F i n d t h e m o n t h l y m o r t g a g e p a y m e n t s o n t h e f o l l o w i n g m o r t g a g e l o a n s : ₱ 8 0 0 , 0 0 0 . 0 0 a t 1 2 % f o r 3 0 y e a r s ₱ 1 , 5 0 0 , 0 0 0 . 0 0 a t 1 0 % f o r 2 0 y e a r s ₱ 2 , 0 0 0 , 0 0 0 . 0 0 a t 8 % f o r 1 5 y e a r s .
F i n d t h e m o n t h l y m o r t g a g e p a y m e n t s o n t h e f o l l o w i n g m o r t g a g e l o a n s : ₱ 8 0 0 , 0 0 0 . 0 0 a t 1 2 % f o r 3 0 y e a r s ₱ 1 , 5 0 0 , 0 0 0 . 0 0 a t 1 0 % f o r 2 0 y e a r s ₱ 2 , 0 0 0 , 0 0 0 . 0 0 a t 8 % f o r 1 5 y e a r s .
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
Related questions
Question
- F i n d t h e m o n t h l y m o r t g a g e p a y m e n t s o n t h e f o l l o w i n g m o r t g a g e l o a n s :
- ₱ 8 0 0 , 0 0 0 . 0 0 a t 1 2 % f o r 3 0 y e a r s
- ₱ 1 , 5 0 0 , 0 0 0 . 0 0 a t 1 0 % f o r 2 0 y e a r s
- ₱ 2 , 0 0 0 , 0 0 0 . 0 0 a t 8 % f o r 1 5 y e a r s .
- S a n t o s p u r c h a s e d a c o n d o m i n i u m 4 y e a r s a g o f o r ₱ 3 , 6 0 0 , 0 0 0 . 0 0 , p a y i n g ₱ 3 7 , 5 0 0 . 0 0 p e r m o n t h o n h e r ₱ 2 , 0 0 0 , 0 0 0 . 0 0 , 8 %, 2 5 - y e a r m o r t g a g e . T h e c u r r e n t l o a n b a l a n c e i s ₱ 1 , 5 2 4 , 0 1 0 . 0 0 . R e c e n t l y , i n t e r e s t r a t e s d r o p p e d s h a r p l y , c a u s i n g S a n t o s t o c o n s i d e r r e f i n a n c i n g h e r c o n d o a t t h e p r e v a i l i n g r a t e o f 6 % . H e e x p e c t s t o r e m a i n i n t h e c o n d o f o r a t l e a s t 4 m o r e y e a r s a n d h a s f o u n d a l e n d e r t h a t w i l l m a k e a 6 % , 2 1 - y e a r , ₱ 1 , 5 2 4 , 0 1 0 . 0 0 l o a n , r e q u i r i n g m o n t h l y p a y m e n t s o f ₱ 1 0 , 6 5 0 . 0 0 . A l t h o u g h t h e r e i s n o r e p a y m e n t p e n a l t y o n h e r c u r r e n t m o r t g a g e , S a n t o s w i l l h a v e t o p a y ₱ 5 0 , 0 0 0 . 0 0 i n c l o s i n g c o s t s o n t h e n e w m o r t g a g e . H e i s i n t h e 1 5 % t a x b r a c k e t . B a s e d o n t h i s i n f o r m a t i o n , u s e t h e m o r t g a g e r e f i n a n c i n g a n a l y s i s t o d e t e r m i n e w h e t h e r h e s h o u l d r e f i n a n c e h i s m o r t g a g e u n d e r t h e s p e c i f i e d t e r m s
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