Jose has a 15-year mortgage of $250,000 from his bank. The mortgage calls for equal monthly repayments and carries an annual percentage rate (APR) of 3%. Right after Jose makes his first repayment, how much in principal does Jose still owe the bank? A) $248,274 B) $249,899 C) $248,899 D) $249,274
Q: Sam took a $5000 loan to build a deck in the backyard. The loan requires payments at the end of each…
A: Converting rate of interest from 9% compounded monthly to quarterly Effective rate of interest =…
Q: Amna has a housing loan of $50,000 over 15 years with a 6% interest rate. According to the Bank he…
A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Fidelio has purchased a condominium for $39,750, of which 80% is to be financed by a mortgage.…
A: given, price = $39,750 loan = 80% p= $39,750 x 0.8 = 31800 pmt = $395.80 rate = 14.3%
Q: Jacob needed money for some unexpected expenses, so he borrowed $3,813.23 from a friend and agreed…
A: Borrowings are the liability of the company which is used to finance the requirement of the funds.…
Q: Sarah secured a bank loan of $185,000 for the purchase of a house. The mortgage is to be amortized…
A: Repayment of loan is made in fixed instalment of same amount which includes interest and part of…
Q: Suresh buys a house for $794,357.30 with a down payment of $72,214.30 and a mortgage for the…
A: Amortization is the period of repayment of the loan. It is the period in which you repay your loan.…
Q: Ms. Anderson plans to purchase a home for $300,000. She intends to pay 20% of the purchase price as…
A: A written agreement through which a lender gets the right to take the property that is put as a…
Q: Andy takes out a 15-year mortgage of 125000 dollars to purchase a home. If the interest rate is 6.9…
A: 125000Loan amount (PV) = $ 125000 125000 Number of monthly payments (M) = 180 Annual interest rate =…
Q: Kimiko signed a mortgage requiring payments of $203.85 at the end of every month for 4 years at…
A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…
Q: Jim wants to deposit an amount anually to meet his retirement needs. Assume that he will deposit a…
A: In the span of 25 years, the interest rate is 6% on both the deposits and the withdrawals. First…
Q: Lars has been approved for a $425,000, 20-year mortgage with an APR of 5.125%. a. What is his…
A: given, principal amount =$425,000 n=20 years r=5.125% m=12
Q: John House has taken a $150,000 mortgage on his house at an interest rate of 6% per year. If the…
A: The annuity refers to the series of cash payments and receipts that finished over a period. The…
Q: Homer promises to pay $1,000 at the end of 6 months in obtaining a loan from a banker who charges 6%…
A: Loan amount (PV) is $1,000 Loan Period is 6 months Interest Rate charged in advance is 6% (We…
Q: ictor received an 8-year subsidized student loan of $22,000 at an annual interest rate of 4.85%. If…
A: The question gives the following information:
Q: Larry has decided to take out a loan for college. He expects to graduate 5 years and 6 months later…
A: Interest rate is the rate of interest earned/paid on an investment/loan. The interest will be paid…
Q: Craig decides to purchase a property that has been valued at $480,000. He has $90,000 available as a…
A: Monthly payments is the annuity amount for the loan borrowed at given interest rate and time period…
Q: ) Nancy takes out a 22-year home loan. She makes equal month-end repayments including the principal…
A: Loans are paid by the equal monthly installment and these carry the payment for interest rate and…
Q: Bill and Kim Johnson are purchasing a house for $263,000. Their bank requires them to pay a 20% down…
A: A mortgage refers to a loan used to buy or maintain and repair a building, land, or other real…
Q: The Clarke family is buying a home and will select a mortgage with a 25-year amortization period, at…
A: Gross monthly income = $8,400 Property taxes =$500 per month Heating costs = $375 per month GDS =…
Q: Amos takes out a 25-year repayment (amortising) mortgage of £100,000 at an annual interest rate of…
A: NPER here means the period in years.
