You plan to purchase a $320,000 house using a 15-year mortgage obtained from your bank. The mortgage rate offered to you is 5.20percent. You will make a down payment of 15 percent of the purchase price.a. Calculate your monthly payments on this mortgage.b. (1) Construct the amortization schedule for the mortgage.b. (2) How much total interest is paid on this mortgage?Answer is not complete.Complete this question by entering your answers in the tabs below.Req AReq B1AmortizationScheduleMonth123179180Construct the amortization schedule for the mortgage? (Do not round intermediate calculations. Round your answers to 2decimal places. (e.g., 32.16))Req 82 TotalInterestAmortization Schedule for the 15-Year MortgageInterestCumulativePrincipalPrincipal272,000.00270,999.26CumulativeInterestEndingBalance You plan to purchase a $320,000 house using a 15-year mortgage obtained from your bank. The mortgage rate offered to you is 5.20percent. You will make a down payment of 15 percent of the purchase price.a. Calculate your monthly payments on this mortgage.b. (1) Construct the amortization schedule for the mortgage.b. (2) How much total interest is paid on this mortgage?Answer is not complete.Complete this question by entering your answers in the tabs below.Req AReq B1AmortizationScheduleReq B2 TotalInterestHow much total interest is paid on this mortgage? (Do not round intermediate calculations. Round your answer to 2 decimalplaces. (e.g., 32.16))Total interest paid on the mortgage

The long-term loan that is taken by an individual person or an organization for the purchase of a…

You plan to purchase a $320,000 house using a 15-year mortgage obtained from your bank. The mortgage rate offered to you is 5.20 percent. You will make a down payment of 15 percent of the purchase price. a. Calculate your monthly payments on this mortgage. b. (1) Construct the amortization schedule for the mortgage. b. (2) How much total interest is paid on this mortgage? Answer is not complete. Complete this question by entering your answers in the tabs below. Req B1 Amortization Schedule Construct the amortization schedule for the mortgage? (D Req A Req B2 Total Interest,

You plan to purchase a $320,000 house using a 15-year mortgage obtained from your bank. The mortgage rate offered to you is 5.20 percent. You will make a down payment of 15 percent of the purchase price. a. Calculate your monthly payments on this mortgage. b. (1) Construct the amortization schedule for the mortgage. b. (2) How much total interest is paid on this mortgage? Answer is not complete. Complete this question by entering your answers in the tabs below. Req B1 Amortization Schedule Construct the amortization schedule for the mortgage? (D Req A Req B2 Total Interest,

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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Suppose that you purchased a house with a $140,000 mortgage (30-year fixed at 6% with a payment of $839.37) five years ago. The loan balance is currently $130,276 and you can refinance that balance at 5% with a new 30-year fixed rate mortgage. You anticipate being in the house for another six years, at which point the balance on your current mortgage would be $114,032. If you refinanced at the terms above, what would be the difference in the loan balances? O $1,329 O $1,871 O $2,471 O $3,132 O $3,860 2
Tim wants to borrow $400,000 from Bank of America on a 30-year mortgage at 6% interest rate. a. What would Tim's monthly payments be on his mortgage? b. Amortize the loan and determine: Interest expense for the first quarter of the loan. Cash flows for the first quarter of the loan. Loan balance at the end of the first quarter of the loan. Please show your calculations, part b is very important. If you are using the TVM chart, please state whether you used PVoA, FVoA, PVoSA, FVoSA.
You plan to purchase a $160,000 house using a 15-year mortgage obtained from your local credit union. The mortgage rate offered to you is 6.5 percent. You will make a down payment of 15 percent of the purchase price. a. Calculate your monthly payments on this mortgage. b. Calculate the amount of interest and, separately, principal paid in the 25th payment. c. Calculate the amount of interest and, separately, principal paid in the 80th payment. d. Calculate the amount of interest paid over the life of this mortgage. (For all requirements, do not round intermediate calculations. Round your answers to 2 decimal places. (e.g., 32.16)) a. Monthly payment b. Amount of interest Amount of principal Amount of interest Amount of principal d. Amount of interest paid C. Amount
Show the first two lines of the amortization table for your new home mortgage, assuming a sellingprice of $118,500, a down payment of 6%, annual interest rate 5.3% compounded monthly, andmonthly payments on a 30-year mortgage. (Please help by solving through calculator)
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 $
Use PMT formula on the image uploaded to determine the regular payment amount, rounded to the nearest cent. The cost of a home is financed with a $150,000 20-year fixed-rate mortgage at 3.5%. a. Find the monthly payments and the total interest for the loan. b. Prepare a loan amortization schedule for the first three months of the mortgage. ______________________________________________________________ a. The monthly payment is $________.. (Do not round until the final answer. Then round to the nearest cent as needed.) - The total interest for the loan is $_______. (Use the answer from part a to find this answer. Round to the nearest cent as needed.) b. Fill out the loan amortization schedule for the first three months of the mortgage below. Payment Number Interest Principal Loan Balance 1 $ $ $ 2 $ $ $ 3 $ $ $ (Use the answer from part a to find these answers. Round to the…
Give typing answer with explanation and conclusion to all parts Your bank has pre-approved a mortgage for the purchase of a home. The bank calculates that you can make monthly payments of up to 40% of your salary, which is $78,000 annually. The bank charges a 1.5% closing fee on the mortgage which must be paid up-front (when the mortgage closes). The interest rate quoted on the mortgage is 6.60% per annum for a 25-year loan. a. Up to what net amount will the bank lend you? b. The APR of this loan is 6.60%, but what is the effective annual rate (EAR)? c. How much will still be due after 3 years?
Answer the following question using a spreadsheet and the material in the appendix. You would like to buy a house. Assume that given your income, you can afford to pay $12,000 a year to a lender for the next 30 years. If the interest rate is 7% how much can you borrow today based on your ability to pay? What about if the interest rate is 3%? Maximum mortgage at 7%: $ Maximum mortgage at 3%: $
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2 . Please answer the whole answer there is more than one answer that needs to be answered
You have just sold your house for $950,000 in cash. Your mortgage was originally a 30-year mortgage with monthly payments and an initial balance of $740,000. The mortgage is currently exactly 18.5 years old, and you have just made a payment. If the interest rate on the mortgage is 6.75% (APR), how much cash will you have from the sale once you pay off the mortgage? (Note: Be careful not to round any intermediate steps less than six decimal places.) Cash that remains after payoff of mortgage is $ (Round to the nearest cent.)
Please eolve this question on excell and show formulas please.

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