Essentials Of Investments
11th Edition
ISBN: 9781260013924
Author: Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher: Mcgraw-hill Education,
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Transcribed Image Text:Determine the monthly principal and interest payment for a 15-year mortgage
when the amount financed is $95,000 and the annual percentage rate (APR) is
5.0%.
The monthly principal and interest payment is S
(Round to the nearest cent as needed.)
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- Use the formula or a calculator application to find the total interest paid for the home mortgage of $279,185 at 4.697% interest for 30 years given that the monthly payment is $1,446.62.arrow_forwardA 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_forwardDetermine the monthly principal and interest payment for a 15 -year mortgage when the amount financed is $85,000 and the annual percentage rate (APR) is 7.0%. The monthly principal and interest payment is $ (Round to the nearest cent as nếeded.)arrow_forward
- A 30-year mortgage requires payments of $4,865.46 at the end of each month. If interest is 5.31% compounded monthly, a) What was the original loan amount? $ b) What would be the amount of interest charged for the entire loan? $arrow_forwardFind the length of the loan in months, if $500 is borrowed with an annual simple interest rate of 3% and with $517.5 repaid at the end of the loan.arrow_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_forward
- A 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_forwardA 25-year mortgage requires payments of $3,712.70 at the end of each three months. If interest is 2% compounded monthly, a) what was the mortgage principal? $ b) what would be the amount of interest charged? $arrow_forwardConsider 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_forward
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