Elijah took out a mortgage of $672,000 for a house and just made the 113th end of month payment. Interest on the loan was 3.88% compounded monthly and the mortgage has a period of 20 years. Round ALL answers to two decimal places if necessary. 1) What are his monthly payments? P/Y = I/Y = % C/Y = PV = $ N= FV = $

Elijah took out a mortgage of $672,000 for a house and just made the 113th end of month payment. Interest on the loan was 3.88% compounded monthly and the mortgage has a period of 20 years. Round ALL answers to two decimal places if necessary. 1) What are his monthly payments? P/Y = I/Y = % C/Y = PV = $ N= FV = $

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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Gregory took out a mortgage of $735,000 for a house and just made the 104th end of month payment. Interest on the loan was 4.2% compounded monthly and the mortgage has a period of 20 years. Round ALL answers to two decimal places if necessary. 1) What are his monthly payments? P/Y = I/Y = % BAL= $ positive value) C/Y = (enter a PV = $ PMT= $ N = 2) What is his current outstanding balance after the 104th payment? FV = $
Dion took out a mortgage of $459,000 for a house and just made the 91st end of month payment. Interest on the loan was 3.85% compounded monthly and the mortgage has a period of 20 years. Round ALL answers to two decimal places if necessary. 1) What are his monthly payments? P/Y = I/Y = % C/Y = PV = $ PMT = $ N = (enter a FV = $ 2) What is his current outstanding balance after the 91st payment? |BAL = $ positive value)
Nate bought a home for $143,000 with a down payment of $15,000. Nate's rate of interest is 6.75% for 20 years. Calculate his: A. Monthly payment Note: Round your answer to the nearest cent. B. First payment broken down into interest and principal Note: Round your "Principal" answer to the nearest cent. C. Balance of mortgage at end of month Note: Round your answer to the nearest cent.
Alexandra took out a mortgage of $791,000 for a house and just made the 79th end of month payment. Interest on the loan was 4.43% compounded monthly and the mortgage has a period of 19 years. Round ALL answers to two decimal places if necessary. 1) What are her monthly payments? P/Y = I/Y = % BAL= $ positive value) C/Y = PV = $ PMT= $ N = FV = $ 2) What is her current outstanding balance after the 79th payment? (enter a
c. By how much will the amortization period shorten if Shawn made an extra payment of $54,000 at the end of the year 3? years E months Express the answer in years and months, rounded to the next month
Jasmin has a mortgage of $296,000 through her bank for property purchased. The loan is repaid by end of month payments of $2,460.61 with an interest rate of 6.36% compounded monthly over 16 years. What is the interest paid in the 3rd year of the mortgage? Enter a POSITIVE VALUE for the answer, rounded to two decimal places. P1 = 17,017.5 x P2 - 284,980. X Interest paid in 3rd year = $ 17,017.5 (enter a positive value)
Tytos borrowed $16500 to pay for the wedding of his daughter, Genna. Tytos repair the loan after 3 years with a single payment of $19224. Assuming the interest compounded monthly, what was the interest rate? Round the the nearest 2 decimal places
Jasmin has a mortgage of $296,000 through her bank for property purchased. The loan is repaid by end of month payments of $2,460.61 with an interest rate of 6.36% compounded monthly over 16 years. What is the interest paid in the 3rd year of the mortgage? Enter a POSITIVE VALUE for the answer, rounded to two decimal places. P1 = 260,730. X P2 = Interest paid in 3rd year Submit Question = 273,240. X $ 17,017.5 (enter a positive value)
Jillian and Collin borrowed $62,000 at 7.61% compounded monthly as a second mortgage loan against their current home. Repayment amount is $6,900 at the end of every six months. a. How many payments are required to repay the loan? Number of payments b. Use the given information to complete the amortization table below. Determine the missing values for the first two payment intervals, the last two payment intervals, and the totals. Report results to the nearest cent. Payment Amount Number Paid ($) 0 1 2 : : N - 1 N Total 6,900.00 6,900.00 : : = 6,900.00 Interest Paid ($) : : : Principal Repaid ($) : : Outstanding Balance ($) 62,000.00 : : 0.00
Jada and Izaak borrowed $40,000 at 5.53% compounded quarterly as a second mortgage loan against their current home. Repayment amount is $750 at the end of every month. a. How many payments are required to repay the loan? Number of payments 61 b. Use the given information to complete the amortization table below. Determine the missing values for the first two payment intervals, the last two payment intervals, and the totals. Report results to the nearest cent. Payment Amount Number Paid ($) 0 1 2 N - 1 N Total 750.00 750.00 : : 750.00 2,175.72 X 47,175.72 X Interest Paid ($) 183.49 192.61 10.58 6.96 : : : X 6,432.68 X X X Principal Repaid ($) 566.51 557.39 : 739.42 1,425.72 X 40,000 X X X Outstanding Balance ($) 40,000.00 39,433.49 38,876.10 : X 1,425.72 X 0.00
Jason received a 30 year loan of $290,000 to purchase a house. The interest rate on the loan was 2.80% compounded semi-annually. a. What is the size of the monthly loan payment? Round to the nearest cent b. What is the balance of the loan at the end of year 3?
Dominique has a mortgage of $445,000 through his bank for property purchased. The loan is repaid by end of month payments of $3,635.32 with an interest rate of 6.1% compounded monthly over 16 years. What is the interest included in the 17th payment of the mortgage? Enter a POSITIVE VALUE rounded to two decimal places. $

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