The given mortgage is $100,000, so PV = The 4.3% annual interest rate as a decimal is 0.043, so the monthly interest rate is i = 0.043 If the investment is for 25 years with monthly payments, then the number of pay periods is n = 25 - 12 =
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- Determine the outstanding principal of the given mortgage. HINT [See Example 7.] (Assume monthly interest payments and compounding periods. Round your answer to the nearest cent.) a $100,000, 36-year, 4.2% mortgage after 10 years Need Help? Submit Answer Read It Master ItAssume that a borrower is expected to prepay a loan at the end of Year 5. Based on the following loan information on the fully-amortized fixed rate mortgage what is the effective cost of borrowing of Loan C? (choose the closest answer) Financial Calculator 1: Financial Calculator 2 Loan Amount Maturity Contract interest rate Upfront fees Upfront mortgage Insurance fee Prepayment after Year Effective Cost of Borrowing 86.79 7AN Loan C $200,000 30 years 6.25% 3% 1.6% 5 Quiz Score: 8 oDetermine the outstanding principal of the given mortgage. HINT [See Example 7.] (Assume monthly interest payments and compounding periods. Round your answer to the nearest cent.) a $100,000, 32-year, 4.3% mortgage after 10 years X $ Need Help? Read It Master It
- 1. Excel: Complete the amortization table provided in the Excel document posted in Ivylearn in the homework area by setting the appropriate values for a $165,000, 30-year mortgage at 4.5% interest and using Excel's autofill (drag) feature to fill in the cells to the end of the mortgage period. Use this to answer the following: a. How much of the first payment goes towards the principal? How much goes toward the interest? b. How much of the last payment goes towards the principal? How much goes toward the interest? c. Find the total interest paid by the end of the mortgage. d. How much will be owed on the mortgage after making payments for 10 years (hint this is 120 months)? e. How much interest has been paid total on the mortgage at the end of 10 years? f. How many months will it take to pay at least half of the principal?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 Balancesetting the appropriate values for a $100,000, 30-year mortgage at 6% interest and using Excel's autofill (drag) feature to fill in the cells to the end of the mortgage period. Use this to answer the following: How much of the first payment goes towards the principal? Interest?
- Determine the outstanding principal of the given mortgage. HINT [See Example 7.] (Assume monthly interest payments and compounding periods. Round your answer to the nearest cent.) a $100,000, 32-year, 4.3% mortgage after 10 years $QUESTIONS 1,2,3 ARE CONNECTED. I SOLVED QUESTIONS 1 and 2 and need help solving QUESTION 3 ONLY 1. A bank customer obtains a $150,000 mortgage with a term of 15 years and a nominal interest rate of 4.20%. The monthly debt service/payment for the mortgage : Answer - $1,124.63 2) If the homeowner makes the minimum monthly required payments on the mortgage, what is the balance on the mortgage after 5 years – i.e. after the 60th payment is made: Answer - $110,043.38 3) Assume the homeowner has made the minimum required monthly payments on the mortgage and 5 years have passed. If the homeowner’s income has increased and he/she decides to increase the monthly payments to $1500, how many months and years will it take to retire the mortgage? Months Years? *PLEASE SOLVE #3 USING EXCEL ONLY AND SHOW THE FUNCTIONS/FORMULAS USED*Determine the outstanding principal of the given mortgage. (Assume monthly interest payments and compounding periods.) (Round your answer to the nearest cent.) A $350,000, 15-year, 4.2% mortgage after 10 years :$ Please show your work on the ti-84 TVM Solver
- A borrower has taken out a 30-year mortgage for $104,000 at an annual rate of 12%. a. Use the table to find the monthly payment for this mortgage. b. Construct the first three lines of an amortization schedule for this mortgage. c. Assume that the borrower has decided to pay an extra $200 per month to pay off the mortga more quickly. Find the first three lines of your payment schedule under this assumption. Click the icon to view a table of monthly payments on a $1,000 loan. a. The monthly payments for this mortgage are $ (Type an integer or a decimal.) Enter your answer in the answer box and then click Check Answer. 6 parts remainino Olear All Cherk Answe javascript:doExercise(3): Copyright © 2020 Pearson Education Inc. All rights reserved. | 99 a 立You plan to purchase a $240,000 house using a 30-year mortgage obtained from your local credit union. The mortgage rate offered to you is 8 percent. You will make a down payment of 10 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 Construct the amortization schedule for the first six payments. (Do not round intermediate calculations. Round your answers to 2 decimal places. (e.g., 32.16)) Amortization Schedule for first 6 payments (months) Month Beginning Loan Balance Payment Interest Principal Ending Loan Balance 1 2 3 4 5 6A mortgage has the following terms: Amount: $750,000 Rate: 6.25% Amortization (Years): 30 Term (Years): 20 Please determine the following: What is the Monthly Payment? In preparing an Income Statement, what is the Interest Expense for years 1 – 5? What is the Principal Balance at the end of year 6? What is the value of the loan at the expiration? If rates remain constant (flat), what would the benefit be to refinance this loan after year 10? do all the questions 1-5 and show the formulas in excel and show how you got it