Question

This morning, you borrowed $162,000 to buy a house. The mortgage rate is 4.35 percent. The loan is to be repaid in equal monthly payments over 20 years with the first payment due one month from today. Assume each month is equal to 1/12 of a year and all taxes and insurance premiums are paid separately. How much of the second payment applies to the principal balance?

Please do not use excel

$714.43 |

$721.14 |

$658.56 |

$743.38 |

$756.70 |

Answer #1

you borrowed $500,000 to buy a house. The mortgage rate s 24%
(APR, monthly). The loan is to be repaid in equal monthly payments
over 30 years. 29 years has passed. How much you owe to the bank on
your home (loan principal) since you have 1 year left from your
mortgage? Assume that each month is equal to 1/12 of a year.

You borrow $185,000 to buy a house. The mortgage interest rate
is 7.5 percent and the loan period is 30 years. Payments are made
monthly. What is your monthly mortgage payment?
$1,293.55
$953.70
$1,083.78
$1,153.70
$1,398.43

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....

I. A family buys a house worth $326,000. They pay $75,000
deposit and take a mortgage for the balance at J12=9% p.a. to be
amortized over 30 years with monthly payments.
Find the value of the mortgage on their house?
Find the value of the monthly payment?
Find the loan outstanding after making 20 payments?
Find the principal repaid in the 21st payment?

You borrow 410,000 to buy a home using a 30-year mortgage with
an interest rate of 3.75 percent and monthly payment. After making
your monthly payments on time for exactly 6 years calculate your
loan balance. Disregard property taxes and mortgage insurance.

You borrow $125,000 to buy a
house. Your mortgage rate is 6% per year (0.5% per month).
The term of the mortgage is 30 years and
you will have the same required payment every month. Ignore
taxes.
(i) What is your monthly mortgage
payment?
(ii) After 30 months of payments, what is
the remaining balance on your mortgage?
(iii) For the first 30 months you make the
required payment. Beginning in the 31st month you pay an extra $100
per...

1.)
You
want to buy a house in Hermosa Beach CA, but you can only afford to
make monthly payments of $7,100. The interest rate on mortgages
right now is 4.25% p.a. with monthly compounding (APR), fixed for
30 years, with monthly payments. You have $155,000 saved to use as
a downpayment. What is the most that you can afford to pay for a
house (ignoring closing costs, property taxes, etc..)?
Answer: $1,598,265.76
2.)
Under
the same assumptions described in...

John borrowed $125,000 to buy a house. His loan cost was 11% and
he promised to repay the loan in 15 equal annual payments. How much
principal is amortized with the first payment?
$17, 383
$13,750
$3,633
$121,367

17 years ago you borrowed $174134 to buy a house. The interest
rate quoted to you was 7.6 percent for 30 years with monthly
payments. Assuming you have made regular monthly payments up to
now, what is the amount (in $) you still owe on the loan today?

You are about to buy a million dollar house with a 20 percent
down payment. The mortgage has 5 percent stated annual interest
rate, compounded monthly, and calls for equal monthly payments over
the next 30 years. The first payment is due one month from now.
What is your monthly mortgage payment?
I know the answer si 4294.57
but I am having trouble understanding the second part of the
question
The mortgage terms require that at the end of year...

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