Complete the following table, which shows the monthly payments on a $100,000, 30-year mortgage at the interest rates shown. Use this information to answer the folowinanswers to the nearest cent.)Amount ofMortgage ($)InterestRate (%)MonthlyPayment ($)100,0003421.60100,0004100,000100,0006.100,0007.100,000733.76(a) What is the difference in monthly payments between a $100,000, 30-year mortgage secured at 7%/year and one secured at 3year?%24(b) Use the table to calculate the monthly mortgage payments on a $170,000 mortgage at 5/year over 30 years.24Use the table to calculate the monthly mortgage payments on a $50,000 mortgage at 5%/year over 30 years.Need Help?Read

The amount of money borrowed is a mortgage and the borrowed money repaid over the period of time…

Complete the following table, which shows the monthly payments on a $100,000, 30-year mortgage at the interest rates shown. Use this information to answer the folowin answers to the nearest cent.) Monthly Payment ($) Interest Amount of Mortgage ($) Rate (%) 100,000 3. 421.60 100,000 4 100,000 100,000 6. 100,000 733.76 100,000 (a) What is the difference in monthly payments between a $100,000, 30-year mortgage secured at 7%/year and one secured at 3%year? %24 (b) Use the table to calculate the monthly mortgage payments on a $170,000 mortgage at 5%/year over 30 years. Use the table to calculate the monthly mortgage payments on a $50,000 mortgage at 5%/year over 30 years.

Complete the following table, which shows the monthly payments on a $100,000, 30-year mortgage at the interest rates shown. Use this information to answer the folowin answers to the nearest cent.) Monthly Payment ($) Interest Amount of Mortgage ($) Rate (%) 100,000 3. 421.60 100,000 4 100,000 100,000 6. 100,000 733.76 100,000 (a) What is the difference in monthly payments between a $100,000, 30-year mortgage secured at 7%/year and one secured at 3%year? %24 (b) Use the table to calculate the monthly mortgage payments on a $170,000 mortgage at 5%/year over 30 years. Use the table to calculate the monthly mortgage payments on a $50,000 mortgage at 5%/year over 30 years.

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)

7th Edition

ISBN:9780357033609

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter5: Making Automobile And Housing Decisions

Section: Chapter Questions

Problem 7FPE

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Complete the following table, which shows the monthly payments on a $100,000, 30-year mortgage at the interest rates shown. Use this information to answer the following questions. (Round your answers to the nearest cent.) Amount ofMortgage ($) InterestRate (%) MonthlyPayment ($) 100,000 3 421.60 100,000 4 100,000 5 100,000 6 100,000 7 100,000 8 733.76 (a) What is the difference in monthly payments between a $100,000, 30-year mortgage secured at 7%/year and one secured at 3%/year? $ (b) Use the table to calculate the monthly mortgage payments on a $170,000 mortgage at 4%/year over 30 years. $ Use the table to calculate the monthly mortgage payments on a $40,000 mortgage at 4%/year over 30 years.
Using this table as needed, calculate the required information for the mortgage. (Round dollars to the nearest cent.) AmountFinanced InterestRate Termof Loan(years) Numberof $1,000sFinanced TableFactor(in $) MonthlyPayment(in $) TotalInterest(in $) $162,300 5.25% 15 ? $ ? $ ? $ ?
Based on Exhibit 7-8, what would be the monthly mortgage payments for each of the following situations? (Round mortgage payment factors and final answers to 2 decimal places. Omit the "$" sign in your response.) a) A $123,000, 15-year loan at 6.0 percent APR compounded semi - annually b) A $165, 000, 25- year loan at 7.5 percent APR compounded semi- annually c) A $68, 000, 20-year loan at 7.5 percent APR compounded semi - annually.
Using a spreadsheet program, create an amortization schedule for a 30-year mortgage of $500,000 at an annual interest rate of 4.24%. (a) In which month does the amount of principal in a monthly payment first exceed the amount of interest? _____ (b) How much interest is repaid for the term of the loan? (Round your answer to the nearest cent.) _____$ (c) If the loan amount was $750,000 instead of $500,000, would the month in which the amount of principal in a monthly payment first exceeded the amount of interest change?
Using this table as needed, calculate the required information for the mortgage. AmountFinanced InterestRate Termof Loan(years) Numberof $1,000sFinanced TableFactor(in $) MonthlyPayment(in $) TotalInterest(in $) $89,500 8.00% 30 $ $ $
A mortgage has the following terms: Amount: $750,000 Rate: 6.25% Amortization (Years): 30 Term (Years): 20 Please determine the following: What is the Monthly Payment? In preparing an Income Statement, what is the Interest Expense for years 1 – 5? What is the Principal Balance at the end of year 6? What is the value of the loan at the expiration? If rates remain constant (flat), what would the benefit be to refinance this loan after year 10? do all the questions 1-5 and show the formulas in excel and show how you got it
Using a spreadsheet program, create an amortization schedule for a 30-year mortgage of $500,000 at an annual interest rate of 4.24%. (a) In which month does the amount of principal in a monthly payment first exceed the amount of interest? (b) How much interest is repaid for the term of the loan? (Round your answer to the nearest cent.)
Suppose you borrow $250,000 PLAM (Price Level Adjusted Mortgage) for 30 years, monthly payments with $6,000 origination cost. The mortgage rate is 6% with annual outstanding balance adjustments based on the following inflation information in the chart attached.
Determine the monthly principal and interest payment for a 20-year mortgage when the amount financed is $255,000 and the annual percentage rate (APR) is 5.0%. Click here for table of Monthly Payments LOADING... The monthly principal and interest payment is $ Number of Years Rate % 10 15 20 25 30 4.0 $10.12451 $7.39688 $6.05980 $5.27837 $4.77415 4.5 $10.36384 $7.64993 $6.32649 $5.55832 $5.06685 5.0 $10.60555 $7.90794 $6.59956 $5.84590 $5.36822 5.5 $10.85263 $8.17083 $6.87887 $6.14087 $5.67789 6.0 $11.10205 $8.43857 $7.16431 $6.44301 $5.99551 6.5 $11.35480 $8.71107 $7.45573 $6.75207 $6.32068 7.0 $11.61085 $8.98828 $7.75299 $7.06779 $6.65302 7.5 $11.87018 $9.27012 $8.05593 $7.38991 $6.99215 8.0 $12.13276 $9.55652 $8.36440 $7.71816 $7.33765 8.5 $12.39857 $9.84740…
Complete the following amortization chart by using Table 15.1. (Round your answers to the nearest cent.) Selling price of home Down payment Principal (loan) Rate of interest Years Payment per $1,000 Monthly mortgage payment $180,000 $40,000 7.5 % 35
Consider the following pool of mortgages: •100 mortgages each with initial balance of $182449, interest rate 3.3%, issued for 30 years with monthly payments •80 mortgages each with initial balance of $114129, interest rate 3.2%, issued for 15 years with monthly payments What is the Weighted Average Maturity for this pool at origination? Express your answer in months rounded to 2 decimal points
If an adjustable-rate 30-year mortgage for $120,000 starts at 4.0 percent and increases to 5.5 percent, what is the amount of increase of the monthly payment? (Exhibit 9-9)