You took out a fully amortizing 30 year mortgage with the initial balance of $6767. This mortgage has a fixed interest rate at 3%. After you completed five full years of monthly payments (60 monthly payments have passed), what is the remaining balance on your mortgage? Round your answer to the nearest cent (e.g. if your answer is $7000.9873, enter 7000.99).

You took out a fully amortizing 30 year mortgage with the initial balance of $6767. This mortgage has a fixed interest rate at 3%. After you completed five full years of monthly payments (60 monthly payments have passed), what is the remaining balance on your mortgage? Round your answer to the nearest cent (e.g. if your answer is $7000.9873, enter 7000.99).

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

Consider a 20-year mortgage for $174,334 at an annual interest rate of 5%. After 8 years, the mortgage is refinanced to an annual interest rate of 2.6%. What are the monthly payments after refinancing? Round your answer to the nearest dollar.
Kramer's investment project costs $14300 and has abbual cash flows of $3800 for six years. A. What us the discounted payback period if the discount rate is zero percent? B. What is the discounted payback period if the discount rate is 4 % ?
Please show how to solve a. b. and c. using the information below and Excel. Interest-only mortgage with monthly payments and loan amount: $56,000; Term: 15 years; Annual interest rate: 7.5% a. What is the total payment in the 180th month? b. What is the outstanding balance at the end of 10 years (120 months)? c. What is the total interest payment during the entire loan term (180 months)?
Aziza is taking out a $3439 mortgage with a 30-year, fixed rate, fully amortizing loan and with 6.8% interest. What will be Aziza's monthly payments? Round your answer to the nearest cent (e.g. if your answer is $1,000.567, enter 1000.57).
Solve the problem. If necessary, use the table of monthly payments below. Round your answer to the nearest cent. Find the monthly payment needed to amortize principal and interest for the following fixed-rate mortgage. Mortgage amount: $177,000 Term of mortgage: 10 years Interest rate: 9%
Bob got a 30 year Fully Amortizing FRM for $1,500,000 at 4%, except with non-constant payments. For the first 2 years Bob will pay $1,250 per month. The loan will become a fully amortizing mortgage after 2 years. What will be the balance on this mortgage after 2 years? (Write the answer as a number rounded to two decimals (e.g. if you get $50,66666, write 50.67).
You just received a 20-year, $500,000 mortgage with a 12% annual interest rate (APR). What portion of the first payment (approximately) goes towards paying the principal? Hint: find the total monthly payment first, and the first month interest payment next.
You have just purchased a home and taken out a $460,000 mortgage. The mortgage has a 30-year term with monthly payments and an APR of 4.72%. a. How much will you pay in interest, and how much will you pay in principal, during the first year? b. How much will you pay in interest, and how much will you pay in principal, during the 20th year (i.e., between 19 and 20 years from now)?
Show the first two lines of the amortization table for your new home mortgage, assuming a sellingprice of $118,500, a down payment of 6%, annual interest rate 5.3% compounded monthly, andmonthly payments on a 30-year mortgage. (Please help by solving through calculator)
A homebuyer wishes to take out a mortgage of $200,000 for a 40-year period. What monthly payment is required if the interest rate is 11%? What is the total amount paid during the term of the loan? Carry out all calculations exactly and round the final answers only. Carry out all calculations exactly and round the final answer for the monthly payment to two decimal places and the final answer for the total amount paid to the nearest integer. The required monthly payment is $L The total amount paid during the term of the loan is $
Give typing answer with explanation and conclusion
Suppose that you are currently making monthly paymentson a $163,133.00 20-year mortgage at 3.84% interest compound monthly. For the last 5 years , you have been paying the regular, monthly payments. You now have the option to refinance your current mortgage with a new 12-year mortgage that has an interest rate of 2.99% compounded monthly. Note that the lender of the new loan has a closing cost fee of $1,100 (for title insurance,home appraisal costs, etc. )for the new ( refinanced)mortgage. The lender stipulates that closing cost must be paid in cash and cannot be part of the new loan. You are to determine whether you would save or lose money in interest if you were to refinance your home. Take the closing into account when determining if you would save or lose money.

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