Sh41 Complete the first two months of an amortization schedule for the fixed-rate mortgage.Mortgage:$112,650Interest rate:3.75%Term of loan: 11 yearsComplete the first two payments of the amortization schedule below.(Do not round until the final answer. Then round to the nearest cent as needed.)TotalPrincipalPaymentPaymentPaymentNumber...InterestPaymentBalance of Principal

Amortization For loans with flat payments, a loan amortization schedule is a table that lists each…

Answered: Complete the first two months of an…

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter19: Lease And Intermediate-term Financing

Section: Chapter Questions

Problem 11P

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NEED FULLY CORRECT HANDWRITTEN SOLUTION FOR THIS...ASAP!!! A $180,000 mortgage amortized by monthly payments over 20 years is renewable after five years. (a) If interest is 5.02% compounded semi-annually, what is the size of each monthly payment? (b) Find the total interest paid during the first year. (c) Compute the interest included in the 35th payment. (d) If the mortgage is renewed after five years at 5.80% compounded semi-annually, what is the size of the monthly payment for the renewal period? (e) Construct a partial amortization schedule showing details of the first three payments for each of the two terms.
Complete the first month of the amortization schedule for a fixed-rate mortgage. Mortgage: $117,000 Interest rate: 8.0% Term of loan: 25 years Payment Number Total Payment Interest Payment Principal Payment Balance of Principal 1 (a) $nothing (b) $nothing (b) $nothing (d)
A borrower received a 30-year ARM mortgage loan for $200,000. Rate caps are 3/2/6. The start rate is 3.50% and the loan adjusts every 12 months for the life of the mortgage. The index used for this mortgage is MTA (for this exercise, 3.00% at the start of the loan, 4.45% at the end of the first year, and 4.50% at the end of the second year). The margin on the loan is 3.00%, which remains the same for the duration of the loan. 1. What is the initial rate (start rate) the borrower will pay during the first year? 2. What is the interest rate the borrower will pay after the first rate adjustment? (Hint: Remember to use the “stair step method” for determining the new interest rate.) 3. What is the fully indexed rate after the second year? 4. What is the maximum interest rate the borrower will pay during the 30-year term for this loan? 5. If the interest rate is at its maximum, what would the MTA index have to be to reach the maximum interest rate?
A borrower received a 30-year ARM mortgage loan for $200,000. Rate caps are 3/2/6. The start rate is 3.50% and the loan adjusts every 12 months for the life of the mortgage. The index used for this mortgage is MTA (for this exercise, 3.00% at the start of the loan, 4.45% at the end of the first year, and 4.50% at the end of the second year). The margin on the loan is 3.00%, which remains the same for the duration of the loan. What is the initial rate (start rate) the borrower will pay during the first year? What is the interest rate the borrower will pay after the first rate adjustment? (Hint: Remember to use the “stair step method” for determining the new interest rate.) What is the fully indexed rate after the second year? What is the maximum interest rate the borrower will pay during the 30-year term for this loan? If the interest rate is at its maximum, what would the MTA index have to be to reach the maximum interest rate? Instructions: Select Start Draft. Enter your…
A borrower received a 30-year ARM mortgage loan for $200,000. Rate caps are 3/2/6. The start rate is 3.50% and the loan adjusts every 12 months for the life of the mortgage. The index used for this mortgage is MTA (for this exercise, 3.00% at the start of the loan, 4.45% at the end of the first year, and 4.50% at the end of the second year). The margin on the loan is 3.00%, which remains the same for the duration of the loan. What is the initial rate (start rate) the borrower will pay during the first year?
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A $150,000 mortgage was amortized over 20 years by monthly repayments. The interest rate on the mortgage was fixed at 5.40% compounded semi-annually for the entire period. a. Calculate the size of the payments rounded up to the next $100. b. Using the payment from part a., calculate the size of the final payment

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