Question

A 25-year mortgage is amortized by payments of $1,761.50 made at the end of each month....

A 25-year mortgage is amortized by payments of $1,761.50 made at the end of each month. If interest is 9.65% compounded semi-annually, what is the mortgage principal?

Homework Answers

Answer #1

Answer is attached below

Rate the answer

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
A mortgage requires payments of $1,000.00 at the end of every month for 25 years. If...
A mortgage requires payments of $1,000.00 at the end of every month for 25 years. If interest is 6% compounded semi-annually, calculate the principal of the loan. Select one: a. $300,000 b. $33,328.64 c. $156,297.23 d. $46,188.41 e. $155,206.86
Pey Soon has taken out a 20 year $150 000 mortgage with monthly payments ( Made...
Pey Soon has taken out a 20 year $150 000 mortgage with monthly payments ( Made at the end of each month) at a stated mortgage rate of 6.8 % per year compounded semi annually. If she makes each payment on time, what will be the mortgage principal remaining after 10 years?
A ​$85,000 mortgage is to be amortized by making monthly payments for 15 years. Interest is...
A ​$85,000 mortgage is to be amortized by making monthly payments for 15 years. Interest is 3.3% compounded semi-annually for a seven-year term. ​(a) Compute the size of the monthly payment. ​(b) Determine the balance at the end of the seven-year term. ​(c) If the mortgage is renewed for a seven-year term at 3% compounded semi-annually, what is the size of the monthly payment for the renewal term
a loan, amortized over 5 years, is repaid by making payments of $1200 at the end...
a loan, amortized over 5 years, is repaid by making payments of $1200 at the end of every month. if interest rate is 3.50% compounded semi- annually, what was the loan principal?
An $600,000 Mortgage is amortized by monthly payments over 25 years. The interest rate charged is...
An $600,000 Mortgage is amortized by monthly payments over 25 years. The interest rate charged is 4% compounded semi-annually. 1.What is the size of the monthly payment to the nearest dollars? 2.How much interest paid in the first payment? 3.What is the outstanding balance after the first payment?
Consider a $350,000 mortgage that is to be repaid over 25 years at 2.52% compounded semi-...
Consider a $350,000 mortgage that is to be repaid over 25 years at 2.52% compounded semi- annually. Assume that the payments are done at the end of each month. Find the outstanding balance, interest and principal payment after 8 years.
A $200,000 mortgage was amortized over 25 years by monthly repayments. The interest rate on the...
A $200,000 mortgage was amortized over 25 years by monthly repayments. The interest rate on the mortgage was fixed at 4.30% compounded semi-annually for the entire period. a. Calculate the size of the payments rounded up to the next $100. Round up to the next 100 b. Using the payment from part a., calculate the size of the final payment. Round to the nearest cent
A ​$95,000 a mortgage is to be amortized by making monthly payments for 20 years. Interest...
A ​$95,000 a mortgage is to be amortized by making monthly payments for 20 years. Interest is 7.4% compounded semi-annually for a five​-year term. ​(a) Compute the size of the monthly payment. ​(b) Determine the balance at the end of the five​-year term. ​(c) If the mortgage is renewed for a five​-year term at 7​% compounded semi-annually, what is the size of the monthly payment for the renewal​ term? ​(a) The size of the monthly payment is ​$__. ​(Round the...
Harlan made equal payments at the end of each month into his RRSP. If interest in...
Harlan made equal payments at the end of each month into his RRSP. If interest in his account is 11.1% compounded semi-annually​, and the balance after eleven years is ​$14,000​, what is the size of the monthly ​payment? The size of the monthly payment is ​$nothing. ​(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as​ needed.)
A 20 year annuity pays $2,250.00 per month. Payments are made at the end of each...
A 20 year annuity pays $2,250.00 per month. Payments are made at the end of each month. If the interest rate is 11% compounded monthly for the first 10 years, and 7% compounded monthly thereafter, what is the Present Value of annuity?