Suppose you are buying your first condo for $180,000, and you will make a $15,000 down payment. You have arranged to finance the remainder with a 30-year, monthly payment, amortized mortgage at a 6.5% nominal interest rate, with the first payment due in one month. What will your monthly payments be?

Suppose you are buying your first condo for $180,000, and you will make a $15,000 down payment. You have arranged to finance the remainder with a 30-year, monthly payment, amortized mortgage at a 6.5% nominal interest rate, with the first payment due in one month. What will your monthly payments be?

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

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You found your dream house. It will cost you $300000 and you will put down $45000 as a down payment. For the rest you get a 30-year 4.0% mortgage. What will be your monthly mortgage payment in S (assume no early repayment)?
Suppose you want to purchase a $ 165000 house. If you put 20% down and finance the rest in a 30 year mortgage at an interest rate of 3.5%, what will your monthly payments be? Monthly payment =
Your insurance company offered you an annuity that pays you $100 at the end of each year. The life of the annuity is 10 years. Assume that market interest rate you can earn on similar risky investments is 8%;a. What should be the present value of this annuity?b. If you are given the first payment immediately starting today, what should be the worth of this annuity?
Suppose you take out a 30 year mortgage for $ 200000 at 7.75% interest. The monthly payments on this loan are $ 1432.82. If you pay an extra 60% per month on your mortgage, how soon will you pay off the loan?New length in years = How much will you save in interest by making the extra payments?Saving =
Let’s assume that you plan to purchase a house which is selling for $350,000 today. You will make a monthly payment for the next 30 years, with an annual interest rate of 3%. What will be the amount of your monthly mortgage (i.e., home loan) payment? answer choices $1,890.37 $1,400.01 $1,475.61 $1,228.14
You have a mortgage of $120000 at j2 = 5%. You wish to make payments once every two weeks for 25 years to pay off the mortgage, with the first payment two weeks from now. What is the size of each payment? Answer: $
Suppose you take out a 30-year mortgage for $ 225000 at 8.5% interest. The monthly payments on this loan are $ 1730.06. If you pay an extra 40% per month on your mortgage, how soon will you pay off the loan?New length in years = How much will you save in interest by making the extra payments?Saving = If you put $ 1730.06 per month into an annuity earning 10.25% interest compounded monthly for the remaining time on your original loan, how much money will you have at the end of the original 30 years?Extra savings =
Suppose you want to purchase a home for $475,000 with a 30-year mortgage at 4.34% interest. Suppose also that you can put down 25%. What are the monthly payments? (Round your answer to the nearest cent.)
Suppose you have a $175,000 30-year mortgage with a 4.5% interest rate on the loan. a. Find the monthly payment.
How much will the monthly mortgage payment be if you purchase a new condominium for $150 000 with an interest rate of 4%/a compounded monthly? The mortgage amortization period is 25 years (there is a 5% down payment that should be paid upfront)?
If you take out an amortized loan of $33,000 with a 14 year term and 7.4% interest rate, what are the annual payments you need to make? Round to the nearest dollar.
Suppose you want to purchase a $ 165000 house. If you put 20% down and finance the rest in a 15 year mortgage at an interest rate of 5.25%, what will your monthly payments be? Monthly payment =

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