Question

Suppose you have taken out a $200,000 fully amortizing fixed rate mortgage loan that has a...

Suppose you have taken out a $200,000 fully amortizing fixed rate mortgage loan that has a term of 15 years and an interest rate of 4.25%. In month two of the mortgage, how much of the monthly mortgage payment does the principal repayment portion consist of?

Business   Finance   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

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
Solve using excel: A. You have taken out a $225,000, 3/1 ARM. The initial rate of...
Solve using excel: A. You have taken out a $225,000, 3/1 ARM. The initial rate of 5.8% (annual) is locked in for 3 years and is expected to increase to 6.5% at the end of the lock period. Calculate the initial payment on the loan. (Note: the term on this 3/1 ARM is 30 years) 
 B. Given the following information, calculate the Effective Borrowing Cost (EBC). Loan amount: $175,000, Term: 30 years, Interest rate: 7 %, Payment: $1,164.28, Discount points:...
You took out a fully amortizing 30 year fixed rate $200,000 mortgage with 5% contract interest...
You took out a fully amortizing 30 year fixed rate $200,000 mortgage with 5% contract interest rate. After you completed two full years of payments, how much have you paid toward principal? please explain,
A borrower has a 30-year fully amortizing mortgage loan for $200,000 with an interest rate of...
A borrower has a 30-year fully amortizing mortgage loan for $200,000 with an interest rate of 6% and monthly payments. If she wants to pay off the loan after 8 years, what would be the outstanding balance on the loan? (I know the correct answer would be $175,545, but how to find the amount that goes in interest and principal?)
Ann gets a fully amortizing 30-year fixed rate mortgage with monthly payments. The initial balance is...
Ann gets a fully amortizing 30-year fixed rate mortgage with monthly payments. The initial balance is $1,000,000. The interest rate is 3.50%, compounded monthly. What will be Ann’s loan balance after her 240th payment (if Ann makes exactly the required monthly payment for 20 years)? Using your answer from abovr, what fraction of the 241st payment will go to principal (in percent)?
Ann gets a fully amortizing 30-year fixed rate mortgage with monthly payments. The initial balance is...
Ann gets a fully amortizing 30-year fixed rate mortgage with monthly payments. The initial balance is $1,000,000. The interest rate is 3.50%, compounded monthly. What will be Ann’s loan balance after her 240th payment (if Ann makes exactly the required monthly payment for 20 years)? Also, Using your answer from Q11, what fraction of the 241st payment will go to principal (in percent)?
you are applying for a $1,000,000 mortgage. If the interest rate on your 360-month fully amortizing,...
you are applying for a $1,000,000 mortgage. If the interest rate on your 360-month fully amortizing, fixed rate, level payment loan is 3% annual, what is the percentage increase in your monthly payment if the interest rate were 6% annual ?
You took out a fully amortizing 30 year mortgage with the initial balance of $681,016. This...
You took out a fully amortizing 30 year mortgage with the initial balance of $681,016. This mortgage has a fixed interest rate at 3%. After you completed two full years of monthly payments, how much have you paid toward principal? Round your answer to the nearest cent (e.g. if your answer is $7000.9873, enter 7000.99).
You took out a fully amortizing 30 year mortgage with the initial balance of $125,737. This...
You took out a fully amortizing 30 year mortgage with the initial balance of $125,737. This mortgage has a fixed interest rate at 1%. After you completed two full years of monthly payments, how much have you paid toward principal? Round your answer to the nearest cent (e.g. if your answer is $7000.9873, enter 7000.99).
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...
Ann obtains a fully amortizing 15 year Fixed Rate Mortgage with monthly payments for $4,500,000 at...
Ann obtains a fully amortizing 15 year Fixed Rate Mortgage with monthly payments for $4,500,000 at 4.38%. How much does Ann need to pay per month?
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT