Question

A. Julio has taken out a 25-year mortgage for $82,000.       The interest rate is 8.5%...

A. Julio has taken out a 25-year mortgage for $82,000.
      The interest rate is 8.5% and the down payment is 20%.
      Calculate the monthly payment.
Purchase Price $82,000.00
Interest Rate 8.5%
Length of Loan in Years 25
Down Payment Percent 20%
Down Payment
Amount Financed
Units
Factor 8.0528
Monthly Payment
B. Complete the amortization schedule for the first three months of Julio’s mortgage.
Month Monthly
Payment		 Interest
Portion		 Principal
Portion		 Loan
Balance
––––– ––––– ––––– –––––
1
2
3
Business   Finance   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Calculate the loan amortization table as follows:

Formulas:

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
A. Martha Williams wants to buy a home priced at $112,500.       The interest rate is...
A. Martha Williams wants to buy a home priced at $112,500.       The interest rate is 9%, the down payment is 20%, and the       length of the loan is 15 years. Calculate the monthly       payment. Purchase Price $112,500.00 Interest Rate 9% Length of Loan in Years 15 Down Payment Percent 20% Down Payment Amount Financed Units Factor 10.1427 Monthly Payment B. Complete the amortization schedule for the first three months of the mortgage. Month Monthly Payment Interest Portion...
Suppose you have taken out a $200,000 fully amortizing fixed rate mortgage loan that has a...
Suppose you have taken out a $200,000 fully amortizing fixed rate mortgage loan that has a term of 15 years and an interest rate of 4.25%. In month two of the mortgage, how much of the monthly mortgage payment does the principal repayment portion consist of?
You plan to purchase a $130,000 house using a 15-year mortgage obtained from your local credit...
You plan to purchase a $130,000 house using a 15-year mortgage obtained from your local credit union. The mortgage rate offered to you is 5.25 percent. You will make a down payment of 20 percent of the purchase price. a. Calculate your monthly payments on this mortgage. (Do not round intermediate calculations. Round your answer to 2 decimal places. (e.g., 32.16)) Monthly payment $    b. Construct the amortization schedule for the first six payments. (Do not round intermediate calculations....
a borrower takes out a 30 year mortgage loan for $361,923 with an interest rate of...
a borrower takes out a 30 year mortgage loan for $361,923 with an interest rate of 6% and monthly payments. What portion (dollar amount) of the first months payment would be applied to interest
You take out standard 30-year mortgage with fixed monthly payments to purchase your house. The mortgage...
You take out standard 30-year mortgage with fixed monthly payments to purchase your house. The mortgage is for $250,000 with a nominal annual rate of 4.6% (Monthly compounding). Each month, you send in a check for $1,403.81, which is above the required payment, where the excess payment directly reduces the outstanding balance each month. What portion of your payments in months 25-36 go towards interest?
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?
Robert and Rebecca Richardson have just signed a 30-year, 4% fixed rate mortgage for $320,000 to...
Robert and Rebecca Richardson have just signed a 30-year, 4% fixed rate mortgage for $320,000 to buy their house. Find out this couple's monthly mortgage payment by preparing a loan amortization schedule for the Richardson’s for the first 2 months; find out how much of their payments applied to interest; and after 2 payments, how much of their principal will be reduced. (Please construct a loan amortization schedule and show your calculations).
David and Debi Davidson have just signed a 15-year, 3% fixed rate mortgage for $380,000 to...
David and Debi Davidson have just signed a 15-year, 3% fixed rate mortgage for $380,000 to buy their house. Find out this couple's monthly mortgage payment by preparing a loan amortization schedule for the Davidson’s for the first 2 months; find out how much of their payments applied to interest; and after 2 payments, how much of their principal will be reduced. (construct a loan amortization schedule and show your calculations).
David and Debi Davidson have just signed a 30-year, 4% fixed-rate mortgage for $360,000 to buy...
David and Debi Davidson have just signed a 30-year, 4% fixed-rate mortgage for $360,000 to buy their house.  Find out this couple's monthly mortgage payment by preparing a loan amortization schedule for the Davidson’s for the first 2 months; find out how much of their payments applied to interest; and after 2 payments, how much of their principal will be reduced. (Please construct a loan amortization schedule and show your calculations).
Your friend decides to purchase a home and takes a 15-year, $100,000 mortgage with a mortgage...
Your friend decides to purchase a home and takes a 15-year, $100,000 mortgage with a mortgage rate of 4.8%. Her monthly mortgage payment would be $780.4. Please fill in the blanks. Month Beginning balance of loan Monthly payment Monthly interest rate Amount applied to interest Amount applied to principal Ending balance of loan 1 $100,000 $780.4 a. b. c. d. 2 e. f. g. h. i. j.
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT