Essentials Of Investments
11th Edition
ISBN: 9781260013924
Author: Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher: Mcgraw-hill Education,
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- A mortgage of $152,000 is to be repaid by making payments of $847 at the end of each month. If interest is 4.19% per annum compounded annually, what is the term of the mortgage? State your answer in years and months (from 0 to 11 months). The term of the mortgage is year(s) and month(s).arrow_forwardConsider a $100,000, 30-year, 6.2% mortgage with monthly payments. What portion of the payments during the first 34 months goes toward interest?arrow_forward7. Determine how much you would pay in total, interest and principal, at the end of your 30-year mortgage at 3.99% compounded monthly, if the monthly payment is $ 675.00.arrow_forward
- The balance on a mortgage was $40,100 and an interest rate of 5.50% compounded semi-annually was charged for the remaining 5-year term. Monthly payments were made to settle the mortgage. a. Calculate the size of the monthly payments. Round up to the next whole number b. If the monthly payments were set at $915, how long would it take to pay off the mortgage? years months Express the answer in years and months, rounded to the next payment period c. If the monthly payments were set at $915, calculate the size of the final payment. Round to the nearest cent Varrow_forwardAssume that you take out a 30-year mortgage (360 months) with a face value of $425,000 and a stated annual rate of 2.51%. Given this information, and assuming no prepayments, determine what percentage of your 153rd monthly payment will go towards interest. A) 51.15% B) 63% C) 53.37% D) 35.25% E) 41.06%arrow_forwardA 9-year mortgage is repaid by making monthly payments of $900. If the interest rate is 4.50% compounded semi-annually, what was the original amount of the mortgage?arrow_forward
- What is the principal part of the 22nd monthly loan payment for a home mortgage loan of $175,000 at 6% interest for 30 years?arrow_forwardAssume 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%arrow_forwardIf a mortgage has monthly payments of $1,315, a life of 30 years, and a rate of 4.25 percent per year, what is the mortgage amount? Note: Do not round intermediate calculations. Round your answer to 2 decimal places. Mortgage amountarrow_forward
- 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.)arrow_forwardOLA#9.1: A 30-year, $450,000 mortgage at 3.30% compounded annually is repaid with monthly payments. a. What is the size of the monthly payments? b. Find the balance of the mortgage at the end of 7 years? c. By how much did the amortization period shorten by if the monthly payments are increased by $125 at the end of year seven?arrow_forwardGiven the following information on a 30-year fully-amortizing mortgage, use the amortization table function on your financial calculator to determine the portion of the monthly payment that goes to principal in 84th payment. Loan amount: $250.000; Annual interest rate: 6%; Monthly payment: $1,498.88.arrow_forward
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