The balance on a mortgage was $41,000 and an interest rate of 3.75% compounded semi-annually was charged for the remaining 3-year term. Monthly payments were made to settle the mortgage. a. Calculate the size of the monthly payments.   Round up to the next whole number b. If the monthly payments were set at $1,306, how long would it take to pay off the mortgage? years   months Express the answer in years and months, rounded to the next payment period c. If the monthly payments were set at $1,306, calculate the size of the final payment.   Round to the nearest cent

Q: A mortgage of $550,000 is to be amortized by end-of-month payments over a 25- year period. The…

A: Total Mortgage = $550,000 Total duration = 25 year Interest rate = 8% compounded semiannually

Q: A mortgage of $27,728.00 is to be repaid by making payments of $1680.00 at the end of every three…

A: The series of payments discussed here is a form of annuity wherein an equal payment is made each…

Q: Use the table provided in the handbook. With a mortgage of $91,000 at 12% for 25 years, by what…

A: Solution: Mortgage amount = $91,000 Monthly interest rate = 12% / 12 = 1% Nos of monthly periods =…

Q: A $198,000 mortgage amortized by monthly payments over 20 years is renewable after five years.…

A: “Since you have posted a question with multiple sub-parts, we will solve first three subparts for…

Q: The monthly payments for the first three-year term of a $440,000 mortgage loan were based on a…

A: Loan amortization is the process of reimbursement of loan periodically by the borrower of the loan…

Q: A mortgage for a condominium had a principal balance of $47,400 that had to be amortized over the…

A: Given: Particulars Amount Mortgage $47,400 Years 6 Interest rate 3.42% Monthly payment…

Q: A 30-year mortgage requires payments of $5,455.84 at the end of each month. If interest is 3.23%…

A: Data given: PMT= $5455.84 Interest = 3.23%  (compounded semi-annually) n=30 year nper=30*2 = 60…

Q: The monthly payments for the first three-year term of a $440,000 mortgage loan were based on a…

A: given, p=$440,000 r=6.4% m=2 n=25

Q: A debt of $28,400 is repaid by payments of $2,980 made at the end of every six months. Interest is…

A: Since you have posted a question with multiple sub-parts, we will solve the first three subparts for…

Q: A mortgage for a condominium had a principal balance of $46,400 that had to be amortized over the…

A: Price of house   $                       46,400.00 Loan Amount  $                       46,400.00…

Q: alance on a mortgage was $48,200 and an interest rate of 4.50% compounded semi-annually was charged…

A: Loans are paid by the equal monthly payments that carry the payment for interest and payment for…

Q: Consider a home mortgage of $150,000 at a fixed APR of 6% for 25 years. a. Calculate the monthly…

A: Solution:- When an amount is borrowed, it can either be repaid as a lump sum payment or in…

Q: A $310,000 house in Hamilton was purchased with a down payment of 20.00% of its value and a 20 year…

A: Here, Purchase Price of the house is $310,000 Down Payment is 20% of Value i.e =$310,000×20%=$62,000…

Q: The balance on a mortgage was $43,000 and an interest rate of 4.25% compounded semi-annually was…

A: Monthly Payment: The amount that is due each month in order to pay off the loan within the allotted…

Q: A mortgage balance of $26,000 is to be repaid over a 12-year term by equal monthly payments at 4 9%…

A: Given Information: Mortgage balance is $26,000 Term is 12 years Interest rate is 4.9% semi-annually…

Q: A homeowner just obtained a 30-year (360-month) mortgage for $120,000. The mortgage has a fixed…

A: A mortgage, often known as a mortgage loan, is a contract between you (the borrower) and a mortgage…

Q: A $92,000 mortgage is to be amortized by making monthly payments for 25 years. Interest is 8.9%…

A: A mortgage is a real estate property loan provided by financial institutions to purchase a house or…

Q: For a 30-year house mortgage of $275,000 at 5.7% interest, find the following. (Round your final…

A: The monthly payments have 2 components. One that settles the interest obligation and the other that…

Q: A mortgage for a condominium had a principal balance of $41,400 that had to be amortized over the…

A: Time value of money concept is used for calculation of monthly instalments and calculation of number…

Q: A mortgage for a condominium had a principal balance of $45,300 that had to be amortized over the…

A: Given: Particulars Amount Mortgage $45,300 Years 7 Interest rate 3.32% Monthly payment…

Q: A mortgage balance of ​$ 29,000 is to be repaid over a ​10-year term by equal monthly payments at…

A: A) Formula to compute the fixed monthly payment to amortize the loan isP=L×i(1+i)n(1+i)n-1Effective…

Q: A $96,000 mortgage is to be amortized by making monthly payments for 20 years. Interest is 8.6%…

A: An amortized loan is one that has planned, monthly payments that are applied to both the interest…

Q: The monthly payments for the first three-year term of a $440,000 mortgage loan were based on a…

A: monthly payment (pmt) formula: pmt =p×rm1-1+rm-m×n where, p= loan maount r=rate m=frequemcy of…

Q: A mortgage of $192,000 is to be repaid by making payments of $1194 at the end of each month. If…

A: The term of the mortgage can be found using the NPER function in excel.

