To purchase a Hun and I took out a 25 year mortgage for 275000 that charges 4.25 interest and I want to know my monthly payments which formula do I use
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- Samuel Ames owes 20,000 to a friend. He wants to know how much he would have to pay if he paid the debt in 3 annual installments at the end of each year, which would include interest at 14%. Draw a time line for the problem. Indicate what table to use. Look up the table value and place it in a brief formula. Solve.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 inJake just got a $96000 mortgage in order to buy a new home, and he was able to get a 30 year loan at 5.5% interest. Answer the following questions about Jake's loan. (Round your answers to the nearest cent.) What is Jake's monthly payment? $nothing How will Jake pay in total over the lifetime of the loan? $nothing How much interest will Jake pay over the lifetime of the loan? $
- Eric and Mary bought a house 5 years ago. They took out a 30-year mortgage of $350,000 from Royal Bank at that time. The stated interest rate is 6.8% (APR). a. What is the monthly payment of the mortgage? b. What is the outstanding balance of this mortgage as of today? (Assume they have just made their monthly payment and the next payment is due in a month.) c. What is the interest portion of the 61th payment and what is the principal portion in that payment?Michael Sanchez purchased a condominium for $97,000. He made a 20% down payment and financed the balance with a 30 year, 5% fixed-rate mortgage. (Round your answers to the nearest cent. Use this table, if necessary.) (a) What is the amount (in $) of the monthly principal and interest portion, PI, of Michael's loan?Jeff purchased a house costing $200,000. He put 20% down and borrowed the balance negotiating a 4.20% conventional fixed-rate mortgage loan with a maturity of 15 years Approximately, how long would it take Jeff to repay one-half of the original loan principal balance if payments are made as agreed?
- 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.You plan to purchase an $80,000 house using a 15-year mortgage obtained from your local bank. The mortgage rate offered to you is 8.00 percent. You will make a down payment of 20 percent of the purchase price. a. Calculate your monthly payments on this mortgage.b. Calculate the amount of interest and, separately, principal paid in the 127th payment.c. Calculate the amount of interest and, separately, principal paid in the 159th payment.d. Calculate the amount of interest paid over the life of this mortgage.When Sara Jean purchased her house 12 years ago, she took out a 30-year mortgage for $220,000. The mortgage has a fixed interest rate of 6% compounded monthly. (a) Compute Sara Jean’s monthly mortgage payments. (b) If Sarah Jean wants to pay off her mortgage today, for how much should she write a check? She made her most recent mortgage payment earlier today.
- arnie and beth litner recently bought a house for $425,000. They put 10% down as a down payment and took out a 15-year fixed mortgage with monthly payments and an interest rate of 6.8%. 1)What is their monthly payment? 2) What proportion(%) of their mortgage payments made during the first five years will be applied to interest?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=PRTYour family recently bought a house. You have a $100,000, 30-year mortgage with a 6% nominal annual interest rate. Interest is compounded monthly and all payments are made at the end of the month. What is your monthly payment and how much of your first monthly payment will go toward the interest payment? a. $599.55 and $500.00 b. $450.00and $99.55 c. $277.78 and $77.78 d. $478.79and $400.00 e. $599.55 and $99.55 What is the principal balance outstanding after you make 10 th payment? a. $45,859.63 b. $79,045.03 c. $83,685.65 d. $98,981.70 e. $99,900.45
