Suppose you take out a 30 year $250,000 mortgage with an APR of 6%. You make payments for 3 years (36 months payments) and then consider refinancing the original loan. The new loan would have a term of 20 years, have an APR of 5.2%, and be in the amount of the unpaid balance on the original loan. (The amount you boron on the new loan would be used to pay off the balance on the original loan.). The administrative cost of taking out the second loan would be $2200. Use the information to complete part (A) What are the monthly payments on the original loan?

Olivia plans to secure a 5-year balloon mortgage of $250,000 toward the purchase of a condominium. Her monthly payment for the 5 years is calculated on the basis of a 30-year conventional mortgage at the rate of 5%/year compounded monthly. At the end of the 5 years, Olivia is required to pay the balance owed (the "balloon" payment). What will be her monthly payment for the first 5 years, and what will be her balloon payment? (Round your answers to the nearest cent.) monthly payment$  balloon payment$

Suppose you want to purchase a ​$322,000 ​home, and you have the required ​$60,000 down payment in savings. Complete the table below for a mortgage option presented by a mortgage broker.   Principal Interest Rate Terms ​(years) Payment Total of Payments over Life of Loan Total Interest Paid over Life of Loan ​$262,000 3.750​% 20

Suppose you want to buy a $451,314 home. You can put $90,000 down and can finance at 7.5% APR Monthly for 30 years, but can only afford to pay $1,109, for the first five years, and have offered to make a balloon payment of $100,000 at the end of thirty years (your 360th payment). How much will your remaining payments be? (Assume all payments will be made at the end of each month, and that negative amortization is permitted.)