Question

Alicia takes out a $96,000 mortgage for 30 years at 9.75%. After 4 years , she...

Alicia takes out a $96,000 mortgage for 30 years at 9.75%. After 4 years , she decides to refinance the remaining principal for another 30 years at 6.875%. What was her original monthly payment? What is her new mortgage payment?

Homework Answers

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
Riley takes out a 30-year mortgage for $200,000 with a 3.48% APR and with a monthly...
Riley takes out a 30-year mortgage for $200,000 with a 3.48% APR and with a monthly payment of $895.86. After 10 years, how much has Riley paid in total?
A couple took out a $390,000.00 mortgage ten years ago. The original terms called for 30...
A couple took out a $390,000.00 mortgage ten years ago. The original terms called for 30 years of monthly payments at a 6.60% APR. The couple has made all payments over the last 10 years. Currently, the couple is considering re-financing their mortgage. The couple has been offered a chance to re-finance their mortgage balance. The new mortgage will be for 30 years at the lower rate of 4.92% APR with monthly compounding. The mortgage will call for monthly payments....
Adam Wilson just purchased a home and took out a $250,000 mortgage for 30 years at...
Adam Wilson just purchased a home and took out a $250,000 mortgage for 30 years at 8%, compounded monthly. a. How much is Adam’s monthly mortgage payment? b. How much sooner would Adam pay off his mortgage if he made an additional $100 payment each month? The financial tables in Appendix A are not sufficiently detailed to do parts (c) and (d). c. Assume Adam makes his normal mortgage payments and at the end of five years, he refinances the...
Advanced Time Value of Money Problems Question 1 (mortgage problem) (Try to work this question WITHOUT...
Advanced Time Value of Money Problems Question 1 (mortgage problem) (Try to work this question WITHOUT using Excel,Please get the calculation in detail.) You purchase a house that costs $625,000 with an 8%, 30-year mortgage. You make a 20% down payment to avoid PMI insurance. What is your monthly payment? Amortize the first and second payments. What is the mortgage balance after 5 years? What percentage of the principal is paid off after 5 years? Suppose after 5 years you...
Dave takes out a 29-year mortgage of 240000 dollars for his new house. Dave gets an...
Dave takes out a 29-year mortgage of 240000 dollars for his new house. Dave gets an interest rate of 13.2 percent compounded monthly. He agrees to make equal monthly payments, the first coming in one month. After making the 65th payment, Dave wants to buy a boat, so he wants to refinance his house to reduce his monthly payment by 700 dollars, and to get a better interest rate. In particular, he negotiates a new rate of 7.2 percent compounded...
Jenn has a mortgage of 200 000$ that she repays over 20 years with payments at...
Jenn has a mortgage of 200 000$ that she repays over 20 years with payments at the end of each month at a nominal rate of 12% convertible monthly. After 10 years, she pays an amount of principal that reduces her monthly payments to 2000$ from the 11th year on. What amount did she pay back at time 10 on top of her normal monthly payment ?
Lucy has a mortgage of 100 000$ that she repays over 10 years with payments at...
Lucy has a mortgage of 100 000$ that she repays over 10 years with payments at the end of each month at a nominal rate of 6% convertible monthly. After 5 years, she repays an amount of principal that reduces her monthly payments to 1000$ from the 6th year on. What amount did she pay back at time 10 on top of her normal monthly payment?
Jenn has a mortgage of 200 000$ that she repays over 20 years with payments at...
Jenn has a mortgage of 200 000$ that she repays over 20 years with payments at the end of each month at a nominal rate of 12% convertible monthly. After 10 years, she pays an amount of principal that reduces her monthly payments to 2000$ from the 11th year on. What amount did she pay back at time 10 on top of her normal monthly payment ?
2. Jerry and Katrina took out a 30-year, $360,000 mortgage on their 2800-square-foot house. The mortgage...
2. Jerry and Katrina took out a 30-year, $360,000 mortgage on their 2800-square-foot house. The mortgage rate is 0.4% per month so their payments are $1888.80 per month. How much would they still owe on their mortgage immediately after making their 220th monthly payment? 3. Sue is planning to buy a house. She has been advised by her financial planner that her monthly house payment (which includes property taxes and insurance) should not exceed 30% of her take-home pay. Currently,...
2.   Suppose you have decided to buy a house. The mortgage is a 30-year mortgage with...
2.   Suppose you have decided to buy a house. The mortgage is a 30-year mortgage with an interest rate of 7%, compounded monthly. You borrow a total of $250,000. Given this, by the time you pay off the loan, how much in total (interest + principal) would the house cost you? (20 pts) 3.   How, reconsider the previous problem. Suppose you pay the mortgage according to those specifications (7% APR, monthly) for the first 10 years, but then you refinance...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT