Determine the periodic payments on the given mortgage. HINT [See Example 5.] (Round your answer to the nearest cent.) a $1,000,000, 36-year, 5.1% mortgage with monthly payments $
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![Determine the periodic payments on the given mortgage. HINT [See Example 5.] (Round your answer to the nearest cent.)
a $1,000,000, 36-year, 5.1% mortgage with monthly payments
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- Calculating interest and APR of installment loan. Assuming that interest is the only finance charge, how much interest would be paid on a 5,000 installment loan to be repaid in 36 monthly installments of 166.10? What is the APR on this loan?Determine the periodic payments on the given mortgage. HINT [See Example 5.] (Round your answer to the nearest cent.) a $1,000,000, 33-year, 5.2% mortgage with monthly paymentsComplete 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.
- Determine the periodic payments on the given loan or mortgage. HINT [See Example 5.] (Round your answer to the nearest cent.) $4,000,000 borrowed at 5% for 30 years, with quarterly paymentsConsider a 30-year, traditional mortgage on a $220,000 property. With 30% down payment and a 3% APR. Mortgage payments are made monthly. What is the 216th payment? Note: Show your answer in units of dollars, use plain numbers with at least two digits after the decimal (e.g., for $12,345.67, type 12345.67).Based on Exhibit 7-8, what would be the monthly mortgage payments for each of the following situations? (Round mortgage payment factors and final answers to 2 decimal places. Omit the "$" 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.
- Solve the problem. If necessary, use the accompanying table of monthly payments. Round your answer to the nearest cent. Find the monthly payment needed to amortize principal and interest for the following fixed-rate mortgage. Mortgage amount: $73,500 Term of mortgage: 20 years Interest rate: 10.5%The following formula is used for figuring out a monthly home mortgage payment: 7(12t) r Lr1+ 12 M = 12t 12 1+ 12 -1 Where: L = the loan amount in dollars the annual interest rate expressed as decimal t = the number of years of the loan M= the monthly payment in dollars r = You are looking to buy a $275,599.00 home in Haverhill. If Bank of America will give them a 30-year mortgage at 6.75% annual interest rate for the cost of the house after they receive a 10% down payment. A. Determine the loan amount? B. How much their monthly payment will be? C. At the end of the 30-years, how much total money will you have paid to Bank of America for your home? In another word how much did the $275,599.00 house really cost the couple? D. How much interest will they have paid? E. How many of her monthly payment go toward the interest? F. What percent increase over the cost of the home does this interest represent? G. Redo and re-answer all questions, but this time for 15 years? Do analysis…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
- Find the total monthly payment, including taxes and insurance, for the given mortgage loan using the table. Calculator answers may be slightly different. (Round your answer to the nearest cent.) Amount Rate Time(Years) AnnualTaxes AnnualInsurance $183,000 5 1 2 % 15 $3000 $900Solve the problem. If necessary, use the table of monthly payments below. Round your answer to the nearest cent. Find the monthly payment needed to amortize principal and interest for the following fixed-rate mortgage. Mortgage amount: $177,000 Term of mortgage: 10 years Interest rate: 9%Consider a Sh. 124,000, 7.00%, 30-year, constant payment mortgage (CPM) with monthly payments. Required a) What is the required monthly payment on this mortgage?
