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PROBLEM#1 Home Mortgage. GIVEN:mortgage amount = $250,000 Interest Rate =7% Q1: What are annual payments to...

PROBLEM#1 Home Mortgage. GIVEN:mortgage amount = $250,000 Interest Rate =7%

Q1: What are annual payments to required to finance mortgage over 30 years?

Q2 What are the TOTAL payments.

Q3 : How much is the total interest paid?

Q4 :What are ANNUAL pmts for a 15 yr mortgage @ the same 7% rate ?

Q5 :What are total pmts for 15 yr mortgage ?

Q6 :What are savings of a 15 year mortgage vs a 30 year mortgage

Q7 :What is the future value of $3,000 set aside each year for 20 years with interest compounded annually at 10%

Q8 :What is the Interest Income for Q5?

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Answer #1

As per rules I will answer the first 4 sub parts of this question

PV 250000
Rate 7%
a Annual payments $20,146.60
b Total payments $604,398.03
c Interest $354,398.03
d Annual payments $27,448.66

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