Question

You   just   borrowed   $200,000   to   buy   a   house   amortized   over   a   period   of   25   years. &nb

You   just   borrowed   $200,000   to   buy   a   house   amortized   over   a   period   of   25   years.   You  
signed   a   5-year   mortgage   deal   with   your   bank   at   a   rate   of   0.75%   effective   monthly   rate.  
Your   monthly   payment   comes   out   to   $1,678.39.   How   much   of   your   20th payment   will  
go   towards   payment   of   interest?  
a) $1,427.25
b) $1,470.28
c) $1,471.25
d) $1,472.79
e) $1,473.67

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
A $200,000 mortgage was amortized over 25 years by monthly repayments. The interest rate on the...
A $200,000 mortgage was amortized over 25 years by monthly repayments. The interest rate on the mortgage was fixed at 4.30% compounded semi-annually for the entire period. a. Calculate the size of the payments rounded up to the next $100. Round up to the next 100 b. Using the payment from part a., calculate the size of the final payment. Round to the nearest cent
Assume you are looking to buy a house $200,000 with a 20-year mortgage at 12%, estimate...
Assume you are looking to buy a house $200,000 with a 20-year mortgage at 12%, estimate the monthly mortgage payment. How much money from the monthly payment goes towards equity in the first month? Second month?
you borrowed $500,000 to buy a house. The mortgage rate s 24% (APR, monthly). The loan...
you borrowed $500,000 to buy a house. The mortgage rate s 24% (APR, monthly). The loan is to be repaid in equal monthly payments over 30 years. 29 years has passed. How much you owe to the bank on your home (loan principal) since you have 1 year left from your mortgage? Assume that each month is equal to 1/12 of a year.
Juan has just borrowed $85,000 at 8.25% per annum over 30 years to buy a house....
Juan has just borrowed $85,000 at 8.25% per annum over 30 years to buy a house. What are his monthly payments? Suppose Juan wants to retire in 20 years and have his house paid off. How much will he have to add to his monthly payments to pay off the loan in 20 years?
Assume you are looking to buy a house $200,000 with a 20-year mortgage at 12%, estimate...
Assume you are looking to buy a house $200,000 with a 20-year mortgage at 12%, estimate the monthly mortgage payment and the equity portion of the payment for the first and the second months.
You just found the house of your dreams. The price of the house is $200,000. You...
You just found the house of your dreams. The price of the house is $200,000. You have been qualified to get a mortgage loan with AAA Bank. The mortgage loan is for 30 years at an annual interest rate of 12%z Part (A): How much are your monthly payments for the loan? Part (B): What is the balance of the mortgage loan after 3 years of payments? Part (C): After 3 years of payments, you want to add extra money...
You have just arranged for a $200,000 mortgage to finance the purchase of a house. The...
You have just arranged for a $200,000 mortgage to finance the purchase of a house. The mortgage has an 8 percent quoted rate, interest is compounded semi-annually and it calls for monthly payments for the next 20 years. What is the monthly payment?Please provide step-by-step instructions for solving the problem
Assume you are looking to buy a house $200,000 with a 20 year mortgage at 12%,...
Assume you are looking to buy a house $200,000 with a 20 year mortgage at 12%, estimate the monthly mortgage payment, first months interest, total amount to be repaid and the total interest. PLEASE SHOW HOW YOU GOT EACH ANSWER:)
This morning, you borrowed $162,000 to buy a house. The mortgage rate is 4.35 percent. The...
This morning, you borrowed $162,000 to buy a house. The mortgage rate is 4.35 percent. The loan is to be repaid in equal monthly payments over 20 years with the first payment due one month from today. Assume each month is equal to 1/12 of a year and all taxes and insurance premiums are paid separately. How much of the second payment applies to the principal balance? Please do not use excel $714.43 $721.14 $658.56 $743.38 $756.70
Queenie just bought a house that cost $1,600,000. She has saved up $200,000 for the closing...
Queenie just bought a house that cost $1,600,000. She has saved up $200,000 for the closing costs--such as legal fees—and the down payment. When she approaches the local bank, she was quoted the rate for a two-year mortgage at 4% (APR, semi-annual compounding), 25 years amortization. But there is one problem; she was told that her income satisfied the bank’s GDS and TDS requirements, but the bank can lend only up to 75% of the purchase price of the house...