Question

Consider a 30-year mortgage with an interest rate of 10% compounded monthly and a monthly payment...

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

Math   Advanced-Math   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1


0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
1) Consider a $126,714 35-year mortgage with an interest rate of 8% compounded monthly. a) Calculate...
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...
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...
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%...
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...
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...
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...
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...
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
You take out a $550,000 30 year mortgage with monthly payments and an APR of 10%,...
You take out a $550,000 30 year mortgage with monthly payments and an APR of 10%, compounded monthly. How much of your 222nd mortgage payment is interest?
Mr. Mike wants to calculate a monthly mortgage payment. Assume that the interest rate is compounded...
Mr. Mike wants to calculate a monthly mortgage payment. Assume that the interest rate is compounded monthly. Prompt the user for a double representing the annual interest rate. Prompt the user for the number of years the mortgage will be held. ( typical input here is 10,15 or 30) Prompt the user for a number representing the mortgage amount borrowed from the bank. Write a Java Program that calculates the monthly mortgage payment. Output the summary of the mortgage problem...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT