Ann wants to buy an office building which costs $2,000,000. She obtains a 30 year Interest Only fixed rate mortgage with 80% LTV, an annual interest rate of 5%, with monthly compounding and monthly payments. How much is Ann’s monthly payment?
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Ann wants to buy an office building which costs $2,000,000. She obtains a 30 year Interest Only fixed rate mortgage with 80% LTV, an annual interest rate of 5%, with monthly compounding and monthly payments. How much is Ann’s monthly payment?
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- Patty purchases a $240,000 house. She pays $40,000 down and takes out a 25 year mortgage with monthly payments, at an interest rate of 12% interest compounded monthly. How much money will Patty have to pay each month?Evan and Emmanuel want to buy a $250,000 home. They plan to pay 15% as a down payment, and take out a 30 year loan at 4.9% interest for the balance. a) How much is the loan going to be? b) What will the monthly payment be for Evan and Emmanuel? c) How much of the first payment is interest? d) What is the total of the payments? e) How much interest was paid?Anna plans to buy an apartment for $152844. she wants to make a down payment of $23646 and to take out a 27yr mortgage for the remaining amount. if money is compounded monthly at 6.67% how much must she pay each month?
- Patty purchases a $190,000 house. She pays $50,000 down and takes out a 15-year mortgage with monthly payments, at an interest rate of 12% Interest. Find Patty's monthly payment. Patty will have to pay $ each month. (Round to the nearest cent as needed.)Megan takes out a car loan for $13,000. She intends to make monthly payments for 5 years to pay off her loan. If the bank charges her an annual interest rate of 4.2% computed monthly on the loan balance, how much will her monthly payments be?Martin is buying a house for $325,000 and he has 15% for a down payment. Find the monthly payment necessary to amortize this mortgage if it is financed at 5.75% for 30 years. Prepare an amortization schedule for the first two months of his mortgage. How much would be paid for this house if the loan were kept to term? How much would be paid in interest? Amount financed: Monthly payment: Total paid if the loan is kept to term: Total interest paid: End of Month 1 2 Portion towards interest Portion towards principle Balance of principle