Question

How much will you pay into principal on a 7 3/8% (=7.375%), $160,000, 15 year mortgage...

How much will you pay into principal on a 7 3/8% (=7.375%), $160,000, 15 year mortgage in the final 2 years of the mortgage, assuming monthly compounding?

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
How much principal will you pay in the last three years of a 15-year, $250,000 mortgage...
How much principal will you pay in the last three years of a 15-year, $250,000 mortgage with an APR of 4.25%, assuming you make only the minimum monthly payments? A. $63,461.29 B. $65,111.38 C. $63,194.30 D. $56,456.19
How much principal would you pay during the 8th year of a 30-year, $580,000 loan at...
How much principal would you pay during the 8th year of a 30-year, $580,000 loan at 3.65% APR with monthly payments, assuming you made only the minimum monthly payments?
You have just purchased a home and taken out a $540,000 mortgage. The mortgage has a...
You have just purchased a home and taken out a $540,000 mortgage. The mortgage has a 30-year term with monthly payments and an APR 9with semi-annual compounding) of 7.04%. A. How much will you pay in interest, and how much will you pay in principal, during the first year ? B. How much will you pay in interest, and how much you in pay in principal, during the the Twentieth year (i.e. between 19 and 20 years from now) ?
Suppose you take out a 20-year, $300,000 mortgage at 7% and decide after 15 years to...
Suppose you take out a 20-year, $300,000 mortgage at 7% and decide after 15 years to pay off the mortgage. How much will you have to pay?
Consumer finance: Four years ago you bought a home using a 15-year mortgage. The mortgage had...
Consumer finance: Four years ago you bought a home using a 15-year mortgage. The mortgage had an interest rate of 6% (or 0.50% per month) and the original loan amount was $230,000. Your monthly payments (ignoring escrow payments) are $1,940.87. Today you have 132 monthly payments remaining. You got a bonus at work (or a gift or something) so in addition to you next monthly payment you will send in $6,000 to reduce the principal on the loan. A. What...
How much of the loan balance would you pay during the 12th year of a 15-year,...
How much of the loan balance would you pay during the 12th year of a 15-year, $180,000 loan at 2.65% APR with monthly payments, assuming you made only the minimum monthly payments?
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...
You buy a $200,000 house and have a 20% down payment (hence the mortgage is for...
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...
An underlying GNMA 15 year mortgage pool has a principal amount of $50 million and a...
An underlying GNMA 15 year mortgage pool has a principal amount of $50 million and a yield of 6% per annum (paid monthly). Assuming no prepayments: What is the first monthly payment on the Principal Only (PO) strip?
3. You take a $500,000 mortgage to buy a vacation home. The mortgage entails equal monthly...
3. You take a $500,000 mortgage to buy a vacation home. The mortgage entails equal monthly payments for 10 years, 120 payments in all, with the first payment in one month. The bank charges you an interest rate of 9.6% (APR with monthly compounding). a. How much of your first payment is interest, and how much is repayment of principal? b. What is the loan balance immediately after the 10th payment? (Calculate the loan balance using the annuity formula.) c....
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT