Question

You buy a $200,000 house and have a 20% down payment (hence the mortgage is for $160,000). A 15 year mortgage has a rate of 3.5% and 0 points. The monthly mortgage payment is $1,143.81.

How much (give the dollar amount) of the first month’s mortgage payment pays off principal on the mortgage? To answer, first compute how much of the first month’s payment is used to pay interest. Then, the remainder of the mortgage payment is used to pay down the principal. (You may find the Excel discussion of a mortgage amortization helpful for answering this question)

Enter your answer for the principal payment in the first month below to the nearest cent. Do NOT include a dollar sign in you answer.

Answer #1

We are given the following information:

Payment | PMT | 1143.81 |

Rate of interest | r | 3.50% |

Number of years | n | 15.00 |

Monthly Compounding | frequency | 12.00 |

Loan amount | PV | 160000.00 |

We need to solve the following equation to arrive at the interest portion of the first month:

So the interest portion is 466.67

Principal portion for first month = PMT - Interest

Principal portion for first month = **1143.81 -
466.67**

Principal portion for first month
**= 677.15**

You buy a $200,000 house and have a 20% down payment (hence the
mortgage is for $160,000). A 15 year mortgage has a rate of 3.5%
and 0 points. The monthly mortgage payment is $1,143.8 How much
(give the dollar amount) of the first month’s mortgage payment pays
off principal on the mortgage? To answer, first compute how much of
the first month’s payment is used to pay interest. Then, the
remainder of the mortgage payment is used to pay...

You buy a $120,000 house and have a 20% down payment (hence the
mortgage is for $96,000). A 30 year mortgage has a rate of 6.5% and
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Enter your answer below to the nearest cent. Do NOT include a
dollar sign in you answer.

You are about to buy a million dollar house with a 20 percent
down payment. The mortgage has 5 percent stated annual interest
rate, compounded monthly, and calls for equal monthly payments over
the next 30 years. The first payment is due one month from now.
What is your monthly mortgage payment?
I know the answer si 4294.57
but I am having trouble understanding the second part of the
question
The mortgage terms require that at the end of year...

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mortgage.
How much money are they putting down?
What is their monthly mortgage payment?
How much interest will they have paid in the first 10-years of
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How much principal will they have paid in the first 10-years of
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at the end of 10 years what is their remaining balance?

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You bought a house for 150,000. The bank required a
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PLEASE SHOW HOW YOU GOT EACH ANSWER:)

You decide to buy a house for a total of $242,973. To get a
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Enter your answer in dollars, rounded to the nearest cent.

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