3. For a house price of $775, 000 use the following information to calculate: * 5% down payment and mortgage the rest * bank offers a 1.95 % interest rate for a 5-year fixed rate mortgage based on an amortization period of 25 years. a)Calculate the down payment. b) Subtract the down payment. c) Amount of mortgage ( include the mortgage insurance)

3. For a house price of $775, 000 use the following information to calculate: * 5% down payment and mortgage the rest * bank offers a 1.95 % interest rate for a 5-year fixed rate mortgage based on an amortization period of 25 years. a)Calculate the down payment. b) Subtract the down payment. c) Amount of mortgage ( include the mortgage insurance)

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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4. The cost of a home is financed with a $120,000 30-year fixed-rate mortgage at 4.5%. a. Find the monthly payments and the total interest for the loan. b. Prepare a loan amortization schedule for the first three months of the mortgage. Round entries to the nearest cent.
Using this table as needed, calculate the required information for the mortgage. (Round dollars to the nearest cent.) Table Factor (in $) Amount Interest Financed Rate $165,300 5.25% Term of Loan (years) 15 Interest Rate (%) 3.50 3.75 4.00 4.25 4.50 4.75 5.00 5.25 5.50 5.75 6.00 6.25 6.50 6.75 Number of $1,000s Financed 165.30 7.00 7.25 7.50 7.75 8.00 8.25 8.50 8.75 9.00 9.25 9.50 9.75 10.00 10.25 10.50 10.75 11.00 11.25 11.50 11.75 12.00 12.25 12.50 12.75 13.00 Years 18.19 18.30 18.42 18.53 18.64 18.76 18.87 18.99 19.10 19.22 19.33 Table 14-1: Monthly Payments to Amortize Principal and Interest per $1,000 Financed Monthly Payments (Necessary to amortize a loan of $1,000) 19.68 19.80 19.92 20.04 20.16 20.28 20.40 20.52 20.64 20.76 20.88 21.00 21.12 21.25 21.37 21.49 21.62 $8.04 21.74 21.87 21.99 22,12 22,24 22.37 22.50 22.63 22.75 Years 9.89 10.01 10.12 10.24 10.36 10.48 10.61 10.73 10.85 10.98 11.10 11.23 11.35 11.48 11.61 11.74 11.87 12.00 12.13 12.40 12.53 12.67 12.80 12.94 13.08…
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Show the first two lines of the amortization table for your new home mortgage, assuming a sellingprice of $118,500, a down payment of 6%, annual interest rate 5.3% compounded monthly, andmonthly payments on a 30-year mortgage. (Please help by solving through calculator)
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…
Consider the following options for a $153,000 mortgage. Calculate the monthly payment and total closing costs for each option. Which option would Clearly explain why you chose the option that you chose. you choose? Option 1: a 30-year fixed-rate loan at 4.3% with $1500 closing cost and no points • Option 2: a 30-year fixed-rate loan at 3.8% with $1200 closing cost and 2 points
Using this table as needed, calculate the required information for the mortgage. Amount Interest Financed Rate $88,500 8.00% Need Help? Read It Submit Answer Term of Loan (years) 30 Number of $1,000s Financed 88.5 Table Factor (in $) 7.34 Monthly Payment (in $) X LA Total Interest (in $) X
2. Using Excel - Calculate using formulas (paste into a word document) the amortization schedule for a 5-year fixed-rate monthly payment mortgage that is fully amortizing. The interest rate on the loan is 6% and it is a $320,000 loan amount at origination with no points or fees.
setting 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?
Assume that you have taken out a 30-year mortgage of $240,000 and that your monthly payments are 1,853.90. What is your annual interest rate on the mortgage loan? (find the closest answer)8.55 % 8.61 % 8.89 % 9.1490 9.45%
Estimate the affordable monthly mortgage payment, the affordable mortgage amount, and the affordable home purchase price for the following situation. Use Exhibit 7-6, Exhibit 7-7. Note: Round your intermediate and final answers to the nearest whole dollar. Monthly gross income $ 4,850 Other debt (monthly payment) $260 20-year loan at 5 percent Down payment to be made (percent of purchase price ) 10 percent Monthly estimate for property taxes and insurance $ 385
Consider a home mortgage of $125,000 at a fixed APR of 4.5% for 25 years. a. Calculate the monthly payment. b. Determine the total amount paid over the term of the loan. c. Of the total amount paid, what percentage is paid toward the principal and what percentage is paid for interest. ..... a. The monthly payment is $ (Do not round until the final answer. Then round to the nearest cent as needed.)

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