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- You want to invest $8,000 at an annual Interest rate of 8% that compounds annually for 12 years. Which table will help you determine the value of your account at the end of 12 years? A. future value of one dollar ($1) B. present value of one dollar ($1) C. future value of an ordinary annuity D. present value of an ordinary annuityYou buy a house; your mortgage is $200,000. The mortgage is payable monthly over a 30 year period. Your banker quotes an annual interest rate of 6%. (a) Calculate the amount of the monthly payment?You buy a house and finance the purchase with a $200,000 mortgage. What are your monthly payments if the mortgage is for 30 years and the nominal annual mortgage interest rate is 6.50%? O $1,137.72 $1,011.31 O $1,264.14 $555.56 $1,200.93
- Your family recently bought a house. You have a $100,000, 30-year mortgage with a 6% nominal annual interest rate. Interest is compounded monthly and all payments are made at the end of the month. What is your monthly payment and how much of your first monthly payment will go toward the interest payment? a. $599.55 and $500.00 b. $450.00and $99.55 c. $277.78 and $77.78 d. $478.79and $400.00 e. $599.55 and $99.55 What is the principal balance outstanding after you make 10 th payment? a. $45,859.63 b. $79,045.03 c. $83,685.65 d. $98,981.70 e. $99,900.45The amount that is borrowed on your house mortgage was $175,000 dollars to be repayed through monthly payments for 25 years at 5.6% APR. a. Find the amount of the monthly payment that would amortize this loan. b. Suppose you have been making your payments for the last 7 years and would like to apply for a home equity loan to put an in ground pool in your yard. Calculate what remains to be paid on your mortgage. c. Calculate the equity you have in your home if your home is currently worth $205,000.You borrow a 20 year mortgage loan to buy a house worth $150,000. The bank charges you 6% annual rate, interest compounding monthly. Calculate your monthly installment payment?
- You want to buy a house and will need to borrow $220,000. The interest rate on your loan is 5.47 percentcompounded monthly and the loan is for 20 years. What are your monthly mortgage payments?Multiple ChoiceA. $1,585.11B. $1459.31 C. $1,530.30D. $1.502.78E. $1,509.63You took out a mortgage for $600,000. You need to pay $5,873 every month for 15 years. a. What is the monthly interest rate? b.You have just taken a 30-year mortgage loan for $200,000. The annual percentage rate on the loan is 6%, and payments will be made monthly. Estimate your monthly payments. A). $1,245.55 B). $1,188.07 C). $1,205.01 D). $1,199.10 E). $1,263.89 in excel
- You take out a mortgage for $320,000 at 3% compounded monthly. What are your monthly payments if the mortgage is for 20 years? O $1,774.71 O $799.00 O $1,888.83 O $977.15 O $974.71You have decided to refinance your mortgage. You plan to borrow whatever is outstanding on your current mortgage. The current monthly payment is $1,976 and you have made every payment on time. The original term of the mortgage was 30 years, and the mortgage is exactly four years and eight months old. You have just made your monthly payment. The mortgage interest rate is 6.037% (APR). How much do you owe on the mortgage today? The amount you owe today is $ (Round to the nearest dollar) CaraYou have decided to refinance your mortgage. You plan to borrow whatever is outstanding on your current mortgage. The current monthly payment is $1,955 and you have made every payment on time. The original term of the mortgage was 30 years, and the mortgage is exactly four years and eight months old. You have just made your monthly payment. The mortgage interest rate is 5.869% (APR). How much do you owe on the mortgage today?