Q: a) What is the size of each quarterly payment? b) What is the outstanding principal at the end of…

A: Mortgage amortization refers to a schedule which is prepared to shows the periodic loan payments,…

Q: A loan, amortized over 15 years, is repaid by making payments of $1,900 at the end of every month.…

A: Principal payment refers to the amount of loan that is paid back by the borrower. The loan amount is…

Q: The interest rate for the first four years of an $92,000 mortgage loan is 8.6% compounded…

A: "Since you asked multiple questions, we will answer the first question for you as per guidelines.…

Q: you are taking a $100,000 mortgage loan for your business to be repaid over 5 years in equal…

A: Mortgage loan is the loan which is given by keeping something as collateral. This loan is for…

Q: A mortgage balance of $25,o00 is to be repaid over a 10-year term by equal monthly payments at 5.6%…

A: Here,

Q: A $560,000 townhome in Richmond Hill was purchased with a down payment of 20% of the amount. A…

A: A loan is a sort of debt that is taken on by an individual or another institution. The lender, which…

Q: Using a spreadsheet program, create an amortization schedule for a 30-year mortgage of $500,000 at…

A: Amortization Schedule is the schedule or table representing the loan repayment schedule. It includes…

Q: Using a spreadsheet program, create an amortization schedule for a 30-year mortgage of $500,000 at…

A: Amortised Schedule is the table showing the loan repayment schedule which contains the Installment…

Q: a. Calculate the size of the monthly payments. Round up to the next whole number b. If the monthly…

A: Information Provided: Loan amount = $40,100 Interest rate = 5.50% compounded semi-annually Years =…

Q: a. Calculate the size of the monthly payments. Round to the nearest cent b. Calculate the principal…

A: a) Calculate the amount of monthly payments as shown below: Resultant table Hence, the amount of…

Q: A person borrows $15,000 at an interest rate of 6%, compounded monthly, to be paid with payments of…

A: A concept through which it is studied that the current worth of money is higher than its future…

Q: A mortgage for a condominium had a principal balance of $42,600 that had to be amortized over the…

A: Given:

Q: The balance on a mortgage was $42,600 and an interest rate of 4.25% compounded semi-annually was…

A: Monthly payments is calculated by present value of annuity formula. In excel monthly payments is…

Q: A debt of $5600 is repaid in equal monthly instalments over three years. Interest is 7.3% compounded…

A: Installment is the amount of equal periodic payments a borrower has to make to its lender in order…

Q: A mortgage of $176,000 is to be repaid by making payments of $1010 at the end of each month. If…

A: A mortgage is defined as the kind of loan given to someone in exchange for something valuable. The…

Q: Suppose you take on a loan that is subject to an annual interest rate of 12%, with the interest rate…

A: present value=future value1+rate of interestfrequency of compoundingyear×frequency

Q: The monthly payments for the first three-year term of a $250,000 mortgage loan were based on a…

A: Installment is the periodic amount paid by the borrower to the lender in order to pay back the loan…

Q: A mortgage for a condominium had a principal balance of $48,400 that had to be amortized over the…

A: Monthly payment refers to the amount paid every month for a particular period of time up to the…

Q: A mortgage balance of $26,000 is to be repaid over a 12-year term by equal monthly payments at 4.9%…

A: Mortgage is a kind of loan which is provided by the lender to the borrower to purchase the real…

Q: rtgage for a condominium had a principal balance of $43,800 that had to be amortized over the…

A: The mortgage loans are paid equal amount fixed monthly payments and these payments carry the payment…

Q: what is the total amount of the loan?

A: The total amount of loan can be calculated using the present value formula. The present value of…

Q: The balance on a mortgage was $43,200 and an interest rate of 5.50% compounded semi-annually was…

A: EXCEL FORMULA:

Cost of Credit

The cost of credit is an extra amount that the borrower has to pay besides the loan amount. These credit charges may vary from loan to loan. The cost of credit includes interest charges, maintenance charges, and arrangement charges. Some of the costs are mandatorily collected by the lender based on the loan amount and tenure of the loan. The cost of credit is also called finance charges of the credit.