Question

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?

Answer #1

Answer 323.54

You take out a $325,000 thirty-year mortgage amortized loan. The
interest rate is 6% with monthly payments of $1948.54. What is the
principal portion of your first payment?

You take an amortized loan for $11,000. Your monthly payments
are $670. The loan has an annual interest rate of 11%, where the
interest is compounded monthly. When you make your first payment,
how much of your payment will go toward interest and how much will
go toward principal?

12. you are borrowing $1 million to buy your dream home, taking
a 30 -year mortgage at 6% per year and undertaking to make equal
monthly payments at the end of each month for 30 years to amortize
the loan. What is your monthly payment, interest portion of your
first payment and principal portion of your first payment?

.Q. You purchase a home for $275,000 with a 10% down payment.
You take out a 30-year mortgage loan at 4.35% interest. What is
your monthly principal and interest payment? Round to the
nearest 0.01.

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?

This morning, you took out a loan of $216,000 to purchase a
home. The interest rate on the 30-year mortgage is 3.75 percent and
you will make monthly payment. You have decided to make additional
monthly payment of $360 beginning with the first payment that will
occur one month from today. By how many years will you shorten the
length of time it will take you to pay off the loan?
Group of answer choices
11.69 years
8.11 years
13.24...

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

In order to finance emergency home repair, you take a simple
interest amortized loan of $35,000 at an interest rate of 8.25%. If
you make monthly payments for 6 years, how much total interest will
you pay?

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....

(Components of an annuity payment) You take out a 25-year
mortgage for $280 comma 000 to buy a new house. What will your
monthly payments be if the interest rate on your mortgage is 7
percent? Use a spreadsheet to calculate your answer. Now,
calculate the portion of the 108th monthly payment that goes toward
interest and principal. Use five decimal places for the monthly
interest rate in your calculations?

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