Five years ago, the Jones purchased a house and took out a mortgage of $600,000 from the BMO bank. They amortized the mortgage over 25 years at 2.79% compounded semi-annually for a 5-year term. The bank calcurated their monthly payment should be $2,776. How much interest did they pay in the 3rd year of the mortgage? $15,468.05 $20,166.42 $4,151.24 $47.853.67 $1,380.54
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- Halep Inc. borrowed $30,000 from Davis Bank and signed a 4-year note payable stating the interest rate was 4% compounded annually. Halep Inc. will make payments of $8,264.70 at the end of each year. Prepare an amortization table showing the principal and interest in each payment.Sharapovich Inc. borrowed $50,000 from Kerber Bank and signed a 5-year note payable stating the interest rate was 5% compounded annually. Sharapovich Inc. will make payments of $11,548.74 at the end of each year. Prepare an amortization table showing the principal and interest in each payment.Five years ago, the Muncasters purchased a house and took out a mortgage of $600,000 from the BMO bank. They amortized the mortgage over 25 years at 2.79% compounded semi-annually for a 5- year term. The bank calculated their monthly payment should be $2,776. What percentage of the mortgage have they paid off after making 3 years of payments? 91.32% 26.02% 6.96% 8.68% 2.09% 4
- Five years ago, the Kellmans purchased a house and took out a mortgage of $600,000 from the BMO bank. They amortized the mortgage over 25 years at 2.79% compounded semi-annually for a 5-year term. The bank calculated their monthly payment should be $2,776. How much interest did they pay in the 2nd year of the mortgage? Question 1 options: $1,383.54 $15,955.66 $32,385.62 $2,770.71 $18,705.03Three years ago the Biggs purchased a house for $675,000. They made a down payment of 20% and took out a mortgage with BMO for the balance. They amortized the mortgage over 25 years at 3.2% compounded semi-annually for a 3-year term. (a) Calculate their monthly payment. The bank rounds the payment up to the next dollar. (b) How much of the 36th payment was interest? Express your answer in 2 decimal places and do not enter "$" sign. (c) How much interest did they pay in the 3rd year (Year 3) of the mortgage? Express your answer in 2 decimal places and do not enter "$" sign. e) After making three years of payments, they made a lump-sum payment to reduce the balance owing to $460,000. How much was the lump-sum payment? Express your answer in 2 decimal places and do not enter "$" sign.three years ago , the Kennedys purchased a house and took out a mortgage of $ 1,000,000 from the HSBC bank. They amortized the mortgage over 25 years at 2.79\% compounded semi - annually for a 3 year term. The bank calculated their monthly payment should be $ 4,626. How much would the final payment be assuming the same interest rate over the 25 years ?
- The Engs just purchased a home in Port Moody for $1,200,000. They made a down payment of 30% and took out a mortgage with HSBC bank for the balance amortized over 25 years at 2.79% compounded semi-annually for a 5-year term. Calculate their monthly payment. The bank rounds the payment up to the next dollar. O $15,010 O$1.666 $3.886 O $34,6203. Sam and Mary purchased a two-bedroom town house for $599 000 with a 10% down payment. The mortgage is at 3.49% per year, amortized over 25 years. (Note: Mortgage is compounded semi-annually by law.) + a) Find Sam and Mary's down payment and mortgage amount b) Determine their monthly payment using TVM Advanced Calculator. Show all the entries in your c) Assume they decided to make a bi-weekly payment of $ 1500 instead of monthly. How many years would it take for them to pay the mortgage in full using the TVM Advanced Calculatore) d) Assume Sam and Mary makes monthly payment, and the interest rate remains constant. Use the FCÁC mortgage calculator to find the total payment, the total principle paid, and the total interest paid for a 5- year term and complete the table? Also, find their mortgage amount after the 5-year term e) Explain why changing the payment frequency from monthly to weekly reduces the total interest paid on the loan.A couple wishes to borrow money using the equity in their home for collateral A loan company will loan them up to 70% of their equity. They puchased their home 11 years ago for $66.462. The home was financed by paying 15% down and signing a 30-year mortgage at 8.1% on the unpaid balance Equal monthly payments were made to amortize the loan over the 30-year period. The net market value of the house is now $100,000 After making their 132nd payment, they applied to the loan company for the maximum loan How much (to the nearest dollar) will they receive? Amount of loan $(Round to the nearest dollar)
- Robert has a mortgage of $326,000 through his bank for property purchased. The loan is repaid by end of month payments of $2,099.57 with an interest rate of 4.71% compounded monthly over 20 years. What is the interest paid in the 11th year of the mortgage?Interest paid in 11th yearA family purchased a house with a 15 year mortgage at 7.375% compounded monthly. The monthly payment on this mortgage is $4,893.99. The family decides to sell the house 5 years later. What is the unpaid balance of the mortgage at this time?Anushka and Benicio borrowed $47,000 at 7% compounded semi-annually as a second mortgage loan against their current home. Repayment amount is $9,400 at the end of every year. a. How many payments are required to repay the loan? Number of payments b. Use the given information to complete the amortization table below. Determine the missing values for the first two payment intervals, the last two payment intervals, and the totals. Report results to the nearest cent. Payment Number 0 1 2 ⠀ : N-1 N Total Amount Paid ($) 9,400.00 9,400.00 ⠀ ⠀ 9,400.00 Interest Paid ($) Principal Repaid ($) Outstanding Balance ($) 47,000.00 0.00
