Question

In January 2020 you purchased a new apartment using a 30-year mortgage with 3.5% APR (compounded...

In January 2020 you purchased a new apartment using a 30-year mortgage with 3.5% APR (compounded monthly). Your monthly payment is $2517.16. How much did you borrow?

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
You take out a $550,000 30 year mortgage with monthly payments and an APR of 10%,...
You take out a $550,000 30 year mortgage with monthly payments and an APR of 10%, compounded monthly. How much of your 222nd mortgage payment is interest?
a bank is offering a 30-year mortgage with an APR of 6.20% based on monthly compounding....
a bank is offering a 30-year mortgage with an APR of 6.20% based on monthly compounding. if you plan to borrow 170,000$ , what will be your monthly payment ?
You are borrowing $200,000 on a 30 year, 12% apr, monthly payment, mortgage loan. How much...
You are borrowing $200,000 on a 30 year, 12% apr, monthly payment, mortgage loan. How much will be your principal repayment from your monthly mortgage payment at the end of the second month?(Make a table for the mortgage loan payment schedule) Can you explain how to get interest and principle repaid please
You are offered a 30-year fixed-rate mortgage on your dream home costing $350,000 at an APR...
You are offered a 30-year fixed-rate mortgage on your dream home costing $350,000 at an APR of 6% compounded monthly. You will make 360 monthly payments, but your first payment will not be due until Month 4 (Months 1-3 are part of a grace period where interest is still compounded but no payments are due). The final payment will therefore be due at the end of Month 363. a) What will be the value of your equal monthly payments (don't...
You want to borrow 500000 to buy a house. APR is 5% compounded daily. Your payment...
You want to borrow 500000 to buy a house. APR is 5% compounded daily. Your payment schedule is 30 years with equal monthly payments. Loan is fully paid when last payment is made. How much will be your monthly payment?
You have just purchased a home and taken out a $275,000 mortgage. The mortgage has a...
You have just purchased a home and taken out a $275,000 mortgage. The mortgage has a 25-year term with monthly payments and an APR of 3% compounding monthly. How much of your 288th payment will be interest and how much will go toward reducing your principal?
Juliet has a 10-year mortgage of $500,000 with an interest rate of 3.5% APR, compounded quarterly....
Juliet has a 10-year mortgage of $500,000 with an interest rate of 3.5% APR, compounded quarterly. Mortgage payments are made at the beginning of each month. What is the balance remaining on this mortgage after the 60th payment? PLEASE DO NOT GIVE THE INCORRECT ANSWER of Find first month rate as given rate is compounded quarterly (1 + r)^12 = (1 + 0.035/4)^4 r = (1 + 0.035/4)^(1/3) – 1 = 0.002908 = 0.2908% Set up the TVM parameters PV...
Oppenheimer Bank is offering a 30 year mortgage with an APR of 4.78% based on monthly...
Oppenheimer Bank is offering a 30 year mortgage with an APR of 4.78% based on monthly compounding. With this mortgage your monthly payment would be $1,986 every month, you can make half the payment every two weeks (so that you will make 52/2 =26 payment per year). With this plan, how long will it take to pay off the mortgage if the EAR of the loan is unchanged? The number of payments will be _____, which is approximately ____ years.
Riley takes out a 30-year mortgage for $200,000 with a 3.48% APR and with a monthly...
Riley takes out a 30-year mortgage for $200,000 with a 3.48% APR and with a monthly payment of $895.86. After 10 years, how much has Riley paid in total?
You borrow 410,000 to buy a home using a 30-year mortgage with an interest rate of...
You borrow 410,000 to buy a home using a 30-year mortgage with an interest rate of 3.75 percent and monthly payment. After making your monthly payments on time for exactly 6 years calculate your loan balance. Disregard property taxes and mortgage insurance.
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT