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Essentials Of Investments
11th Edition
ISBN: 9781260013924
Author: Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher: Mcgraw-hill Education,
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The exact amount of the last payment to the penny is"
Transcribed Image Text:You have borrowed $100,000 in a 15-year mortgage at 2.75% APR.
The exact amount of the last payment to the penny is
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- Consider a home mortgage of $125,000 at a fixed APR of 4.5% for 25 years. a. Calculate the monthly payment. b. Determine the total amount paid over the term of the loan. c. Of the total amount paid, what percentage is paid toward the principal and what percentage is paid for interest. ..... a. The monthly payment is $ (Do not round until the final answer. Then round to the nearest cent as needed.)arrow_forwardAshley Olsen and Louis Eisner took out a $220,000, 25-year mortgage at an APR of 2.1%. The monthly payment was $780.64. What will be their total interest charges after 25 years?arrow_forwardYou recently took out a mortgage on a house for $325,000. The mortgage was at 14% interestfixed interest rate for 30 years. What is the payoff amount immediately after the 30th payment? (Show using BA II Plus or By Hand)arrow_forward
- A mortgage of $176,000 is to be repaid by making payments of $1010 at the end of each month. If interest is 5.74% per annum compounded annually, what is the term of the mortgage? State your answer in years and months (from 0 to 11 months). The term of the mortgage is year(s) and month(s).arrow_forwardSuppose you obtain a 30 year mortgage loan of 197,000$ at an annual interest rate of 8.1%. The annual property tax bill is $967 and the annual fire insurance premium is 495$. Find the total monthly payment for the mortgage, property tax, and fire insurance.arrow_forwardA 30-year mortgage requires payments of $3,541.80 at the end of each month. If interest is 2.71% compounded annually, a) what was the mortgage principal? $ b) what would be the amount of interest charged? $arrow_forward
- Determine the monthly principal and interest payment for a 20-year mortgage when the amount financed is $285,000 and the annual percentage rate (APR) is 4.0%. The monthly principal and interest payment is $arrow_forwardThe balance on a mortgage was $45,000 and an interest rate of 4.50% compounded semi-annually was charged for the remaining 5-year term. Monthly payments were made to settle the mortgage. a. Calculate the size of the monthly payments. Round up to the next whole number b. If the monthly payments were set at $939, how long would it take to pay off the mortgage? o years o months Express the answer in years and months, rounded to the next payment period c. If the monthly payments were set at $939, calculate the size of the final payment.arrow_forwardThe balance on a mortgage was $43,200 and an interest rate of 5.50% compounded semi-annually was charged for the remaining 3-year term. Monthly payments were made to settle the mortgage. a. Calculate the size of the monthly payments. SO Round up to the next whole number b. If the monthly payments were set at $1,454, how long would it take to pay off the mortgage? 0 years 0 months Express the answer in years and months, rounded to the next payment period c. If the monthly payments were set at $1,454, calculate the size of the final payment. $0.00 Round to the nearest centarrow_forward
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