The following table shows annual rates for various types of loans in 2021. Assume monthly payments and compounding periods. HINT [See Examples 5 and 7.] Loan 30-Year 15-Year Type Mortgage Mortgage Rate 3.03% New Car Loan Used Car Loan Credit Cards 2.30% 9.20% 9.45% 13.99% Six years into your 15-year $600,000 mortgage begun in 2021, you inherit your rich uncle's estate and decide to pay off the outstanding principal on your mortgage. What is that amount? Hint [Use the formula in the Before we go on discussion in Example 6.] (Do not round the payment amount to the nearest cent. Round the final outstanding principal to the nearest cent.)

The following table shows annual rates for various types of loans in 2021. Assume monthly payments and compounding periods. HINT [See Examples 5 and 7.] Loan 30-Year 15-Year Type Mortgage Mortgage Rate 3.03% New Car Loan Used Car Loan Credit Cards 2.30% 9.20% 9.45% 13.99% Six years into your 15-year $600,000 mortgage begun in 2021, you inherit your rich uncle's estate and decide to pay off the outstanding principal on your mortgage. What is that amount? Hint [Use the formula in the Before we go on discussion in Example 6.] (Do not round the payment amount to the nearest cent. Round the final outstanding principal to the nearest cent.)

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 take out a 30-year $150,000 mortgage loan with an APR of 12% and monthly payments. In 11 years, you decide to sell your house and pay off the mortgage. What is the principal balance on the loan? Use Excel
Suppose you take a $268,188 30-year fixed-rate mortgage at 5.86%, 4 discount points, monthly payments. At the end of year 3 you inherit $15,193 from your now-favorite aunt. You decide to apply this $15,193 to the principal balance of your loan. What is your net interest savings over the life of the loan, assuming the loan is held to its maturity?
The following table shows annual rates for various types of loans in 2021. Assume monthly payments and compounding periods. HINT (See Examples 5 and 7.] Loan 30-Year Type Mortgage 15-Year New Car Mortgage Loan Used Car Loan Credit Cards Rate 3.03% 2.30% 9.20% 9.45% 13.99% Twelve years into your 15-year $400,000 mortgage begun in 2021, you inherit your rich uncle's estate and decide to pay off the outstanding principal on your mortgage. What is that amount? Hint [Use the formula in the Before we go on discussion in Example 6.] (Do not round the payment amount to the nearest cent. Round the final outstanding principal to the nearest cent.)
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A borrower has taken out a 30-year mortgage for $104,000 at an annual rate of 12%. a. Use the table to find the monthly payment for this mortgage. b. Construct the first three lines of an amortization schedule for this mortgage. c. Assume that the borrower has decided to pay an extra $200 per month to pay off the mortga more quickly. Find the first three lines of your payment schedule under this assumption. Click the icon to view a table of monthly payments on a $1,000 loan. a. The monthly payments for this mortgage are $ (Type an integer or a decimal.) Enter your answer in the answer box and then click Check Answer. 6 parts remainino Olear All Cherk Answe javascript:doExercise(3): Copyright © 2020 Pearson Education Inc. All rights reserved. | 99 a 立
You take out a 25-year $170,000 mortgage loan with an APR of 9% and monthly payments. In 12 years you decide to sell your house and pay off the mortgage. What is the principal balance on the loan? (Round the monthly loan payment to 2 decimal places when computing the answer. Round your answer to 2 decimal places.) Principal balance on the loan $ |
The following table shows annual rates for various types of loans in 2021. Assume monthly payments and compounding periods. HINT [See Examples 5 and 7.] Loan 30-Year Type Mortgage 15-Year New Car Mortgage Loan Used Car Loan Credit Cards Rate 3.03% X 2.30% 9.20% 9.45% 13.99% You were considering buying a home with a 30-year mortgage in 2021 and could afford to make a down payment of $60,000 and up to $900 per month on mortgage payments. How much could you have afforded to pay for the home? (Round your answer to the nearest cent.) $ 247644.95
Assume that a borrower is expected to prepay a loan at the end of Year 5. Based on the following loan information on the fully-amortized fixed rate mortgage what is the effective cost of borrowing of Loan C? (choose the closest answer) Financial Calculator 1: Financial Calculator 2 Loan Amount Maturity Contract interest rate Upfront fees Upfront mortgage Insurance fee Prepayment after Year Effective Cost of Borrowing 86.79 7AN Loan C $200,000 30 years 6.25% 3% 1.6% 5 Quiz Score: 8 o
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