Ife takes out a 3 year mortgage for $1,125,000 at an interest rate of i(2) = 4.5009 The amortization period is 30 years and she will make weekly payments. What is outstanding balance at the end of 1 year? a. $1,084,582.78 $1.106 71712
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- Armita takes out a 3 year mortgage for $1,075,000 at an interest rate of i(26) = 8.875%. The amortization period is 20 years and she will make bi-weekly payments. What is the outstanding balance at the end of 1 year? a. $1,054,602.46 b. $1,044,056.44 c. $970,234.27 d. $1,022,964.39 e. $991,326.31Jack takes out a mortgage for $725,000 at an interest rate of i(2) = 7.250%. The amortization period is 30 years. What is his weekly payment? a. $1,182.96 b. $1,126.62 C. $923.83 d. $1,171.69 e. $957.63Angie wants to obtain a $500,000 mortgage, amortized over 25 years. Interest rates are currently 8%, compounded twice a year. What is the Effective Annual Interest Rate? a. 7.8698% b. 8.0% O c. 8.4% O d. 8.16% What is the monthly payment on the mortgage? a. $3,776.51 O b. $3,816.07 O c. 3,912.23 O d. $3,666.84
- Seema takes out a 4 year mortgage for $1,125,000 at an interest rate of i(12) = 2.625%. The amortization period is 20 years and she will make monthly payments. What is the outstanding balance at the end of 2 years?Suppose Allison purchases a condominium and secures a loan of P13,400,000 for 30 years at an annual interest rate of 6.5%. a. Find the monthly mortgage payment. b. What is the total of the payments over the life of the loan? c. Find the amount of interest paid on the loan over the 30 yearsSeema takes out a 5 year mortgage for $950,000 at an interest rate of i(52) = 4.875%. The amortization period is 20 years and she will make weekly payments. After 3 years the rate changes to i(52) = 4.500%. What is the outstanding balance at the end of the term (5 years) of the mortgage (taking into account the change in rates!)? a. $784,671.52 b. $706,204.36 c. $761,131.37 d. $753,284.66 e. $745,437.94
- Suresh buys a house for $794,357.30 with a down payment of $72,214.30 and a mortgage for the balance. The mortgage is for 3 years, and the amortization period is 15 years. Suresh will make weekly payments and the mortgage rate is r(2) = 8.250%. %3D a) How much are the weekly payments? $ 1759.11 b) What is the outstanding balance at the end of the term of the mortgage? $ 702066.58 c) How much does Suresh still owe on the mortgage if he sells the house after 1 years? $ 766044.61Ann is looking for a fully amortizing 30-year Fixed Rate Mortgage with monthly payments for $1,250,000. Mortgage A has a 4.38% interest rate and requires Ann to pay 1.5 points upfront Assuming Ann makes payments for 30 years, what is Ann's annualized IRR from mortgage A? Ⓒ2.51% 4.51% 4.39% 2.39%Sandra gets a $250,000, 30 year mortgage with annual payments of 4.0% rate. What is the balance of the loan after 20 years? Choose the closest. a) $117,264 b) $83,250 c) $14,458 d) $196,482
- Humphrey purchases a 100,000 home. Mortgage payments are to be made monthly for 30 years, with the first payment to be made one month from now. The annual effective rate of interest is 4%. After 10 years, the amount of each monthly payment is increased by 319.74 in order to repay the mortgage more quickly. Calculate the amount of interest paid over the duration of the loan. Select one: O A. 52,000 B. 52,100 C. 52,200 D. 52,300 E. 52,400Marry are buying her first house for $220,000, and are paying $30,000 as a down payment. You have arranged to finance the remaining $190,000 30-year mortgage with a 7% nominal interest rate and monthly payments. What are the equal monthly payments you must make? Select one: a. $1,110$ b. $1,976 c. $1,264 d. 1,5136. Assume an elderly couple owns a $140,000 home that is free and clear of mortgage debt. A reverse annuity mortgage (RAM) lender has agreed to a $100,000 RAM. The loan term is 12 years, the contract is 9.25%, and payments will be made at the end of each month. a. What is the monthly payment on this RAM? b. Fill in the following partial loan amortization table: Month 1 2 3 4 5 Beginning Balance Monthly Payment Interest Ending Balance C. What will be the loan balance at the end of the 12-year term? d. What portion of the loan balance at the end of year 12 represents principal? What portion represents interest?
