Question

A young couple take out a 30-year home mortgage of $145,000.00 at 6.9% compounded monthly. They make their regular monthly payment for 7 years, then decide to up their monthly payment to $1,200.00.

a) What is the regular monthly payment? $

b) What is the unpaid balance when they begin paying the accelerated monthly payment of $1,200.00? $

c) How many monthly payment of $1,200.00 will it take to pay off the loan? payments d) How much interest will this couple save? $

Answer #1

**Formulas Used:-**

a) | Monthly Installment | =PMT(C3,C4,-C2) |

b) | Balance After 7 years (84 months) | =FV(C3,84,C6,-C2) |

c) | No of monthly Payment Required | =NPER(C3,1200,-C8) |

d) | Savings Of Interest | =(C6*(C4-84))-(1200*C10) |

**I hope my efforts will be fruitful to you.**

Clark and Lana take a 30-year home mortgage of $129,000 at 7.8%,
compounded monthly. They make their regular monthly payments for 5
years, then decide to pay $1400 per month.
(a) Find their regular monthly payment. (Round your answer to
the nearest cent.) the answer is $ 928.63
(b) Find the unpaid balance when they begin paying the $1400.
(Round your answer to the nearest cent.) the answer is $
122,411.73
(c) How many payments of $1400 will it take...

This problem is a complex financial problem that requires
several skills, perhaps some from previous sections.
Clark and Lana take a 30-year home mortgage of $127,000 at 7.8%,
compounded monthly. They make their regular monthly payments for 5
years, then decide to pay $1100 per month.
(a) Find their regular monthly payment. (Round your answer to
the nearest cent.)
$
(b) Find the unpaid balance when they begin paying the $1100.
(Round your answer to the nearest cent.)
$
(c)...

This problem is a complex financial problem that requires
several skills, perhaps some from previous sections.
Clark and Lana take a 30-year home mortgage of $129,000 at 7.2%,
compounded monthly. They make their regular monthly payments for 5
years, then decide to pay $1500 per month.
(a) Find their regular monthly payment. (Round your answer to
the nearest cent.)
$
(b) Find the unpaid balance when they begin paying the $1500.
(Round your answer to the nearest cent.)
$
(c)...

Adam Wilson just purchased a home and took out a $250,000
mortgage for 30 years at 8%, compounded monthly.
a. How much is Adam’s monthly mortgage payment?
b. How much sooner would Adam pay off his mortgage if he made an
additional $100 payment each month? The financial tables in
Appendix A are not sufficiently detailed to do parts (c) and
(d).
c. Assume Adam makes his normal mortgage payments and at the end
of five years, he refinances the...

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?

You take out a $25,000 30 years mortgage with monthly payments
and a rate of 3.5%, monthly compounded. What is your monthly
mortgage payment?
You take out a $25,000 30 years mortgage with monthly payments
and a rate of 3.5%, monthly compounded. What is the loan balance by
the end of year 15?
Calculate the future value at the end of year 4 of an
investment fund earning 7% annual interest and funded with the
following end-of-year deposits: $1,500 in...

A couple took out a $390,000.00 mortgage ten years ago. The
original terms called for 30 years of monthly payments at a 6.60%
APR. The couple has made all payments over the last 10 years.
Currently, the couple is considering re-financing their
mortgage.
The couple has been offered a chance to re-finance their
mortgage balance. The new mortgage will be for 30 years at the
lower rate of 4.92% APR with monthly compounding. The mortgage will
call for monthly payments....

You plan to take a 30-year mortgage in the amount of $800,000 to
buy a home. The bank charges 5.5% annual interest compounded
monthly. You are going to pay off this loan by fixed installments
(fixed total payment) to be made at the end of each month for
thirty years. How much is each installment payment? How much is the
total principal repayment after four months? How much is the total
interest payment after four months. Draw an amortization table...

A couple wishes to borrow money using the equity in their home
for collateral. A loan company will loan them up to 70% of their
equity. They puchased their home 13 years ago for $69 comma 691.
The home was financed by paying 15% down and signing a 30-year
mortgage at 8.4% on the unpaid balance. Equal monthly payments
were made to amortize the loan over the 30-year period. The net
market value of the house is now $100,000. After...

Problem 37.8 The interest rate on a 30 year mortgage is 12%
compounded monthly. Lauren is repaying the mortgage by paying
monthly payments of 700. Additionally, to pay o the loan early,
Lauren has made additional payments of 1,000 at the end of each
year. Calculate the outstanding balance at the end of 10 years.
Answer should be: $45,435.32

ADVERTISEMENT

Get Answers For Free

Most questions answered within 1 hours.

ADVERTISEMENT

asked 24 minutes ago

asked 24 minutes ago

asked 29 minutes ago

asked 37 minutes ago

asked 53 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