Question

Suppose that you are considering a conventional, fixed-rate 30-year mortgage loan for $100,000. The lender quotes an APR of 7.46%, compounded monthly; mortgage payments would be monthly, beginning one month after the closing on your home purchase. After 19 years of payments, what is the balance outstanding on your loan?

Answer #1

**$62,594.81** as follows:

Suppose that you are considering a conventional, fixed-rate
30-year mortgage loan for $100,000. The lender quotes an APR of
3.26%, compounded monthly; mortgage payments would be monthly,
beginning one month after the closing on your home purchase.
After 20 years of payments, what is the balance outstanding on
your loan?
Do not round at intermediate steps in your calculation. Round
your answer to the nearest penny. Do not type the $ symbol

Suppose that you are considering a conventional, fixed-rate 30-year
mortgage loan for $100,000. The lender quotes an APR of 6.13%,
compounded monthly; mortgage payments would be monthly, beginning
one month after the closing on your home purchase. After 13 years
of payments, what is the balance outstanding on your loan? Do not
round at intermediate steps in your calculation. Round your answer
to the nearest penny. Do not type the $ symbol.

You are a lender and have offered a borrower a $400,000 30-year
fixed-rate mortgage loan at 4.68% with monthly payments and fully
amortize. The loan does not have any origination fees, but does
have a 2% prepayment penalty during the loan's first 5 years. What
is the ANNUAL PERCENTAGE RATE (APR) of the loan that you as the
lender are required to disclose to the borrower at the time of
origination given the borrower anticipate they will prepay the loan...

You are purchasing a new home and need to borrow $325,000 from a
mortgage lender. The mortgage lender quotes you a rate of 6.5% APR
for a 30-year fixed-rate mortgage (with payments made at the end of
each month). The mortgage lender also tells you that if you are
willing to pay one point, they can offer you a lower rate of 6.25%
APR for a 30-year fixed rate mortgage. One point is equal to 1% of
the loan value....

What is the loan balance after 5 years on a conventional
fixed-rate 6.5% mortgage with the original maturity of 30 years and
initial balance of $100,000? Assume only required monthly payments
have been made.
A. $99,543
B. $93,735
C. $93,611
D. $83,581
E. $83,333

A 30 year fixed rate mortgage has monthly payments of $ 1,500
per month and a mortgage interest rate of 9 % per year compounded
monthly. If a buyer purchases a home with the cash proceeds of the
mortgage loan plus an additional 20 % down, what is the purchase
price of the home?

You are a lender and have offered a borrower a $400,000 30-year
fixed-rate mortgage loan at 4.68% with monthly payments and fully
amortize. The loan does not have any origination fees, but does
have a 2% prepayment penalty during the loan's first 5 years. What
would be the size of the prepayment penalty if the borrower repaid
all remaining principal after the 46th payment? Please indicate
your answer with two spaces right of the decimal.

You are seeking a fixed-rate mortgage of $750,000 with a term of
30 years. Your bank quotes
an APR of 12.0 percent, compounded monthly. You can only afford
monthly payments of
$7,500, so you offer to pay off any remaining loan balance at
the end of the loan term in the
form of a single balloon payment. What will be the amount of the
balloon payment? NOTE:
The balloon payment will include the last payment of $7,500.

You need a 30-year, fixed-rate mortgage to buy a new home for
$265,000. Your mortgage bank will lend you the money at an APR of
5.6 percent for this 360-month loan. However, you can only afford
monthly payments of $1,050, so you offer to pay off any remaining
loan balance at the end of the loan in the form of a single balloon
payment.
How large will this balloon payment have to be for you to keep
your monthly...

You need a 30-year,
fixed-rate mortgage to buy a new home for $230,000. Your mortgage
bank will lend you the money at a 7.6 percent APR for this
360-month loan. However, you can afford monthly payments of only
$800, so you offer to pay off any remaining loan balance at the end
of the loan in the form of a single balloon payment.
How large will this
balloon payment have to be for you to keep your monthly payments at...

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