Question

Exactly 8 years ago, Sam bought a house which required him to take out a loan of $375,000. The loan had a life of 30 years with required monthly payments and the nominal annual interest rate on the loan was 6.45%. Assuming that Sam added $250 to all of the required monthly payments, what is the current (immediately after he made his 96th payment of required amount plus $250) payoff on Sam’s loan?

Answer #1

Required monthly payments = $2357.94

Payments he made = $250 + $2357.94 = $2607.94

Future value of $2607.94 each month immediately after 96th payment
=

Future value of $375000 immediately after 96th payment =

current (immediately after he made his 96th payment of required
amount plus $250) payoff on Sam’s loan =

= $627374.8602 - $326538.1671 = **$300,836.6931**

Please do rate me and mention doubts, if any, in the comments section.

Eighteen years ago, George Jetson borrowed $525,000 to buy a
house in California. The interest rate on his 30 year, monthly
payment loan, was 6.375% p.a. Assuming that George made all of his
required monthly payments on time, what is the payoff on his loan
immediately after he made his most recent payment (i.e., payment
number 216)?

A house that was bought 8 years ago for $150,000 is now worth
$300,000. Originally,the house was purchased by paying 20% down
with the rest financed through a 25-year mortage at 10.5%. The
owner (after making 96 equal monthly payments) is in need of cash,
and would like to refinance the house. The finance company is
willing to loan 80% of the new value of the house amortized over 25
years with the same interest rate. How much cash will...

Your family purchased a house three years ago. When you bought the
house you financed it with a $185,000 mortgage with an 8.2 percent
nominal interest rate, with monthly payments. The mortgage was for
15 yearsWhat is the remaining balance on your mortgage today?
What the PV of an ordinary annuity with 10 payments of
\$66,450 If the appropriate Interest rate is 74 percent?

Jason bought a house ten years ago. His payments are $700 per
month and the APR on the loan is 6% and the original term was 30
years. With 20 years remaining now, what is the principal component
of the next payment (121st payment)?

Exactly 18 years ago, you took out a $550,000 30-year mortgage
with monthly payments and
an APR of 10% compounded monthly. You have just made your 216th
payment. What is the
outstanding balance on your loan?

An engineer bought a house four years ago for $70,000. She paid
cash equal to 10% of the purchase price as the down payment. The
rest she financed with two loans. One is a company subsidized loan
of 12% for $20,000, with equal monthly payments for 20 years. The
other loan (for the remainder of the money needed) was provided by
a local bank, with an interest rate of 15%, also payable over 20
years, with uniform monthly payments.
What...

You have been living in the house you bought 7 years ago for
$300,000. At that time, you took out a loan for 80% of the house at
a fixed rate 15-year loan at an annual stated rate of 7.5%. You
have just paid off the 84th monthly payment. Interest rates have
meanwhile dropped steadily to 5.0% per year, and you think it is
finally time to refinance the remaining balance over the residual
loan life. But there is a...

Emile bought a car for $27,000 three years ago. The loan had a 5
year term at 6% interest rate, and Emile has been making monthly
payments for three years. How much does he still owe on the
car?
(Hint: first you will need to figure out the monthly
payment on the 5 year loan.)

You bought a house for 150,000. The bank required a
20% down payment and gave you a 30-year mortgage loan for the
remainder. Assume an annual interest rate of 3.5% and a
monthly repayment schedule. What is your monthly
payment? After 18 years of payments, how much do you
still owe?

28- You bought a house 2 years ago. To finance the purchase,
you took out a mortgage for $775,000. The interest rate on the
mortgage is 8%
and the amortization period is 25 years. You chose to make
26
payments per year and each payment is
$2,725.15.
Your last payment was yesterday. How much principal remains
owing today?

ADVERTISEMENT

Get Answers For Free

Most questions answered within 1 hours.

ADVERTISEMENT

asked 2 minutes ago

asked 13 minutes ago

asked 14 minutes ago

asked 26 minutes ago

asked 43 minutes ago

asked 45 minutes ago

asked 1 hour ago

asked 1 hour ago

asked 1 hour ago

asked 1 hour ago

asked 1 hour ago

asked 1 hour ago