You want to buy a condo in Toronto that costs $860, 100 and have accumulated a 15.00% down payment. The remainder is financed with a 25-year mortgage over a 2-year term which you've negotiated with a local financial institution. As you are a high-risk borrower the best rate you can get is an APR of 6.70% compounded semi- annually with month - end payments. How much would you owe on the mortgage after your 24th mortgage payment? A) $713, 925 B) $1,376,122 C) S 706,528 D) $712, 669 E) $642, 298

You want to buy a condo in Toronto that costs $860, 100 and have accumulated a 15.00% down payment. The remainder is financed with a 25-year mortgage over a 2-year term which you've negotiated with a local financial institution. As you are a high-risk borrower the best rate you can get is an APR of 6.70% compounded semi- annually with month - end payments. How much would you owe on the mortgage after your 24th mortgage payment? A) $713, 925 B) $1,376,122 C) S 706,528 D) $712, 669 E) $642, 298

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 need a 25-year, fixed-rate mortgage to buy a new home for $200,000. Your mortgage bank will lend you the money at a 6.6 percent APR for this 300-month loan. However, you can afford monthly payments of only $900, so you offer to pay off any remaining loan balance at the end of the loan in the form of a single balloon payment. Required: How large will this balloon payment have to be for you to keep your monthly payments at $900? A) 48,522.47 B) 341,563.19 C) 67,932.38 D) 366,212.08 E) 352,127.00 Only typing answer Please explain step by step without table and graph
You need a 25-year, fixed-rate mortgage to buy a new home for $240,000. Your mortgage bank will lend you the money at an APR of 5.35 percent for this 300-month loan. However, you can afford monthly payments of only $800, so you offer to pay off any remaining loan balance at the end of the loan in the form of a single balloon payment. How large will this balloon payment have to be for you to keep your monthly payments at $800? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Balloon payment
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Your credit score is in the range of 720-739 and you want to buy a house in Davis (CA). You have a 20% down payment to put on a house that has a market value of $450,000. If APR = 4.173% for your 30-year fixed mortgage, accordingly calculate your annual payment.
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