How much will the monthly mortgage payment be if you purchase a new condominium for $150 000 with an interest rate of 4%/a compounded monthly? The mortgage amortization period is 25 years (there is a 5% down payment that should be paid upfront)?
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How much will the monthly mortgage payment be if you purchase a new condominium for $150 000 with an interest rate of 4%/a compounded monthly? The mortgage amortization period is 25 years (there is a 5% down payment that should be paid upfront)?
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- Suppose you take out a $117,000, 20-year mortgage loan to buy a condo. The interest rate on the loan is 5%. To keep things simple, we will assume you make payments on the loan annually at the end of each year. a. What is your annual payment on the loan? b. Construct a mortgage amortization. c. What fraction of your initial loan payment is interest? d. What fraction of your initial loan payment is amortization? e. What is the total of the loan amount paid off after 10 years (halfway through the life of the loan)? f. If the inflation rate is 3%, what is the real value of the first (year-end) payment? g. If the inflation rate is 3%, what is the real value of the last (year-end) payment? h. Now assume the inflation rate is 6% and the real interest rate on the loan is unchanged. What must be the new nominal interest rate? i-1. Recompute the amortization table. i-2. What is the real value of the first (year-end) payment in this high-inflation scenario? j. What is the real value of the last…What's the monthly payment on a 30 year 7% mortgage if you borrowed to buy the house for 200,000 with a 10% down payment?you wish to purchase real property. the lender will give you a 250000 fixed rate 30 year mortgage at 3.5% per annum. suppose that before you can make any payments you receive a pay raise so you can pay an extra 200 per month with your normal payment. how many payments are required to fully amortize the loan assuming the extra 200 is paid each month?
- You need a loan of 250000 to buy your first home. The bank offers a 30 year fixed-rate mortgage with an APR of 4.16% or a 15 year fixed-rate mortgage with an APR of 3.22%.What will your monthly payments be for the 30-year mortgage? How much will the total interest be for the 30-year mortgage? What will your monthly payments be for the 15-year mortgage? How much will the total interest be for the 15-year mortgage?Suppose you take a 30-year fixed-rate mortgage loan for $600,000 with a mortgage rate of 6%. How much do you still owe on the loan after 15 years?You borrow $100,000 to buy a house; if the annual interest rate is 6% and the term of the loan is 20 years, what is the annual payment required to retire the mortgage loan? Clue: Present Value
- Suppose you intend to purchase a house worth $239,900 with a 30-year fixed rate mortgage. You have a down payment of 15%. (a) How much are you planning to finance? (b) Find the monthly payment needed to amortize the loan, at a rate of 2.4% compounded monthly. (c) Approximately how much of the loan will remain after 12 years?Suppose you have a $175,000 30-year mortgage with a 4.5% interest rate on the loan. If you pay $975 per month on your mortgage instead, in how many years will you pay off the loan?You have a mortgage of $120000 at j2 = 5%. You wish to make payments once every two weeks for 25 years to pay off the mortgage, with the first payment two weeks from now. What is the size of each payment? Answer: $
- suppose you are buying your first condo for 145,000 and you will make $15,000 down payment. you have arranged to finnace the remainder with a 30 year monthly payment amortized mortgage at a 55 nominal interest rate with first payment due in one month what will your monthly payments be? how much of first month payment is the prindipalSuppose you take out a 30 year mortgage for $ 250000 at 6.75% interest. The monthly payments on this loan are $ 1621.50. If you pay an extra 40% per month on your mortgage, how soon will you pay off the loan? How much will you save in interest by making the extra payments?Suppose you take out a 30 year mortgage for $ 200000 at 8.5% interest. The monthly payments on this loan are $ 1537.83. If you pay an extra 50% per month on your mortgage, how soon will you pay off the loan?New length in years = How much will you save in interest by making the extra payments?Saving =