Secondary Mortgage Purchasing Company (SMPC) wants to buy your mortgage from the local savings and loan. The original balance of your mortgage was $143,000 and was obtained five years ago with monthly payments at 10 percent interest. The loan was to be fully amortized over 30 years. Required: a. What should SMPC pay if it wants an 11 percent return? b. What is the balance of the original loan after five additional years (10 years from origination)? Only typing answer Please explain step by step

If a borrower took out a loan 3 years ago with a fixed interest rate of 1.5%, who is the winner today the lender or the borrower? Why? Make sure to cite a source in your response.

Many mortgage company allow youto "buy down" your interest rate of your loan by buying points. A point is equal to 1% of your mortgage amount (or $1,000 for every $100,000). You're essentially paying some interest up front in exchange for a lower interest rate over the life of your loan. Find the following payments and total cost (including points) of a $170,000.00 that is borrowed for 30 years with a) 6, % compounded monthly with no points $ The total cost would be $ 1 b) 6– % compounded monthly with 1 point $ 4. The total cost would be $ c) 6% compounded monthly with 2 points $ The total cost would be $

Use PMT = to detemine the regular payment amount, rounded to the nearest cent. The cost of a home is financed with a $200,000 20-year - nt 1+ fixed-rate mortgage at 3.5%. a. Find the monthly payments and the total interest for the loan. b. Prepare a loan amortization schedule for the first three months of the mortgage. a. The monthly payment is $E (Do not round until the final answer, Then round to the nearest cent as ccess aUbra Success Resou More

Watch the video and then solve the problem given below. Click here to watch the video. You are considering a loan with an annual rate of 8%. The mortgage is $130,000 with 180 monthly payments of $1242.35 for 15 years. Complete the first two months of the amortization table. (Simplify your answers. Round to the nearest cent as needed.) Payment number Interest payment Principal payment Balance of loan 1

3. For a house price of $775, 000 use the following information to calculate: * 5% down payment and mortgage the rest * bank offers a 1.95 % interest rate for a 5-year fixed rate mortgage based on an amortization period of 25 years. a)Calculate the down payment. b) Subtract the down payment. c) Amount of mortgage ( include the mortgage insurance) d) Use a graphing calculator to determine monthly mortgage payment. PV PMT FV Annual Rate Periods Compounding : SEMI-ANNUALLY e) the total amount repaid to the bank f) the total interest paid over the life of the mortgage h) Add in down payment. Calculate the total amount to own the home

QUESTIONS 1,2,3 ARE CONNECTED. I SOLVED QUESTIONS 1 and 2 and need help solving QUESTION 3 ONLY  1. A bank customer obtains a $150,000 mortgage with a term of 15 years and a nominal interest rate of 4.20%. The monthly debt service/payment for the mortgage : Answer - $1,124.63 2) If the homeowner makes the minimum monthly required payments on the mortgage, what is the balance on the mortgage after 5 years – i.e. after the 60th payment is made: Answer - $110,043.38 3) Assume the homeowner has made the minimum required monthly payments on the mortgage and 5 years have passed. If the homeowner’s income has increased and he/she decides to increase the monthly payments to $1500, how many months and years will it take to retire the mortgage? Months Years?  *PLEASE SOLVE #3 USING EXCEL ONLY AND SHOW THE FUNCTIONS/FORMULAS USED*

Investigate the effect of the term on simple interest amortized auto loans by finding the monthly payment and the total interest for a loan of $16,000 at 9 7/8% interest if the term is the following. (Round your answers to the nearest cent.) (a) three years payment       total interest  (b) four years payment     $ total interest     $ (c) five years payment     $ total interest     $

Mortgage, part 1 (The Loan)5 years ago you purchased a home for $215,000. You made a 10% down payment and paid for the rest with a 30 year mortgage with a rate of 4.65%. How much was the down payment?  How much of the purchase price did you finance with the loan?  What is your monthly payment? Use solver. Clearly write the formula you will use as well as all values used in the formula.  How much of the loan is left to pay after the first 5 years? Use solver. Clearly write the formula you will use as well as all values used in the formula.  How much did you pay to the lender (total) over the first 5 years?  How much of what you paid to the lender in the first 5 years was interest?  If you paid this loan for all 30 years, how much interest would you pay?

ADD-ON LOANS vs SIMPLE INTEREST LOANS. You are borrowing $500,000 on a 30 year, 5.5% interest loan to buy a property. 18a) What will the total interest be if it was an add-on interest loan?18b) How much would the monthly payment be (for 30 years) if it was an add-on interest loan?18c) What will the total interest be if it was a simple interest amortized loan?18d) How much would be the monthly payment (for 30 years) if it was a simple interest amortized loan?