Q: Marcel Thiessen purchased a home for $209,300 and obtained a 15-year, fixed-rate mortgage at 10%…
A: Calculation of Interest and Amount of Principal after first payment:The interest is $1,569.75 and…
Q: John has 1 mil dollars. John got a mortgage for a 1 mil dollar house bought with a 10% downpayment,…
A: Given, Prime rate at the beginning= 1.5% and annual increase= 0.25% Therefore, interest rates for…
Q: Brian borrows $ 7500 from his friend at an annual 6% interest rate, which he will pay five years…
A: Future value is the value of the present cash flows after certain period. Due to interest that can…
Q: Kenneth is expected to receive an inheritance of about $250,000 from his grandmother's estate in a…
A: A borrower pays to the lender the interest and original sum borrowed in the form of regular…
Q: At the end of every 3 months, Sam deposits $150 into an account that pays 6% compounded quarterly.…
A: Investors invest in particular securities with an expectation of receiving some gains in future. The…
Q: Anna is buying a house selling for $285,000. To obtain the mortgage, Anna is required to make a…
A: a - The amount of the required down payment = 15% of House Purchase Price…
Q: Samuel Ng received a 3-year subsidized student loan of $15,000 at an annual interest rate of 4%.…
A: Given that: Loan Amount (A)= $15000 Time(t)= 3 years Number of payments per year (n)= 12 Annual…
Q: Mary, a college student, needs to borrow $8,000 today for her tuition. She agrees to pay back the…
A: Initial amount is $8,000, Number of years is 4, Interest rate is 3.85%
Q: When Christian bought his home, he borrowed $315,700 at 4.2% interest, compounded monthly for 25…
A: Loan amount (PV) = $315,700 Interest rate = 4.2% Monthly interest rate (r) = 4.2%/12 = 0.35% Period…
Q: Sarah secured a bank loan of $180,000 for the purchase of a house. The mortgage is to be amortized…
A: We will use this formula for calculation of monthly mortgage payment of loan. Monthly payment of…
Q: Wing Sze has a mortgage for $400,155.00. The term of the mortgage is 5 years, and the amortization…
A: Moirtagage amount is 400,155.00 rate of interest (r) is 8.250% Compounded monthly Therefore; r=…
Q: Cena deposits a certain amount of money into his family’s savings account at the beginning of each…
A: Future value = $ 100,000 Period = 4 Years Period in quarters = 4*4 = 16 Annual interest rate = 8%…
Q: Derrick recently graduated. He owes $17,525 in student loans with APR of 4.6% compounded monthly. He…
A: As per our guidelines, we are supposed to answer only 3 sub-parts (if there are multiple sub-parts…
Q: Samuel Ng received a 3-year subsidized student loan of $12,000 at an annual interest rate of 5%.…
A: Computation of monthly loan payments:
Q: John Mayer Inc. purchases a house for $500,000. On January 1, He makes a 20 percent down-payment and…
A:
Q: Morgan received a $29,050 loan from a bank that was charging interest at 3.25% compounded…
A: Loan is the value or an amount which is borrowed from other sources like banks for a finite period…
Q: Bobby takes out a mortgage for 30 years at an interest rate of 4% and his monthly repayments are…
A:
Q: You entered into a mortgage agreement to borrow $100,000 at an interest rate of 3% and to be…
A: Given: Amount borrowed=$100000Interest rate =3%Term of loan in year=30
Q: Lucky took out a $289,000 25-year mortgage at an APR of 4.85%.a. What is the monthly payment?b. What…
A: Using excel PMT function
Q: Paul obtains a 30-year loan at an annual 7.4% on a $250,000 house where the required down payment is…
A: Given: Years = 30 Interest rate = 7.4% Cost of house = $250,000 Down payment = 15%
Q: Jason received a 10-year non-subsidized loan of $40,000 at an annual interest rate of 6%. What are…
A: Loan amount refers to the amount that is borrowed by the borrower for fixed time period at fixed…
Q: kyle has a $15,000 in college debt when he graduates. he will pay it back with regular monthly…
A: Given: Present value =PV = $15,000 Monthly payment = PMT = $283.07 Years = 5 Periods = NPER = 5*12 =…
Q: Dana has made a down payment of $100,000 on a recent home purchase for $300,000. She was able to…
A: Using excel PMT function
Q: Maryanne purchases a house for $380,000 and takes a mortage for the full amount. Her mortgage…
A: Since you have posted a question with multiple sub-parts, we will solve the first three subparts for…
Q: Stephen has just purchased a home for $162,000. A mortgage company has approved his loan application…
A: Mortgage is a value which a person borrowed from the sources like bank and repay it later with extra…
Q: Dominic takes out a 30-year mortgage of 200000 dollars at the interest of 5.76 percent compounded…
A: Loan amount $2,00,000.00 Periodic interest 0.48% nper (no. of compounding period) 360…
Q: A couple has made monthly payments (of equal size, rounded to the nearest cent) over the past 10…
A: Here, Loan Amount is $64,000 Interest Rate is 5% Compounding Period is Semi Annual i.e 2 Time Period…
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 1 images
