What is the monthly payment on a $1.5 million, 20-year mortgage at 7.75 percent interest? Select one: O a. $6,250.00 O b. $12,495.59 O c. $12,314.23 O d. $2,626.73

Q: Determine the monthly principal and interest payment for a 20​-year mortgage when the amount…

A: The monthly payment can be computed using the payment per thousand dollars corresponding to the…

Q: Determine the monthly principal and interest payment for a 15​-year mortgage when the amount…

A: A written agreement through which a lender gets the right to take the property that is put as a…

Q: Find the mortgage payment for a 15-year loan of $221,300 at an annual interest rate of 8.15%. (Round…

A: using excel PMT function =PMT(rate,nper,pv,fv) rate = 8.15% nper =15 pv= -221300 fv = 0

Q: Make an amortization table to show the first two payments for the mortgage. Amount of Annual…

A: Interest = Opening End of month principal * rate per period  Principal repayment = monthly payment -…

Q: A mortgage of #315,000 is amortized over 25 years by monthly payments of $2485.02. What is the…

A: Using excel RATE function

Q: Make an amortization table to show the first two payments for the mortgage. Amount of Annual…

A: Amortization is a repayment schedule which is generally used by lenders such as banks, financial…

Q: For a 30-year house mortgage of $125,000 at 4.2% interest, find the following. (Round your final…

A: Mortgage on house = $125,000  Time period = 30 years Interest Rate = 4.2% The monthly interest rate…

Q: A 30-year mortgage requires payments of $5,455.84 at the end of each month. If interest is 3.23%…

A: Data given: PMT= $5455.84 Interest = 3.23%  (compounded semi-annually) n=30 year nper=30*2 = 60…

Q: Determine the outstanding principal of the given mortgage. HINT [See Example 7.] (Assume monthly…

A: Amortization is the mechanism of bringing down the asset value periodically by the owner of the…

Q: Consider the following fixed-rate level-payment mortgage pass-through security: Total principal…

A:

Q: Given a mortgage of $48,000 for 15 years with a rate of 11%, what are the total finance charges?…

A: The computation of finance charge is as follows:

Q: Consider a $230,000 home mortgage in which the payment per month is $945.38 for a thirty-year…

A: A Loan refers to the amount of money taken by one party named borrower from the other party named…

Q: A $135 000 mortgage is amortized by making monthly payments of $974.37. If interest is 4.92%…

A: Since interest rate is compounded semiannually, first we need to calculate monthly mortgage rate by…

Q: For a 30-year house mortgage of $125,000 at 5.4% interest, find the following. (Round your final…

A: Given: Years = 30 Mortgage amount = $125,000 Interest rate = 5.4%

Q: that to calculate the po The monthly payment on a 30 year $200,000 mortgage at 4.2% interest…

A: In case of mortgage, a series of equal payment is made for a specified period to pay off the…

Q: Sales prIce = S495 000 Interest Rate on 1st mortgage 4 250% Interest Rate on HELOC 2. mortgage 4.00%…

A: A loan is a sort of debt that is taken on by an individual or another institution. The lender, which…

Q: Prepare an amortization schedule for the first 2 payments of a $99,000 mortgage at 3% for 20 years.…

A: The question is based on the concept of Financial Accounting.

Q: Assume the following information for a home mortgage: Original loan amount = $240,000 %3D Annual…

A: Loan is repaid by paying off fixed amount every period. The periodic payment period can be monthly,…

Q: Find the indicated amounts for the fixed-rate mortgages. Monthly payment Mortgage payment Purchase…

A: Mortgage is a value or an amount which is borrowed from various sources like banks etc. Person have…

Q: Determine the monthly payment for a five-year fixed rate mortgage of $260 000 amortized over 25…

A: To calculate the monthly payment we will use the below formula   Monthly payment = PV/[1-(1+r)-n]/r…

Q: Make an amortization table to show the first two payments for the mortgage. Amount of Annual…

A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: the amount of the first monthly payment that goes to repay principal (b) the amount of the 241st…

A: Mortgage loan is a type of loan that is secured by the asset to the lender. The asset is presented…

Q: Consider the following fixed-rate level-payment mortgage pass-through security: Total principal…

A: Mortgage: It is the loan that is taken by the borrower for the purpose of buying a real-estate…

Q: 2. A mortgage has the following terms: Amount: $750,000 Rate: 6.25% Amortization (Years): 30 Term…

A: Hello. Since your question has multiple sub-parts, we will solve the first three sub-parts for you.…

Q: a. What is the monthly payment on the 25-year mortgage b. What is the total interest paid on the…

A: in this we have to calculate monthly payments of both options.

