Question

A 25 year mortgage at 4.5% interest compounded monthly with a monthly payment of $258.96 has...

A 25 year mortgage at 4.5% interest compounded monthly with a monthly payment of $258.96 has an unpaid balance of $5,000 after 280 months. Find the unpaid balance after 281 months.

Business   Finance   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1
Month Opening balance Interest Principal Payment Unpaid balance
281 $              5,000 5000*4.5%/12 258.96 less interest 5000 less principal payment
281 $              5,000 $          18.75 $                240.21 $                           4,759.79
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
A family has a $98,663​, 30​-year mortgage at 6.3 % compounded monthly. Find the monthly payment....
A family has a $98,663​, 30​-year mortgage at 6.3 % compounded monthly. Find the monthly payment. Also find the unpaid balance after the following periods of time. ​(A) 10 years ​ (B) 20 years ​ (C) 25 years
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...
A 25-year, $420,000 mortgage at 3.90% compounded semi-annually is repaid with monthly payments. a. What is...
A 25-year, $420,000 mortgage at 3.90% compounded semi-annually is repaid with monthly payments. a. What is the size of the monthly payments? Round to the nearest cent. b. Find the balance of the mortgage at the end of 5 years? Round to the nearest cent. c. By how much did the amortization period shorten by if the monthly payments are increased by $125 at the end of year five? years months Express the answer in years and months, rounded to...
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
Find the monthly payment and estimate the remaining balance. Assume interest is on the unpaid balance....
Find the monthly payment and estimate the remaining balance. Assume interest is on the unpaid balance. Thirty​-year mortgage for ​$220,000 at 3.42​%; remaining balance after 12 years.
Find the monthly payment and estimate the remaining balance. Assume interest is on the unpaid balance....
Find the monthly payment and estimate the remaining balance. Assume interest is on the unpaid balance. Twenty-year mortgage for ​$250,000 at 3.66​%; remaining balance after 12 years.
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...
A young couple take out a 30-year home mortgage of $145,000.00 at 6.9% compounded monthly. They...
A young couple take out a 30-year home mortgage of $145,000.00 at 6.9% compounded monthly. They make their regular monthly payment for 7 years, then decide to up their monthly payment to $1,200.00. a) What is the regular monthly payment? $ b) What is the unpaid balance when they begin paying the accelerated monthly payment of $1,200.00? $ c) How many monthly payment of $1,200.00 will it take to pay off the loan? payments d) How much interest will this...
A. Julio has taken out a 25-year mortgage for $82,000.       The interest rate is 8.5%...
A. Julio has taken out a 25-year mortgage for $82,000.       The interest rate is 8.5% and the down payment is 20%.       Calculate the monthly payment. Purchase Price $82,000.00 Interest Rate 8.5% Length of Loan in Years 25 Down Payment Percent 20% Down Payment Amount Financed Units Factor 8.0528 Monthly Payment B. Complete the amortization schedule for the first three months of Julio’s mortgage. Month Monthly Payment Interest Portion Principal Portion Loan Balance ––––– ––––– ––––– ––––– 1 2...
A $200,000 mortgage at 6.6% compounded semiannually with a 25-year amortization requires monthly payments. The mortgage...
A $200,000 mortgage at 6.6% compounded semiannually with a 25-year amortization requires monthly payments. The mortgage allows the borrower to prepay up to 10% of the original principal once each year. How much will the amortization period be shortened if, on the first anniversary of the mortgage, the borrower makes (in addition to the regular payment) a prepayment of: a. $10,000? (Do not round the intermediate calculations.) The amortization period will be shortened by months. b. $20,000? (Do not round...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT