Compute the interest paid on a 30-year mortgage for $216,427 if the annual interest rate is 3.8

Q: If an adjustable-rate 30-year mortgage for $120,000 starts at 4.0 percent and increase to 5.5…

A: interest rate =4% Period =30 years  Loan amount =120000  Present value FACTOR =1-(1+r)^-n/r  Present…

Q: A mortgage of $177,000 is to be repaid by making payments of $1064 at the end of each month. If…

A: The amount of the mortgage is $177,000 Monthly payments are $1064 The interest rate is 3.18%…

Q: A mortgage of $106,000 is to be repaid by making payments of $1154 at the end of each month. If…

A: Mortgage value refers to an amount that is being borrowed by the borrower from the lender at…

Q: Find the mortgage payment for the given loan amount, interest rate, and term: loan amount is…

A: Compound = Month = 12Principal Amount = p = $124,000Interest Rate = r = 5.41 / 12 %Time = t = 30 *…

Q: nsider a 30 year mortgage for $310873 at an annual interest rate of 3.5%. What is the remaining…

A: Mortgage loans are common in buying homes because are easy to get and easy to pay be monthly…

Q: Determine the monthly principal and interest payment for a 20​-year mortgage when the amount…

A: The monthly payment can be computed using the payment per thousand dollars corresponding to the…

Q: A $230,000 mortgage has a stated annual rate of 4.5% on a 30 year loan.  What is the monthly…

A: Compound = Monthly = 12Principal Amount = p = $230,000Rate of Return = r = 4.5 / 12 = 0.375%Time = t…

Q: Calculate the monthly payment for a 15 year mortgage of $100,000 at 6% interest.  Solve for PMT

A: PMT(periodic payment) A periodic payment is a payment or deposit made at regular intervals.…

Q: Determine the monthly principal and interest payment for a 20​-year mortgage when the amount…

A: The monthly payment is the payment that has to be paid each period and which includes the principal…

Q: (a) Determine the number of rounded payments required to repay the mortgage. ​(b) Determine the size…

A: Loan amortization refers to a schedule which is prepared to shows the periodic loan payments, amount…

Q: A mortgage of $27,728.00 is to be repaid by making payments of $1680.00 at the end of every three…

A: The series of payments discussed here is a form of annuity wherein an equal payment is made each…

Q: You take out a 30-year mortgage, at a nominal annual rate of X%, with monthly compounding. Each…

A: Nominal Interest Rate: It represents the rate of interest that does not take into consideration the…

Q: repare an amortization schedule for the first 3 payments (in $) of a $68,000 mortgage at 5% for 30…

A: Amortization refers to the spread of payment over a certain time duration. An amortization schedule…

Q: Consider a 30-year mortgage for $181,420 at an annual interest rate of 3.1%. What is the remaining…

A: The time period of the mortgage is 30 years the amount of  mortgage is $181,420 The annual interest…

Q: -year mortgage is amortized by making paym nths. If interest is 8.45% compounded annually tgage…

A: Mortgage loans make home buying quite easy and convenient and mortgage loans are paid by equal…

Q: Suppose you have a 30 year mortgage for 221,564 with quarterly payments of 5,552 what is the total…

A: Interest can be computed as follows  = Total Payment - Principle Amount of Mortgage Total payment is…

Q: What will be the monthly payment on a home mortgage of $75,000 at 12% interest, to be amortized over…

A: Loan amount (P) = $75,000 Interest rate = 0.12 Monthly interest rate (i) = 0.01 (i.e. 0.12 / 12)…

Q: alance on a mortgage was $48,200 and an interest rate of 4.50% compounded semi-annually was charged…

A: A mortgage is an agreement between borrower and lender that allows one to borrow money from a bank…

Q: Determine the monthly principal and interest payment for a 15​-year mortgage when the amount…

A: The sum of the monthly principal and interest payment is equal to the equal payments which the…

Q: A mortgage of $166,000 is to be repaid by making payments of $1061 at the end of each month. If…

A: A mortgage is a covered loan that is taken out for the purchase of a property with the property…

Q: A mortgage of $119,000 is to be repaid by making payments of $945 at the end of each month. If…

