Uncle Sam has just taken out a 15 year fixed rate mortgage in the U.S. The amount of the note is $200,000 at 7% per annum. What is the amount of the monthly payment?
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Uncle Sam has just taken out a 15 year fixed rate mortgage in the U.S. The amount of the note is $200,000 at 7% per annum. What is the amount of the monthly payment?
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- Javier just bought a condominium in Collegetown, USA. His $100,000 mortgage is 6% compounded monthly, and Javier will make monthly payments on his loan for 30 years. In addition, property taxes and title insurance amount to $400 per month. If Javier qualifies for a 15-year mortgage having an APR of 5.8% compounded monthly, what will his monthly mortgage payment be (there will be 180 payments)?John House has taken a $150,000 mortgage on his house at an interest rate of 6% per year. If the mortgage calls for thirty equal annual payments, what is the amount of each payment?The Mendez family is considering a mortgage loan of 349,500$ at an annual interest rate of 6.6%. a) how much greater is their mortgage payment if the term is 20 years rather than 30 years? b) how much less is the amount of interest paid over the life of the 20 year loan than over the life of the 30 year loan?
- The Mendez family is considering a mortgage loan of $350,000 at an annual interest rate of 6.55%. (a) How much greater is their mortgage payment if the term is 20 years rather than 30 years?(b) How much less is the amount of interest paid over the life of the 20-year loan than over the life of the 30-year loan?Pedro, who deposited P500,000.00 today with a financial Institution M, agreed with the latter that Pedro’s money shall earn monthly compounded interest. If the prevailing interest rate of the Institution M is 8 % compounded yearly, how much will the value of his deposit be after 14 months?Ashley has just signed a 15-year, fixed-rate mortgage for $110,000 with a nominal annual rate of 5.5%. If Ashley chooses to pays an additional $88 with each monthly mortgage payment, how fast will the mortgage be paid off?
- Mr. Cama borrowed one million pesos from a bank to buy a house which he would pay in 15 years. How much is the monthly payment for this loan if 5% interest compounded annually is charged against the loan?A couple borrows 275000.00 for a mortgage that requires fixed monthly payments over 25 consecutive years. The first monthly payment is due in one month. If the interest rate on the mortgage is 4.00%, which of the following comes closest to the monthly payment?If you borrows $60,000 from the bank at 10% interest over the 7 years of the loan. • What equal annual payments must be made to discharge the loan, plus pay the bank its required rate of interest (round to the nearest dollar)? • How much of his first payment will be applied to Interest? To Principle? • How much of his second payment will be applied to Interest? To Principle?
- Your bank offers the Bradys a 30 year mortgage with a rate of 5%. At that rate, the monthly payments for principal and interest on the loan will be $5.37 for every $1,000 financed. What is the amount (in $) of the principal and interest portion of the Bradys' monthly payment? What is the total amount (in $) of interest that will be paid over the life of the loan? Your bank also requires that the monthly mortgage payments include property tax and homeowners insurance payments. If the property tax is $1,710 per year and the property insurance is $1,458 per year, what is the total monthly payment (in $) for PITI (principal, interest, taxes, and insurance)? What monthly income (in $) would be required to qualify for this size mortgage payment?You entered into a mortgage agreement to borrow $100,000 at an interest rate of 3% and to be returned in 30 years. You pay a constant amount at the end of each year, partly to cover the interest and the rest to pay back the principal. a) How much are you paying to the bank each year? b) At the end of 23 years, how much principal do you still owe the bank?You are offered a loan of US$180,000 by a bank for 20 years. What will the monthly payments for this loan if the interest rate is 5.5% per year?
