Kenneth signed a fifteen-year 2.75% conventional mortgage for $385,600. What are his monthly PI payments? You must show the formulas with the values filled in
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Kenneth signed a fifteen-year 2.75% conventional mortgage for $385,600. What are his monthly PI payments? You must show the formulas with the values filled in
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- Kenneth signed a fifteen-year 2.75% conventional mortgage for $385,600. What are his monthly PI payments? You must show the formulas with the values filled in. Please round the answer.Paul obtains a 30-year loan at an annual 7.4% on a $250,000 house where the required down payment is 15% of the house value. What is Paul’s monthly mortgage payment (rounded to the nearest dollar)?Marcel Thiessen purchased a home for $209,300 and obtained a 15-year, fixed-rate mortgage at 10% after paying a down payment of 10%. Of the first month's mortgage payment, how much is interest and how much is applied to the principal? (Round your answer to the nearest cent.)
- Lucky took out a $289,000 25-year mortgage at an APR of 4.85%.a. What is the monthly payment?b. What will be his total interest charges after 25 years?Daniel and Jan agreed to pay $556,000 for a four-bedroom colonial home in Waltham, Massachusetts, with a $70,000 down payment. They have a 25-year mortgage at a fixed rate of 638638 %. (Use Table 15.1.) a. How much is their monthly payment? Note: Round your answer to the nearest cent. Monthly payment: b. After the first payment, what would be the balance of the principal? Note: Round your answers to the nearest cent. Payment number Portion to interest portion to principal Balance of loan outstanding 1 TABLE 15.1 Amortization table (mortgage principal and interest per $1,000) Rate Interest Only 10 Year 15 Year 20 Year 25 Year 30 Year 40 Year 2.000 0.16667 9.20135 6.43509 5.05883 4.23854 3.69619 3.02826 2.125 0.17708 9.25743 6.49281 5.11825 4.29966 3.75902 3.09444 2.250 0.18750 9.31374 6.55085 5.17808 4.36131 3.82246 3.16142 2.375 0.19792 9.37026 6.60921 5.23834 4.42348 3.88653 3.22921 2.500 0.20833 9.42699 6.66789 5.29903 4.48617 3.95121 3.29778 2.625…Mr. Yuson obtained a 20-year mortgage for PhP 2,200,000. If his monthly payment is PhP 18,500, how much is the total interest?
- Rob, a friend of yours, has recently purchased a home for $125,000, paying $25,000 down and the remainder financed by a 10.5% twenty-year mortgage , payable at $998.38 a month. At the end of the first month, Rob receives a statement from the bank indicating that only $123.38 of principle was paid during the month. At this rate, he calculates it will take over 67 years to pay off the mortgage. Is he right? Discuss.Greg borrows $881,000 to buy a house. His mortgage requireds 22 years of monthly payments, with the first payment due one month after the purchase date, and an annualized interest rate of 5.4%. If Greg decides to completely pay off the loan as soon as he makes payment #36, how much does he owe the bank? Assume he has made all payments on time leading up to this point. Enter your answer as a positive number, and round to the nearest dollar.Tom creates a 30-year mortgage of $150,000 with APR 5.6%, monthly paid. What is the percentage he pays for principal in the first month. Group of answer choices 86.68% 82.29% 13.32% 18.71
- Jamal and Leila have been approved for a $200,000 15-year mortgage with an APR of 5.5%. How much of their first monthly payment will go to interest? Round to the penny. Remember I=PRTJohn House has taken a 30-year, $250,000 mortgage on his house at an interest rate of 6% per year. What is the value of the mortgage after the payment of the fifth annual installment?Craig decides to purchase a property that has been valued at $480,000. He has $90,000 available as a deposit and will require a mortgage for the remaining amount. The bank offers him a 25 year mortgage at 2% interest. Calculate the total interest he will pay over the life of the loan, assuming he makes monthly payments.