A:

Q: Determine the monthly principal and interest payment for a 15-year mortgage when the amount financed…

A: Given, Principal amount= $95,000 Time period= 15 years Annual percentage rate= 6%   The next step…

Q: The effective interest rate on a mortgage with monthly payments is 9.38%. What is the monthly…

A: An Annuity is a series of payments of fixed amounts and at fixed intervals. These can be of two…

Q: Consider a $100,000, 30-year, 7% interest mortgage loan with monthly payments. What is the interest…

A: Interest payments:Interest payments refer to the amount of money that is paid by a borrower to a…

Q: Calculate the monthly mortgage payment made at the beginning of eachmonth on a $100,000 mortgage.…

A:

Q: Determine the monthly payment for a five-year fixed rate mortgage of $260 000 amortized over 25…

A: To calculate the monthly payment we will use the below formula   Monthly payment = PV/[1-(1+r)-n]/r…

Q: A $230,000 mortgage has a stated annual rate of 4.5% on a 30 year loan.  How much interest is paid…

A: Mortgage amount = $230,000Interest rate = 4.5%Period = 30 years

Q: Suppose you obtain a 25- year mortgage loan of 191,000$ at an annual interest rate of 7.9%. The…

A: As per the time value of money, a dollar is worth more today than the same dollar in the future.…

Q: A 30-year mortgage requires payments of $2,850.28 at the end of each month. If interest is 5.39%…

A: Compound = Monthly = 12Time = t = 30 * 12 = 360Payment = p = $2850.28Interest Rate = r = 5.39 / 12 %

Q: Assume that you take out a 30 yr mortgage with face value of $425,000 and stated annual rate of…

A: Monthly payment refers to the amount that is paid every month for the repayment of loan including…

Q: What is the monthly payment on a mortgage of $275,000 with a 6.75% interest rate that runs for 25…

A: Compound = monthly = 12 Present Value = pv = $275,000 Interest rate = r = 6.75 / 12 = 0.5625% Time =…

Q: A mortgage of ​$161000 is to be repaid by making payments of ​$1191 at the end of each month. if…

A: We need to use NPER formula in excel to calculate term of mortgage. The formula is…

Q: You entered into a 2-year mortgage for $500,000. The mortgage has a 9 percent interest rate…

A: Loan repayment is the process of reimbursement of loan periodically by the borrower of the loan to…

Q: Create an amortization table for a mortgage based on a monthly payment of $2,486.36 a month,…

A: Creating an amortization table allows us to visualize the repayment schedule for a mortgage loan.…

Q: Consider a 20-year mortgage for $174,334 at an annual interest rate of 5%. After 8 years, the…

A: Time period = 20 years  Value of mortgage = $174,344 Annual interest rate = 5% Refinancing time…

Q: A 25 year mortgage requires payments of $3443.75 at the end of each month. If interest 5.84%…

A: Monthly Payment is the payment that is to be paid monthly for a specific period of time to repay the…

Q: Given the following information, calculate the balloon payment for a partially amortized mortgage:…

A: Payment per period can be calculated using PMT function in excel.PMT(rate, nper, pv, [fv],…

Q: Consider a 20-year mortgage for $142,044 at an annual interest rate of 5.2%. After 8 years, the…

A: Original Time period of mortgage is $142,044 Annual interest rate is 5.2% Annual refinancing…

Q: Determine the monthly principal and interest payment for a 15 -year mortgage when the amount…

A: The objective of the question is to calculate the monthly principal and interest payment for a…

Q: Consider a 20-year mortgage for $118,929 at an annual interest rate of 4.1%. After 10 years, the…

A: Present value is the value of sum of all future payments made in respect of mortgage at current…

Completing the Accounting cycle

An accounting cycle is a multiple-step process that analyzes, verify, record and summarize the entities financial data. The accounting cycle starts when the transaction occurs between two parties and ends when the transaction is completed. The accounting cycle changes the entity's financial position as it involves identifying, verifying, and recording the financial transaction in chronological order. Financial position is the summary of business transactions that occurred throughout the particular accounting period. The accounting cycle recurs at the beginning of each financial year.