Question

Consider a 30-year mortgage with an interest rate of 10% compounded monthly and a monthly payment of $850. Cannot use excel must be equation based . If principal is 96,858.20 than....How much of the principal is paid the first, 5th, 20th and last year

Answer #1

1) Consider a $126,714 35-year mortgage with an interest rate of
8% compounded monthly.
a) Calculate the monthly payment.
b) How much of the principal is paid the first, 25th, and last
year?
c) How much interest is paid the first, 25th, and last year?
d) What is the total amount of money paid during the 35
years?
e)What is the total amount of interest paid during the 35
years?
f) What is the unpaid balance after 25 years?
g)How...

Consider a 30-year mortgage at an interest rate of 8% compounded
monthly with a $1200 monthly payment. What is the total amount paid
in interest?
a.
$236,403.75
b.
$249,448.74
c.
$268,459.81
d.
$289,450.19

A fully amortized mortgage is made for $100,000 for 10 years.
Interest rate is 6 percent per year compounded monthly.
What is the monthly payment amount?
What is balance of the loan at the end of 5 years?
What is the total interest paid by the end of the fifth
year?
What is the total principal paid by the end of the tenth
year?
SHOW WORK AND DONT USE EXCEL

How much of the first monthly payment of a 30 year $250,000
mortgage with a 5% APR is applied to principal?

A $10000 loan has an interest rate of 12% per year, compounded
monthly, and 30 equal monthly payments are required.
a) If payments begin at the end of the first month, what is the
value of each payment?
b) How much interest is in the 10th payment?
c) What would you enter into Excel to solve part b?
d) What is the unpaid balance immediately after the 10th
payment?
e) If the 30 loan payments are deferred and begin at...

What is the monthly payment on a mortgage of $75000 with a 6.2%
interest rate that runs 30 years? How much interest is paid over
the 30 years?

Consider a 30‐year mortgage on at $400,000 house that requires
monthly payments and has an interest rate (APR) of 8% per year. You
have $ 50,000 in cash that you can use as a down payment on the
house, but you need to borrow the rest of the purchase
price.
a) What will your monthly payments be if you sign up for this
mortgage?
b) Suppose you sell the house after 10 years. How much will you
need to pay...

Problem 37.8 The interest rate on a 30 year mortgage is 12%
compounded monthly. Lauren is repaying the mortgage by paying
monthly payments of 700. Additionally, to pay o the loan early,
Lauren has made additional payments of 1,000 at the end of each
year. Calculate the outstanding balance at the end of 10 years.
Answer should be: $45,435.32

A
$280000 mortgage has an interest rate of 12% compounded monthly.
The original amortization period was 10 years. After 5 years how
much of the principal is still outstanding in the mortgage?

Using the Mortgage Payment Formula, calculate a monthly mortgage
payment for a home with the price of $405,000 using pencil and
paper. Your down payment is 10% of your own money apart from the
loan. Calculate the total paid for your home after paying the
monthly payment for 30 years factoring in the rate of 2.990%. You
can use arithmetic. How much money will you pay in interest over 30
years? All Calculations must be shown.

ADVERTISEMENT

Get Answers For Free

Most questions answered within 1 hours.

ADVERTISEMENT

asked 21 minutes ago

asked 25 minutes ago

asked 29 minutes ago

asked 35 minutes ago

asked 38 minutes ago

asked 49 minutes ago

asked 1 hour ago

asked 1 hour ago

asked 1 hour ago

asked 1 hour ago

asked 1 hour ago

asked 1 hour ago