Question

You take out a $550,000 30 year mortgage with monthly payments and an APR of 10%,...

  1. You take out a $550,000 30 year mortgage with monthly payments and an APR of 10%, compounded monthly. How much of your 222nd mortgage payment is interest?

Homework Answers

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
Exactly 18 years ago, you took out a $550,000 30-year mortgage with monthly payments and an...
Exactly 18 years ago, you took out a $550,000 30-year mortgage with monthly payments and an APR of 10% compounded monthly. You have just made your 216th payment. What is the outstanding balance on your loan?
You take out a $25,000 30 years mortgage with monthly payments and a rate of 3.5%,...
You take out a $25,000 30 years mortgage with monthly payments and a rate of 3.5%, monthly compounded. What is your monthly mortgage payment? You take out a $25,000 30 years mortgage with monthly payments and a rate of 3.5%, monthly compounded. What is the loan balance by the end of year 15? Calculate the future value at the end of year 4 of an investment fund earning 7% annual interest and funded with the following end-of-year deposits: $1,500 in...
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?
A young couple take out a 30-year home mortgage of $145,000.00 at 6.9% compounded monthly. They...
A young couple take out a 30-year home mortgage of $145,000.00 at 6.9% compounded monthly. They make their regular monthly payment for 7 years, then decide to up their monthly payment to $1,200.00. a) What is the regular monthly payment? $ b) What is the unpaid balance when they begin paying the accelerated monthly payment of $1,200.00? $ c) How many monthly payment of $1,200.00 will it take to pay off the loan? payments d) How much interest will this...
Riley takes out a 30-year mortgage for $200,000 with a 3.48% APR and with a monthly...
Riley takes out a 30-year mortgage for $200,000 with a 3.48% APR and with a monthly payment of $895.86. After 10 years, how much has Riley paid in total?
Q3) You are looking for a $550,000 mortgage loan for 10-year you would like to have...
Q3) You are looking for a $550,000 mortgage loan for 10-year you would like to have monthly payment. Your Bank told you that currently it's charging a quarterly effective rate of 4%. What is the APR rate? What is your monthly payment should be? How much interest would you have paid at the end of your 10-year mortgage loan?
You are offered a 30-year fixed-rate mortgage on your dream home costing $350,000 at an APR...
You are offered a 30-year fixed-rate mortgage on your dream home costing $350,000 at an APR of 6% compounded monthly. You will make 360 monthly payments, but your first payment will not be due until Month 4 (Months 1-3 are part of a grace period where interest is still compounded but no payments are due). The final payment will therefore be due at the end of Month 363. a) What will be the value of your equal monthly payments (don't...
Consider a 30‐year mortgage on at $400,000 house that requires monthly payments and has an interest...
Consider a 30‐year mortgage on at $400,000 house that requires monthly payments and has an interest rate (APR) of 8% per year. You have $ 50,000 in cash that you can use as a down payment on the house, but you need to borrow the rest of the purchase price.   a) What will your monthly payments be if you sign up for this mortgage? b) Suppose you sell the house after 10 years. How much will you need to pay...
you take out a $250000 30 year mortgage with monthly payments and a rate of 3.5%...
you take out a $250000 30 year mortgage with monthly payments and a rate of 3.5% montgky compounded.what is the loan balance by the end of the year 15
Oppenheimer Bank is offering a 30 year mortgage with an APR of 4.78% based on monthly...
Oppenheimer Bank is offering a 30 year mortgage with an APR of 4.78% based on monthly compounding. With this mortgage your monthly payment would be $1,986 every month, you can make half the payment every two weeks (so that you will make 52/2 =26 payment per year). With this plan, how long will it take to pay off the mortgage if the EAR of the loan is unchanged? The number of payments will be _____, which is approximately ____ years.
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT