Essentials Of Investments
11th Edition
ISBN: 9781260013924
Author: Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher: Mcgraw-hill Education,
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Mr. and Mrs. Smith have taken out a mortgage loan of $150,000.00 from a bank at 6% APR for a fixed 15 years. How much will their monthly payment be?
$1269.57 |
||
$1297.59 |
||
$1265.79 |
||
$1275.59 |
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- 12.1 pg. 219-220 Find the monthly payment for each loan below. Remember to assume monthly compounding. 12. Frankie purchased a house for $185,000. He put 20% of the purchase down as a down payment. He financed the house for 4.25% for 15 years. The annual taxes are $1250, and the insurance is $1056. What is his monthly principal, interest, tax, and insurance (PITI) mortgage payment?arrow_forwardA family takes out a $168,500 mortgage at 6.5% interest compounded monthly with monthly payments for 30 years. What would their monthly payments be? Round your answer to the nearest cent.arrow_forwardYour brother-in-law asks you to lend him $225000.00 as a second mortgage on his vacation home. He promises to make level monthly payments for 10 years, 120 payments in all. You decide that a fair interest rate is 4.50% compounded annually. What should the monthly payment be on the $225000.00 loan? O $2369.60 $2331.86 $1875.00 O $2272.31 O $1959.37arrow_forward
- 6arrow_forwardJack and Jill borrow $21,000 at 6.4% amoritzed over 7 years to drill a well and renovate their kitchen and bathrooms. Assuming that the monthly principal and interest payments are made as agreed, what is the loan balance at the end of 2 years? (Round to nearest penny and enter, for example, as 123456.78) Answer: Checkarrow_forwardWillie just bought a home and financed his purchase with a $1,000,000 6% 20- year mortgage. (a) What is Willie's monthly mortgage payment? (b) What will be the balance on Willie's mortgage after 12 years? 1. How did you get the monthly mortgage payment of $7,164.31? 2. How did you get the balance of $545,169.90 after 12 years?arrow_forward
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