Question

A $300,000.00 thirty year mortgage has a monthly payment of $1,798.65. Assuming a mortgage rate of...

A $300,000.00 thirty year mortgage has a monthly payment of $1,798.65. Assuming a mortgage rate of 6% APR, how much interest is due on the first mortgage payment?

a.

$1,800.00
b.

$1,500.00
c.

$1,700.00
d.

$1,562.50
Business   Finance   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Answer B

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
You take out a $325,000 thirty-year mortgage amortized loan. The interest rate is 6% with monthly...
You take out a $325,000 thirty-year mortgage amortized loan. The interest rate is 6% with monthly payments of $1948.54. What is the principal portion of your first payment?
Consider a 30-year mortgage with an interest rate of 10% compounded monthly and a monthly payment...
Consider a 30-year mortgage with an interest rate of 10% compounded monthly and a monthly payment of $850. Cannot use excel must be equation based . If principal is 96,858.20 than....How much of the principal is paid the first, 5th, 20th and last year
How much of the first monthly payment of a 30 year $250,000 mortgage with a 5%...
How much of the first monthly payment of a 30 year $250,000 mortgage with a 5% APR is applied to principal?
1) Consider a $126,714 35-year mortgage with an interest rate of 8% compounded monthly. a) Calculate...
1) Consider a $126,714 35-year mortgage with an interest rate of 8% compounded monthly. a) Calculate the monthly payment. b) How much of the principal is paid the first, 25th, and last year? c) How much interest is paid the first, 25th, and last year? d) What is the total amount of money paid during the 35 years? e)What is the total amount of interest paid during the 35 years? f) What is the unpaid balance after 25 years? g)How...
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...
Find the monthly mortgage payment on a loan of $160,000, assuming a 30-year loan at 4.71%....
Find the monthly mortgage payment on a loan of $160,000, assuming a 30-year loan at 4.71%. (10 points) Assuming that all payments are made as scheduled, with none missed and no extra payments, how much total interest will be paid over the life of this loan? (10 points) Show your work.
1. Calculate the monthly payment for a 30-year fixed rate mortgage of $500,000 with 6% mortgage...
1. Calculate the monthly payment for a 30-year fixed rate mortgage of $500,000 with 6% mortgage rate and a balloon payment of $300,000 at maturity. 2. Assume we have a $2 million 10 year mortgage with annual payments beginning in exactly one year; the interest rate is 8%. Determine the annual mortgage payment under the following assumptions. In each case verify your calculation by giving the relation between the pay rate and the accrual rate. A) Loan is fully amortizing...
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
3. You take a $500,000 mortgage to buy a vacation home. The mortgage entails equal monthly...
3. You take a $500,000 mortgage to buy a vacation home. The mortgage entails equal monthly payments for 10 years, 120 payments in all, with the first payment in one month. The bank charges you an interest rate of 9.6% (APR with monthly compounding). a. How much of your first payment is interest, and how much is repayment of principal? b. What is the loan balance immediately after the 10th payment? (Calculate the loan balance using the annuity formula.) c....
Using the Mortgage Payment Formula, calculate a monthly mortgage payment for a home with the price...
Using the Mortgage Payment Formula, calculate a monthly mortgage payment for a home with the price of $405,000 using pencil and paper. Your down payment is 10% of your own money apart from the loan. Calculate the total paid for your home after paying the monthly payment for 15 years factoring in the rate of 2.500% and APR of 2.556%. You can use arithmetic. How much money will you pay in interest over 15 years? All Calculations must be shown.
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT