EBK CFIN
6th Edition
ISBN: 9781337671743
Author: BESLEY
Publisher: CENGAGE LEARNING - CONSIGNMENT
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Chapter 4, Problem 24PROB
Summary Introduction
S has taken 30-year mortgage loan of $220,000, 12 years ago at 6% interest rate monthly compounded.
Present value of an
Here,
The present value is “PV”.
The periodic payments are “PMT”.
The interest rate is “r”.
The maturity period of number of years is “n”.
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Anna is buying a house selling for $285,000. To obtain the mortgage, Anna is required to make a 15% down payment. Anna obtains a 25-year mortgage with an interest rate of
5%.
a) Determine the amount of the required down payment.
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When Sara Jean purchased her house 12 years ago, she took out a 30-year mortgage for $220,000. The mortgage has a fixed interest rate of 6% compounded monthly. (a) Compute Sara Jean’s monthly mortgage payments. (b) If Sarah Jean wants to pay off her mortgage today, for how much should she write a check? She made her most recent mortgage payment earlier today.
Anna is buying a house selling for
$285,000.
To obtain the mortgage, Anna is required to make a
15%
down payment. Anna obtains a
30-year
mortgage with an interest rate of
5%.
a) Determine the amount of the required down payment.
b) Determine the amount of the mortgage.
c) Determine the monthly payment for principal and interest.
Chapter 4 Solutions
EBK CFIN
Ch. 4 - Prob. 1PROBCh. 4 - Prob. 2PROBCh. 4 - Prob. 3PROBCh. 4 - Prob. 4PROBCh. 4 - Prob. 5PROBCh. 4 - Prob. 6PROBCh. 4 - Prob. 7PROBCh. 4 - Prob. 8PROBCh. 4 - Prob. 9PROBCh. 4 - Prob. 10PROB
Ch. 4 - Prob. 11PROBCh. 4 - Prob. 12PROBCh. 4 - Prob. 13PROBCh. 4 - Prob. 14PROBCh. 4 - Prob. 15PROBCh. 4 - Prob. 16PROBCh. 4 - Prob. 17PROBCh. 4 - Prob. 18PROBCh. 4 - Prob. 19PROBCh. 4 - Prob. 20PROBCh. 4 - Prob. 21PROBCh. 4 - Prob. 22PROBCh. 4 - Prob. 23PROBCh. 4 - Prob. 24PROBCh. 4 - Prob. 25PROB
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