Comparing Total Mortgage Payments. Which mortgage would result in higher total payments? Mortgage A: $970 a month for 30 years Mortgage B: $760 a month for 5 years and $1,005 for 25 years
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Q: What mortgage would result in a higher payment? Mortgage A $985 a month for 30 years or Mortgage B…
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- Suppose you take out a $185,500 mortgage for 30 years at 5.15% interest. (a) Find the monthly payment on this mortgage. S (b) Fill out the first two rows of the amortization schedule below. Round your answers to the nearest dollar. Payment Number Interest Payment Principal Payment Balance of Loan 1 2 Question Help: D Video M Message instructor D Post to forumSuppose you have taken out a $125,090 fully amortizing fixed rate mortgage loan that has a term of 15 years and an interest rate of 6%. After your first mortgage payment, how much of the original loan balance is remaining? Multiple Choice $1,054.82 $120,60378 $1245701 $124.875.56HOME MORTGAGE The total interest u paid on a home mortgage of P dollars at interest rate r for t years is rt u = P| 1 12t 1 1 1 + r/12, Consider a $120,000 home mortgage at 75%. (a) Use a graphing utility to graph the total interest function. (b) Approximate the length of the mortgage for which the total interest paid is the same as the size of the mortgage. Is it possible that some people are paying twice as much in interest charges as the size of the mortgage?
- PLEASE DO NOT ROUND THE ANSWERS Selling Price of Home Down Payment Rate of Interest Years $ 160,000.00 $ 20,000.00 3.50% 30 Required: Please use the above information to answer the below questions: (Use Table 15-1) How many total payments on this mortgage? What is the principal (loan)? What is the payment per $1,000? What is the monthly mortgage payment? TABLE 15.1 Amortization table (mortgage principal and interest per $1,000) Term in Years INTEREST 3½% 5% 5½% 6% 6½% 7% 7½% 8% 8½% 9% 9½% 10% 10½% 11% 10 9.89 10.61 10.86 11.11 11.36 11.62 11.88 12.14 12.40 12.67 12.94 13.22 13.50 13.78 12 8.52 9.25 9.51 9.76 10.02 10.29 10.56 10.83 11.11 11.39 11.67 11.96 12.25 12.54 15 7.15 7.91 8.18 8.44 8.72 8.99 9.28 9.56 9.85 10.15 10.45 10.75 11.06 11.37 17 6.52 7.29 7.56 7.84 8.12 8.40 8.69 8.99 9.29 9.59 9.90 10.22 10.54 10.86 20 5.80 6.60 6.88 7.17 7.46 7.76 8.06 8.37 8.68 9.00 9.33 9.66 9.99 10.33 22 5.44 6.20 6.51 6.82 7.13 7.44 7.75 8.07 8.39 8.72 9.05 9.39…Spreadsheet problem When paying off a home mortgage, extra principle payments can have a dramatic impact on the time needed to pay off the mortgage. A. create an amortization schedule for a $200,000, thirty-year mortgage, with a 6% APR. B. After the fifth year, add an extra $100 to each monthly payment. When is the loan payed off?I need the excel function typed out? Example =RATE???? G. Find the interest rate (APR) on a 27-year mortgage with a initial loan amount of $358,000, if the monthly payment is $2229.45 Let's use references for input values; and be sure to annualize the rate! INPUTS: OUTPUT: Period 27 Rate is APR Payment 2229.45 Loan amount 358000
- Calculate the principal portion of the second payment on the required on an amortized loan annual interest rate of 8.25% for 20 years. finance the purchase of a new home priced at $99,757.57 assuming the O A. $165.30 O B. $174.17 OC. $175.30 O D. $164.17 Click to select your answer. tUs /- MacBook Air 888 F4 14 F7 F1 F3 FS F6 II 4) F9 F10 F11 @ 2$ 4 23 & 2 6. 0. R Y P. S D F H. J K B alt command +Which mortgage would result in higher total payments? Mortgage A: $985 a month for 30 years Mortgage B: $780 a month for 5 years and 1,056 for 25 yearsSuppose bank a offers a 229020 year 6.4% fixed rate mortgage with closing cost of 2600 + 4 points what are their closing costs associated with this mortgage
- Using mortgage calculator Compare the following scenarios: a. Loan amount of; $800,000 @ 3.00% 30-year mortgage b. Loan amount of; $800,000 @ 6.50% 30-year mortgage c. Loan amount of; $800,000 @ 2.50% 20-year mortgage d. Loan amount of; $800,000 @ 5.50% 20-year mortgage e. Loan amount of; $800,000 @ 2.00% 10-year mortgage f. Loan amount of; $800,000 @ 5.00% 10-year mortgageUse the following amortization chart: Selling price of home Down payment Principal (loan) Rate of interest Years Payment per $1,000 Monthly mortgage payment $ 79,000 $ 6,000 $ 73,000 6% 30 $ 5.9955 $ 437.67 Assume the interest rate rises to 7.5%. What is the total cost of interest with the new interest rate? (Use Table 15.1). Note: Round your intermediate calculations and final answer to the nearest cent. Total cost of interest: ????? The answer is NOT $110,753.57 TABLE 15.1 Amortization table (mortgage principal and interest per $1,000) Rate Interest Only 10 Year 15 Year 20 Year 25 Year 30 Year 40 Year 2.000 0.16667 9.20135 6.43509 5.05883 4.23854 3.69619 3.02826 2.125 0.17708 9.25743 6.49281 5.11825 4.29966 3.75902 3.09444 2.250 0.18750 9.31374 6.55085 5.17808 4.36131 3.82246 3.16142 2.375 0.19792 9.37026 6.60921 5.23834 4.42348 3.88653 3.22921 2.500 0.20833 9.42699 6.66789 5.29903 4.48617 3.95121 3.29778 2.625 0.21875 9.48394 6.72689 5.36014 4.54938…Use the following amortization chart: Selling price of home Down payment Principal (loan) Rate of interest Years Payment per $1,000 Monthly mortgage payment $ 79,000 $ 6,000 $ 73,000 6% 30 $ 5.9955 $ 437.67 Assume the interest rate rises to 7.5%. What is the total cost of interest with the new interest rate? (Use Table 15.1). Note: Round your intermediate calculations and final answer to the nearest cent. Total cost of interest:???