Tariq bought a commercial property valued at $71 000 for $26 000.00 down and a mortgage amortized over 10 He makes equal payments due at the end of every quarter. Interest on the mortgage is 6% compounded annually. c) How much of the payments made at the end of five years will be interest? years. O $12 660.25 $11 660.25 $13 660.25 $10 660.25
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- Noor is buying a home with a $200,000 mortgage using a 5.5 percent, 30-year loan. How much of the first month's payment will go toward the principal if the payment per $1000 on this loan is $5.6779? O a. $917 O b. $219 O c. $0 O d. $538Jack 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. $957.63Mr. Sy borrowed money from a bank with an interest of 6% compounded monthly for 10 years. His monthly amortization is P20, 000. 6. What is the total interest rate per conversion period? C. 0.0075 A. 0.005 B. 0.006 D. 0.06 7. What is the total number of period of time to fully paid the loan? А. 100 B. 120 C. 160 D. P 240 8. After 80th payment, what is the total number of payments remain? В. 30 C. 40 9. What is the total number of payment of Mr. Sy after he paid the 10-year mortgage? C. P2, 148,919.34 D. P2, 400, 000 A. 20 D. 120 A. P1, 899, 600.14 B. P2, 026,802.24 10. How much is his outstanding balance after the 80th payment? C. P704, 564. 56 D. P723, 444. 56 A. P690, 444. 56 В. Р683, 134. 56
- 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. 52,4009. Jared will repay a mortgage over 25 years. This table shows 2 of the payments. Payment number Monthly Interest Principal paid $366.97 $571.61 Outstanding balance раyment $976.34 $976.34 paid $609.36 $404.73 25 $171 204.93 $113 382.65 150 For each payment, determine what percent of the payment is interest. b) For each payment, determine what percent of the mortgage has been paid off. c) Why do the interest paid decreases and the principal paid increases over the life of the mortgage?Angie 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
- A family has a $124,001 15-year mortgage at 4.8% compounded monthly (A) find the monthly payment and total interest paid (B) suppose the family decides to add an extra $100 to its mortgage payment each month starting with the very first payment. How long will it take the family to pay off the mortgage? How much interest will the family save? (A) monthly payment $ total interest paid $ (B) Time: (round 2 decimal places) Total interest saved $10. Curtis bought a condominium for $319 000 and made a down payment of $64 000. The annual interest rate for a five-year fixed rate mortgage is 5,49%. Determine the monthly payment for a 20-year amortization period. a. $1743.79 b. $7090.21 c. $2181.46 d. $1120.84 nountPart 4 (Chapter 14): Hassan and Dana had bought a property valued at $1,225,000 for 20% down and a mortgage amortized over 25 years on March 1, 2018. They made equal end-of-month payments towards their mortgage. Interest on the mortgage was 3.29% compounded semi-annually and the mortgage was renewable after five years. 9. What was the size of each monthly payment? 10. What is the cost of the mortgage for the first 5 years? 11. In November 2020, they decided to refinance their mortgage since rates were down by quite a lot. Suppose the new rate they qualified for was 1.74% compounded semi-annually and they could borrow enough to cover their remaining mortgage balance. The new mortgage is amortized over 25 years, but they also need to pay a penalty for breaking the old mortgage early. If the penalty is the interest differential over the remaining term of the old mortgage (under the old and the new rates), and if the penalty is also added to the new mortgage, what is the size of their new…
- Mr. and Mrs. Smith have taken out a mortgage loan of $250,000.00 from a bank at 6% APR for a fixed 15 years. How much will their monthly payment be? $1999.24 $2016.94 $2019.25 O $2109.64Ms. Colonial has just taken out a $150,000 mortgage at an interest rate of 6 percent per year. If the mortgage calls for equal monthly payments for 20 years, what is the amount of each payment? (Assume monthly compounding or discounting.) A. $1,254.70B. $1,625.00C. $1,263.06D. $1,074.65A person wants to borrow as much money as possible today with an annual payment of $1000 at the end of each year for 5 years. If he is charged 7% interest compounded annually, how much could he borrow? Select one: a. $9130.25 b. $6130.25 C. $4130.25 d. $8130.25 The future value of annual deposited started from the end of period one up to year 7, is: Select one: a. A(F/A,i,7) b. A(F/A,i,6) C. P(F/A,I,7) d. P(F/A,i,6)
