Question

The balance of a mortgage loan after 60 months is $138,959. If the interest rate is 8.50% and the initial

amortisation period is spread over 25 years, what was the original amount of the mortgage loan?

Answer #1

60 months equals 5 years

Now, there are 25-5 = 20 years remaining for the loan

We first calculate the monthly installments

Using a financial calculator

PV = -138959

FV = 0

N = 240 (20years*12 months = 240 periods)

I/Y = 8.5/12

cpt PMT, we get PMT= 1205.92

Now, we calculate the original amount of the mortgage loan

Using a financial calculator

FV= 0

PMT = 1205.92

N = 300 (25years*12 months = 300periods)

I/Y = 8.5/12

cpt PV, we get PV = 149761.48

**Hence, original amount of the mortgage loan =
$149761.48**

What is the loan balance after 5 years on a conventional
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have been made.
A. $99,543
B. $93,735
C. $93,611
D. $83,581
E. $83,333

Assume the following information for a home mortgage: Original
loan amount = $250,000 Annual interest rate = 7.35% Term of loan =
10 years For year two, how much interest and principal was paid,
and what is the balance due at the end of year two? using financial
calculator.
answer:
$18,922.69 of principal; $16,453.43 of interest; balance due
$213,491.61

A borrower with a negative amortization adjustable
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the accrual rate is 6.5%. What will be the loan balance after
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(Show work with financial calculator strokes)

Calculate the mortgage balance after 10 years if the initial
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Provide steps, explanations & formulas used

The Mendez family is considering a mortgage loan of $348,000 at
an annual interest rate of 6.65%.
(a) How much greater is their mortgage payment if the term is 20
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(b) How much less is the amount of interest paid over the life
of the 20-year loan than over the life of the 30-year loan?

A borrower has a 30-year fully amortizing mortgage loan for
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principal?)

Sheridan Service has a line of credit loan with the bank. The
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and$4000.00 were made after five months and nine months
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compounded monthly?
The amount of the loan...

A borrower has a 30-year mortgage loan for $220,000 with an
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You decide to take out a mortgage to buy a home after
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What is the total amount of interest that is paid over the
course of the 30 years?

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
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Month
Monthly
Payment
Interest
Portion
Principal
Portion
Loan
Balance
–––––
–––––
–––––
–––––
1
2...

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