You have just taken out a 30-year mortgage on your new home for $120,000. This mortgage is to be repaid in 360 equal monthly installments. If the stated (nominal) annual interest rate is 10 percent, what is your approximate payoff balance after 24 payments (after making 24 monthly payments)?

A house’s mortgage is $300,000. It will be repaid over the course of 25 years at 5% interest in equal monthly payments. What is the monthly payment?

You just received a 20-year, $500,000 mortgage with a 12% annual interest rate (APR). What portion of the first payment (approximately) goes towards paying the principal? Hint: find the total monthly payment first, and the first month interest payment next.

Suppose you make monthly mortgage payments of $1,345 and have 11 years left on the mortgage (next payment due next month). Assuming a 4.5% stated annual interest rate for the mortgage, how much would you need today to pay off the mortgage? I know payment is 1,345, number of periods remaining is 132 (11x12) and  the interest rate monthly is .375 (4.5/12).

A homebuyer wishes to take out a mortgage of $200,000 for a 40-year period. What monthly payment is required if the interest rate is 11%? What is the total amount paid during the term of the loan? Carry out all calculations exactly and round the final answers only. Carry out all calculations exactly and round the final answer for the monthly payment to two decimal places and the final answer for the total amount paid to the nearest integer. The required monthly payment is $L The total amount paid during the term of the loan is $

Suppose that you are currently making monthly paymentson a $163,133.00 20-year mortgage at 3.84% interest compound monthly. For the last 5 years , you have been paying the regular, monthly payments. You now have the option to refinance your current mortgage with a new 12-year mortgage that has an interest rate of 2.99% compounded monthly. Note that the lender of the new loan has a closing cost fee of $1,100 (for title insurance,home appraisal costs, etc. )for the new ( refinanced)mortgage. The lender stipulates that closing cost must be paid in cash and cannot be part of the new loan. You are to determine whether you would save or lose money in interest if you were to refinance your home. Take the closing into account when determining if you would save or lose money.

You have just purchased a home and taken out a $550,000 mortgage. The mortgage has a 30-year term with monthly payments and an annual percentage rate (APR) (with semi-annual compounding) of 6.80%. (Note: Be careful not to round any intermediate steps less than six decimal places.) a. How much will you pay in interest, and how much will you pay in principal, during the first year? b. How much will you pay in interest, and how much will you pay in principal, during the twentieth year (i.e., between 19 and 20 years from now)? a. How much will you pay in interest, and how much will you pay in principal, during the first year? During the first year, you will pay an interest payment of $ (Round to the nearest dollar.) During the first year, you will pay a principal payment of $ (Round to the nearest dollar.)

You have a mortgage of $120000 at j2 = 5%. You wish to make payments once every two weeks for 25 years to pay off the mortgage, with the first payment two weeks from now. What is the size of each payment? Answer: $

You take out a 20​-yearmortgage for ​$310,000 to buy a new house. What will your monthly payments be if the interest rate on your mortgage is 9 percent? Use a spreadsheet to calculate your answer.  ​Now, calculate the portion of the 96th monthly payment that goes toward interest and principal. Use five decimal places for the monthly interest rate in your calculations. a.  Using a spreadsheet to calculate your​ answer, your monthly payments will be ​

You have applied for a loan at 3.5% annual interest rate with monthly payments for 15 year fully amortized term. The loan amount is $145, 000. What is your monthly loan payment?