Q: If an adjustable-rate 30-year mortgage for $121,000 starts at 4 percent and increases to 5.5…

A: Using excel PMT function

Q: What is the total interest paid on a for $200,000 loan with 30 year mortgage at 7% annual. Assume…

A: A mortgage loan is a special loan provided by financial institutions to their customers to purchase…

Q: For a mortgage loan of £100,000 that is to be repaid by a level annuity, payable annually in arrear…

A: Given that, Present Value (PV)=£100,000 Duration (n)=20 Rate of interest (i)=0.08 Annual Payment…

Q: A $305,000 mortgage at 5.00% compounded semi-annually was settled with monthly payments of $2,300.…

A: Mortgage amount is $305,000 Interest rate is 5% compounded semi annually Monthly Payment is $2300…

Q: Mortgage payments How much money will be spent in interest alone over the course of the 3% 30-year…

A: Loan amount = $ 210,000 Monthly payment  = $ 885 Period = 30 Years Number of monthly payments =…

Q: Solve the following problem on Mortgages. (Round amounts to the nearest centavo) A man obtained a…

A: Mortgage amount = P 560,000 Monthly payment = P 7957 Period = 20 Years Number of monthly payments =…

Q: If a person takes a mortgage OMR 82,000 for 25 years, with a rate of interest 4% compounded…

A: The number of periods of mortgage is the number of times the payments are made to pay the loan…

Q: Mortgage payments How much money will be spent in interest alone over the course of the 4% 30-year…

A: A mortgage is a loan obtained by a borrower from a lender. It allows the lender to seize the…

Q: Determine how much you would pay in total, interest and principal, at the end of your 30-year…

A: The present value is the present worth of the amount that will be paid or received in the future.

Q: A$282,000 mortgage for 25 years for a new home is obtained at the rate of 6.5% compounded monthly…

A: Here multiple subparts have been asked and no subparts have been specified. So we will solve only…

Q: A family has a $137,210, 30-year mortgage at 5.4% compounded monthly. Find the monthly payment. Also…

A: Here, To Find: Monthly Payment =? Unpaid balance at 10, 20, and 25 years' time =?

Q: For a 30-year house mortgage of $175,000 at 4.8% interest, find the following. (Round your final…

A: A written agreement through which a lender gets the right to take the property that is put as a…

Q: The monthly mortgage payment on your house is $821.69. It is a 30 year mortgage at 6.5% compounded…

A: An ordinary annuity is a term in which series of regular payments are made at the end of each period…

Q: ing a 28% lender's affordability ratio, estimated monthly property taxes and insurance of P250, a…

A: Lender's affordability ratio is how much one can afford for the monthly mortgage payment for…

Q: What is the monthly payment on a 30 year, $666,000 mortgage, with an interest rate of 2%, compounded…

A: Given data; mortgage amount = $ 666,000 number of years = 30 interest rate = 2% compounded monthly…

Q: Determine the outstanding principal of the given mortgage. (Assume monthly interest payments and…

A: Repayment of loan or mortgage is made in fixed instalments for the loan period, which includes part…

Q: What is the total monthly payment with monthly private mortgage insurance (PMI) and escrows for the…

A: EMI or monthly mortgage payments are the fixed amount paid by the borrower to the lender that…

Q: Find the mortgage payment for a 15-year loan of $223,300 at an annual interest rate of 8.05%. (Round…

A: Given data, `Loan amount (P) = $223,300 Rate per period (r) = 8.05% or 0.0805 Number of payments (n)…

Q: Suppose you take out a $185,500 mortgage for 30 years at 5.15% interest. (a) Find the monthly…

A: using excel PMT function

Q: Make an amortization table to show the first two payments for the mortgage. Amount of Annual…

A: Amortization table is as under-

Q: Q3. A 25-year, $340,000 mortgage at 1.60% compounded semi-annuall was settled with quarterly…

A: Mortgage is a long-term amortized loan where loan is provided to buy certain capital asset and pay…

Cost of Credit

The cost of credit is an extra amount that the borrower has to pay besides the loan amount. These credit charges may vary from loan to loan. The cost of credit includes interest charges, maintenance charges, and arrangement charges. Some of the costs are mandatorily collected by the lender based on the loan amount and tenure of the loan. The cost of credit is also called finance charges of the credit.