, and assuming no prepayments, determine what percentage of your 153rd monthly payment will go towards interest. A) 51.15% B) 63% C) 53.37% D) 35.25% E) 41.06%
If a mortgage has monthly payments of $1,315, a life of 30 years, and a rate of 4.25 percent per year, what is the mortgage amount? Note: Do not round intermediate calculations. Round your answer to 2 decimal places. Mortgage amount
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 = 12 for the first year, P1 = 13, etc for the second year ..) %3D %3D O $8,310 O $1,550 O $9,007 O $1,675 O $8,206
Consider a Sh. 124,000, 7.00%, 30-year, constant payment mortgage (CPM) with monthly payments. Required a) What is the required monthly payment on this mortgage?
What is the monthly payment for a $103500 thirty-year mortgage at 5% APR?
Consider a $100,000 30-year, fixed-rate mortgage with an annual interest rate of 5.50% and monthly payments. How much of the total expenses on mortgage payments go toward interest during the first three years (round to the nearest dollar)?$2, 540 $10, 220 $15,858 S4,274 $16, 167 $19, 172 $3,583
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. А. Calculate EAR (1/100 of one percent, no %, e.g. 9.35) В. How much are Theodore's monthly payments?
If a mortgage has monthly payments of $1,288, a life of 20 years, and a rate of 4.70 percent per year, what is the mortgage amount? Note: Do not round intermediate calculations. Round your answer to 2 decimal places. Answer is complete but not entirely correct. 2,143.40 Mortgage amount
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Assume that you take out a 30-year mortgage (360 months) with a face value of $425,000 and a stated annual rate of 2.40%. Given this information, and assuming no prepayments, determine what percentage of your 153rd monthly payment will go towards interest. O 32% 30% 36% 28% 34%

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You take out a traditional 30 year mortgage for $292,490. It has a fixed interest rate of 4.25% and the payments are made monthly. What is your monthly payment on the mortgage? Oa. $1,286.64 Ob. $1,342.95 c. $1409.11 Od. $1,438.87