Question

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 |
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. |

Answer #1

**Solution**

W**orking**

You plan to purchase a $130,000 house using a 15-year mortgage
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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 8% per year compounded monthly for 4
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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
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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
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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 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 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 an APR of
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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
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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
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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...

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