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- 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. $2,626.73How much will you pay on a 25 year, $400,000 mortgage if you make monthly payment at the beginning of month? Interest is 3.5% compounded annually. O a. $1,968 O b. $1,973 OC. $1,979 O d. $1,997 O e. $1,991What is the difference in interest paid between a 30-year mortgage loan and a 15-year mortgage loan both of $72700 if the annual interest rate is 5% a. $27262.50 b. $54525.00 c. $37012.40 d. $10348.38
- What is the APR for a faxed rate mortgage FRM loan made in interest for 30 years with fees equal to 2% of the loan? 8 6.2% 52% Ⓒ 50% 064% amount of $500,000 ata 6% rate ofWhat is the monthly payment size of a 25-year mortgage for $100 000 and an interest rate of 6% compounded semi-annually? Question 10 options: A) $639.81 B) 633.81 C) $630.81 D) $1639.81 E) $600.81What is the total interest paid on a for $200,000 loan with 30 year mortgage at 7% annual. Assume that the mortgage is kept for the full .30 years $28,300,000 O $28,300 O $283,000 O $2830 O
- You take out a $300,000 mortgage loan for 30 years at an annual interest rate of 6% and with monthly loan payments. The fixed payment on this loan would be O A. $1364 O B. $833 Oc. $1798 O D. $883You take out a traditional 30 year mortgage for $292,490. It has a fixed interest rate of 4.25% and the payments are made monthly. What is your monthly payment on the mortgage? Oa. $1,286.64 Ob. $1,342.95 c. $1409.11 Od. $1,438.87Consider a 30-year, fixed-rate mortgage for $120,000 at a nominal rate of 6% with monthly payments. If the borrower pays an additional $120 with each monthly payment, what will be the amount of the last monthly payment? A. $839.46 B. $357.77 C. $843.66 D. $419.85 E. $355.99 F. $420.90 G. $418.81 H. $841.55
- 18 .Use the following amortization chart: Selling price of home Down payment Principal (loan) Rate of interest Years Payment per $1,000 Monthly mortgage payment $ 90,000 $ 5,000 $ 85,000 5 1/2% 30 $ 5.67789 $ 482.62 What is the total cost of interest? Note: Do not round intermediate calculations. Round your answer to the nearest cent. Total cost of interest:???PLEASE DO NOT ROUND THE ANSWERS Selling Price of Home Down Payment Rate of Interest Years $ 160,000.00 $ 20,000.00 3.50% 30 Required: Please use the above information to answer the below questions: (Use Table 15-1) How many total payments on this mortgage? What is the principal (loan)? What is the payment per $1,000? What is the monthly mortgage payment? TABLE 15.1 Amortization table (mortgage principal and interest per $1,000) Term in Years INTEREST 3½% 5% 5½% 6% 6½% 7% 7½% 8% 8½% 9% 9½% 10% 10½% 11% 10 9.89 10.61 10.86 11.11 11.36 11.62 11.88 12.14 12.40 12.67 12.94 13.22 13.50 13.78 12 8.52 9.25 9.51 9.76 10.02 10.29 10.56 10.83 11.11 11.39 11.67 11.96 12.25 12.54 15 7.15 7.91 8.18 8.44 8.72 8.99 9.28 9.56 9.85 10.15 10.45 10.75 11.06 11.37 17 6.52 7.29 7.56 7.84 8.12 8.40 8.69 8.99 9.29 9.59 9.90 10.22 10.54 10.86 20 5.80 6.60 6.88 7.17 7.46 7.76 8.06 8.37 8.68 9.00 9.33 9.66 9.99 10.33 22 5.44 6.20 6.51 6.82 7.13 7.44 7.75 8.07 8.39 8.72 9.05 9.39…The following loan is a simple interest amortized loan with monthly payments. $7000, 7%, 4 years (a) Find the monthly payment. (Give your answer to the nearest cent.) Payment $189.58 (b) Find the total interest for the given simple interest amortized loan. (Give your answer to the nearest cent.) Total interest $ 2100 X