Question

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.

Homework Answers

Answer #1

Solution

Working

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
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....
Katie plans to purchase a new car. She decides to borrow $25,000 from her friend at...
Katie plans to purchase a new car. She decides to borrow $25,000 from her friend at 8% per year compounded monthly for 4 years. She plans to repay the loan with 48 equal monthly payments. How much is the monthly payment? How much interest is in the 23rd payment? What is the remaining balance immediately after she made her 37th payment? Later, she became able to pay off the loan at the end of the 30th month. She has not...
You plan to take a 30-year mortgage in the amount of $800,000 to buy a home....
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...
Consumer finance: Four years ago you bought a home using a 15-year mortgage. The mortgage had...
Consumer finance: Four years ago you bought a home using a 15-year mortgage. The mortgage had an interest rate of 6% (or 0.50% per month) and the original loan amount was $230,000. Your monthly payments (ignoring escrow payments) are $1,940.87. Today you have 132 monthly payments remaining. You got a bonus at work (or a gift or something) so in addition to you next monthly payment you will send in $6,000 to reduce the principal on the loan. A. What...
A mortgage is a loan used to purchase a home. It is usually paid back over...
A mortgage is a loan used to purchase a home. It is usually paid back over a period of 15, 20, or 30 years. The interest rate is determined by the term of the loan (the length of time to pay back the loan) and the credit rating of the person borrowing the money. Once a person signs the documents to borrow money for a home, they are presented with an amortization table or schedule for the mortgage that shows...
You take out a $325,000 thirty-year mortgage (amortized loan) when you purchase your home. The interest...
You take out a $325,000 thirty-year mortgage (amortized loan) when you purchase your home. The interest rate is 6%. You make monthly payments of $1948.54. What is the principal portion of your first payment?
Suppose that you are considering a conventional, fixed-rate 30-year mortgage loan for $100,000. The lender quotes...
Suppose that you are considering a conventional, fixed-rate 30-year mortgage loan for $100,000. The lender quotes an APR of 7.46%, compounded monthly; mortgage payments would be monthly, beginning one month after the closing on your home purchase. After 19 years of payments, what is the balance outstanding on your loan?
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....
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
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...