- Derek borrows $318,449.00 to buy a house. He has a 30-yearmonthly payment mortgage with a rate of 5.70% p.a. Assuming he makes all the required monthly payments on time, what is the remaining balance on Derek's loan immediately after he makes the 99th payment? 1) $297,424.72 2) $276,149.51 3 ) None of the answers in this list is within $ 1.00 of the correct answer . 4 ) $289,563.23 5 ) $ 269,665.60 6 ) $ 281,983.11Anna is buying a house selling for $235,000. 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. b) Determine the amount of the mortgage. c) Determine the monthly payment for principal and interest Number of Years Rate_% 10 15 20 25 303.0 $9.65067 $6.90582 $5.54598 $4.74211 $4.216043.5 9.88859 7.14883 5.79960 5.00624 4.490454.0 10.12451 7.39688 6.05980 5.27837 4.774154.5 10.36384 7.64993 6.32649 5.55832 5.066855.0 10.60655 7.90794 6.59956 5.84590 5.368225.5 10.85263 8.17083 6.87887 6.14087 5.677896.0 11.10205 8.43857 7.16431 6.44301 5.995516.5 11.35480 8.71107 7.45573 6.75207 6.320687.0 11.61085 8.98828 7.75299 7.06779 6.653027.5 11.87018 9.27012 8.05593 7.38991 6.992158.0 12.13276 9.55652 8.36440 7.71816 7.337658.5 12.39857 9.84740 8.67823 8.05227 7.689139.0 12.66758 10.14267 8.99726 8.39196 8.046239.5…Felix is purchasing a brownstone townhouse for $2,800,000. To obtain the mortgage, Felix is required to make a 17% down payment. Felix obtains a 25-year mortgage with an interest rate of 7.5%. LOADING... Click the icon to view the table of monthly payments. 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. Rate % 10 15 20 25 303.0 $9.65067 $6.90582 $5.54598 $4.74211 $4.216043.5 9.88859 7.14883 5.79960 5.00624 4.490454.0 10.12451 7.39688 6.05980 5.27837 4.774154.5 10.36384 7.64993 6.32649 5.55832 5.066855.0 10.60655 7.90794 6.59956 5.84590 5.368225.5 10.85263 8.17083 6.87887 6.14087 5.677896.0 11.10205 8.43857 7.16431 6.44301 5.995516.5 11.35480 8.71107 7.45573 6.75207 6.320687.0 11.61085 8.98828 7.75299 7.06779 6.653027.5 11.87018 9.27012 8.05593 7.38991 6.992158.0 12.13276 9.55652 8.36440 7.71816 7.337658.5 12.39857 9.84740 8.67823 8.05227 7.689139.0 12.66758…
- Larry Davis borrows $87,000 at 11 percent interest toward the purchase of a home. His mortgage is for 25 years. a. If Larry decides to make annual payments, how much will they be? (Enter your answer as a positive number rounded to 2 decimal places.) Annual payments b. How much interest will he pay over the life of the loan? (Do not round intermediate calculations. Round your final answer to 2 decimal places.) Total interestK Bill and Kim Johnson are purchasing a house for $309,000. Their bank requires them to pay a 10% down payment. The current mortgage rate is 8%, and they are required to pay one point at the time of closing. Determine the total amount Bill and Kim will pay for their house, including principal, interest, down payment, and points (do not include taxes and homeowners' insurance) for the following lengths of their mortgage. a) 10 years b) 20 years c) 30 years CATNate bought a home for $143,000 with a down payment of $15,000. Nate's rate of interest is 6.75% for 20 years. Calculate his: A. Monthly payment Note: Round your answer to the nearest cent. B. First payment broken down into interest and principal Note: Round your "Principal" answer to the nearest cent. C. Balance of mortgage at end of month Note: Round your answer to the nearest cent.
- Noor is buying a home with a $200,000 mortgage using a 5.5 percent, 30-year loan. How much of the first month's payment will go toward the principal if the payment per $1000 on this loan is $5.6779? O a. $917 O b. $219 O c. $0 O d. $538Felix is purchasing a brownstone townhouse for $2,800,000. To obtain the mortgage, Felix is required to make a 17% down payment. Felix obtains a 25-year mortgage with an interest rate of 6.5%. LOADING... Click the icon to view the table of monthly payments. 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. a) Determine the amount of the required down payment. Will has a 30-year mortgage on a $100,000 loan for his house in Florida. The interest rate on the loan is 6% per year (nominal interest), payable monthly at 0.5% per month. Solve, a. What is Will’s monthly payment? b. If Will doubles his payment from Part (a), when will the loan be completely repaid?
- Stephen has just purchased a home for $125,000. A mortgage company has approved his loan application for a 30-year fixed-rate loan at 5.00%. Stephen has agreed to pay 25% of the purchase price as a down payment. Find the total interest Stephen will pay if he pays the loan on schedule. E Click the icon to view the table of the monthly payment of principal and interest per $1,000 of the amount financed. The total interest is S. (Round to the nearest cent as needed.)Jimmy buys a piece of property worth $90454, Jimmy makes a down payment of $17541, and pays the remaining portion of the debt with a mortgage consisting of year end payments for the next 18 years. If interest on the mortgage is 5.6% compounded yearly, then in what amount are the payments? Answer:Guadalupe has a mortgage of $581,000 through her bank for property purchased. The loan is repaid by end of month payments of $3,577.53 with an interest rate of 4.53% compounded monthly over 21 years. What is the interest paid in the 2nd year of the mortgage?Interest paid in 2nd year = TVM FORMULA