Question

When you purchased your house, you took out a 30-year annual-payment mortgage with an interest rate of 10% per year. The annual payment on the mortgage is $14,909. You have just made a payment and have now decided to pay the mortgage off by repaying the outstanding balance.

a. What is the payoff amount if you have lived in the house for 18 years (so there are 12 years left on the mortgage)?

b. What is the payoff amount if you have lived in the house for 19 years (so there are 11 years left on the mortgage)?

c. What is the payoff amount if you have lived in the house for 18 years (so there are 12 years left on the mortgage) and you decide to pay off the mortgage immediately before the 18th payment is due?

(If you could show me how to solve in Excel that would help. I am struggling with how to set up the spreadsheet to solve this equation.)

Answer #1

**Formulas will be as follows:**

**NOTE : Problem c can be solved by two
methods**

(in case of any further explanation please comment)

8.
When you purchased your house, you took out a 30-year
annual-payment mortgage with an interest rate of 10 % per year. The
annual payment on the mortgage is $ 10,918. You have just made a
payment and have now decided to pay the mortgage off by repaying
the outstanding balance.
a. What is the payoff amount if you have lived in the house for
10 years (so there are 20 years left on the mortgage)?
b. What is the...

When you purchased your? car, you took out a? five-year
annual-payment loan with an interest rate of 5.7% per year. The
annual payment on the car is $4,900.
You have just made a payment and have now decided to pay off the
loan by repaying the outstanding balance. What is the payoff amount
for the following? scenarios?
a.You have owned the car for one year? (so
there are four years left on the? loan)?
b. You have owned the car...

When you purchased your car, you took out a five-year
annual-payment loan with an interest rate of 5.9 % per year. The
annual payment on the car is $ 5,100. You have just made a payment
and have now decided to pay off the loan by repaying the
outstanding balance. What is the payoff amount for the following
scenarios? a. You have owned the car for one year (so there are
four years left on the loan)? b. You have...

When you purchased your car, you took out a five-year
annual-payment loan with an interest rate of 5.9% per year. The
annual payment on the car is $4,800. You have just made a payment
and have now decided to pay off the loan by repaying the
outstanding balance. What is the payoff amount for the following
scenarios? a. You have owned the car for one year (so there are
four years left on the loan)? b. You have owned the...

When you purchased your car, you took out a five-year
annual-payment loan with an interest rate of 5.9%per year. The
annual payment on the car is $4,700.
You have just made a payment and have now decided to pay off the
loan by repaying the outstanding balance. What is the payoff amount
for the following scenarios?
a.You have owned the car for one year (so there are four years
left on the loan)?
b. You have owned the car for...

When you purchased your car, you took out a five-year
annual-payment loan with an interest rate of 6.1 % per year. The
annual payment on the car is $ 5,100. You have just made a payment
and have now decided to pay off the loan by repaying the
outstanding balance. What is the payoff amount for the following
scenarios? a. You have owned the car for one year (so there are
four years left on the loan)? b. You have...

1. When you purchased your car, you took out a five-year
annual-payment loan with an interest rate of 6% per year. The
annual payment on the car is $5,000. You have just made a payment
and have now decided to pay off the loan by repaying the
outstanding balance. What is the payoff amount if have owned the
car for four years (so there is one year left on the loan)?
2.Suppose you receive $100 at the end of each...

2. Jerry and Katrina took out a 30-year, $360,000 mortgage on
their 2800-square-foot house. The mortgage rate is 0.4% per month
so their payments are $1888.80 per month. How much would they still
owe on their mortgage immediately after making their 220th monthly
payment?
3. Sue is planning to buy a house. She has been advised by her
financial planner that her monthly house payment (which includes
property taxes and insurance) should not exceed 30% of her
take-home pay. Currently,...

You have just sold your house for 900,000 in cash. Your mortgage
was originally a 30-year mortgage with monthly payments and an
initial balance of $750,000. The mortgage is currently exactly 18½
years old, and you have just made a payment. If the interest rate
on the mortgage is 7.75% (APR), how much cash will you have from
the sale once you pay off the mortgage? (Note: Be careful not to
round any intermediate steps less than six decimal places.)...

You have just sold your house for $1,000,000 in cash. Your
mortgage was originally a 30-year mortgage with monthly payments
and an initial balance of $800,000. The mortgage is currently
exactly 18½ years old, and you have just made a payment. If the
interest rate on the mortgage is 5.25% (APR), how much cash will
you have from the sale once you pay off the mortgage?
Sale
price
$
1,000,000
Initial balance
$
800,000
Number of years
30
Periods...

ADVERTISEMENT

Get Answers For Free

Most questions answered within 1 hours.

ADVERTISEMENT

asked 12 minutes ago

asked 22 minutes ago

asked 49 minutes ago

asked 1 hour ago

asked 1 hour ago

asked 1 hour ago

asked 1 hour ago

asked 1 hour ago

asked 2 hours ago

asked 2 hours ago

asked 2 hours ago

asked 2 hours ago