You currently have an existing mortgage with Bank of America: . Outstanding loan amount: $230,000 • Remaining term: 25 years . Interest rate: 5% • Monthly payment: $1,342 Citibank offers to refinance your current mortgage with the following loan terms: Loan amount: $230,000 . Term: 25 years . Interest rate: 4.3% • Monthly payment: $1,278 . Closing cost: 3% of loan amount The prepayment penalty is 3% of the outstanding loaamount, and the cost of refinancing is 5%. If you plan to keep the mortgage until the end, should you refinance now?

Q: A homeowner takes-out a loan in the amount of $600,000 for a term of 20 years at 6% APR, compounded…

A: Hello, as per our guidelines, I have solved the first question. Please repost the second question…

Q: Your existing mortgage with SunTrust is: - Outstanding loan amount: $230,000 • Remaining term: 10…

A: In the case of mortgage refinancing, the payback period is the period of time that is needed to…

Q: (a) Determine the number of rounded payments required to repay the mortgage. ​(b) Determine the size…

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

Q: If you want a 20-year, fixed mortgage loan of $500,000, with an annual interest rate of 3.25% APR…

A: The amortization schedule provides information to the borrower and the lender about the amount of…

Q: Case: A borrower received a 30-year ARM mortgage loan for $200,000. Rate caps are 3/2/6. The start…

A: (Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the…

Q: se PMT = to determine the regular payment amount, rounded to the nearest cent. The cost of a home is…

A: A. given,  PV=$150,000 T = 20 R = 3.5% N=12 PMT=PVRN1-1+RN-NT=1500003.5%121-1+3.5%12-12×20=$869.94…

Q: You purchase a cottage for $175,000. You obtain a 25-year, fixed-rate mortgage loan at 12.5% after…

A: A mortgage is a loan arrangement that allows a borrower to purchase a house or other real estate…

Q: A couple that borrows $300,000 at an APR of 4.8% compounded monthly on a 30- year mortgage has a…

A: Borrowed amount is $300,000 APR is 4.8% Compounded monthly Time period is 30 years Monthly amount is…

Q: Prepare an amortization schedule for the first 3 payments (in $) of a $68,000 mortgage at 5% for 20…

A: Loan amount = $68,000 Interest rate = 5% Time period = 20 years

Q: A $236,000 mortgage for 20 years for a new home is obtained at the rate of 5.5% compounded monthly.…

A: Loan amount (PV) = $ 236,000 Period = 20 Years Number of monthly payments(N) = 20*12 = 240 Annual…

Q: You entered into a mortgage agreement to borrow $100,000 at an interest rate of 3% and to be…

A: Given: Amount borrowed =$100000Interest rate =3%Term of loan  =30 years

Q: Consider a 15-year, 9% mortgage for $200,000 with annual payments that are structured in the…

A: Given: Years = 15 Interest rate = 9% Loan amount = $200,000

Q: You plan to purchase a $100,000 house using a 30 year mortgage obtained from your local credit…

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

Q: A couple purchase a home and sign a mortgage contract for $150000 to be paid monthly over 25 years.…

A: a. Calculate the monthly payment as follows: Monthly payment is $1,157.72

Q: A botanist secures a 30-year mortgage for $412,000 at an annual interest rate of 4.625% with 1.3…

A: APR is the annual percentage rate that is paid by the investor and charged by the loan granter.  The…

Q: You currently have an existing mortgage with Bank of America: Outstanding loan amount: $230,000 •…

A: It is always desirable to switch your mortgages to a lower rate of interest. A lower rate of…

Q: ABC mortgage is to obtain a facility amounting to $200000 to be repaid over a period of 20 years at…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: You buy a house for $1,200,000 using a 30-year mortgage.  The annual interest rate is 3%.  Payments…

A: Using excel PV function

Q: Michael Sanchez purchased a condominium for $94,000. He made a 20% down payment and financed the…

A: Price of Condominium = $94000 DownPayment = 94000*20% = 18800 Net Amount Financed = 94000-18800 = $…

Q: A$137,900 mortgage for 20 years for a new home is obtained at the rate of 6.8% compounded monthly…

A: Installment is the amount paid by the borrower to the lender in order to payback the loan in a…

Q: Use PMT= PA [-] financed with a 30-year fixed-rate mortgage at 8%. Complete parts (a) through (e)…

A: A mortgage is a loan on a property where the collateral is the property itself.

Q: Your current mortgage payment is $1,558.50 per month, with a balance of $217,800. Suppose you have a…

A: Mortgage is a loan contact used to buy capital assets such as houses. In Mortgages, title of asset…

Q: A botanist secures a 30-year mortgage for $513,000 at an annual interest rate of 4.275% with 1.5…

A: Answer: The First step involves the calculation of APR Payment amount, which is done by adding…

Q: A borrower has secured a 30 year, $131.000 loan at 8% with monthly payments. Fifteen years later,…

A: Loan Amount = $131,000 Time period = 30 Years  Interest rate = 8%

Q: Prepare an amortization schedule for the first 3 payments (in $) of a $62,000 mortgage at 5% for 30…

A: Amonrtization loan: This is a type of loan where the borrower would make equal periodic payments…

Q: You purchase a cottage for $175,000. You obtain a 30-year, fixed rate mortgage loan at 12.5% after…

A: Cost of the cottage is $175000 Down payment = 30%*$175000 = $52500 Loan = Cost – down payment =…

Q: Michael Sanchez purchased a condominium for $62,000. He made a 20% down payment and financed the…

A: Information Provided: Purchase price = $62,000 Down payment = 20% Term = 30 year Rate = 5%

Q: Use PMT = to determine the regular payment amount, rounded to the nearest dollar. The price of a…

A: Price of Home = 237,000 Down Payment = 20% Time Period = 30 years or 360 months Mortgage Rate = 8%…

Q: You are borrowing a loan from Sohar Bank of 14832 OMR at a compound annual Interest rate     of 1%.…

A: Formulas:

Q: You buy a house for $1,200,000 using a 30-year mortgage.  The annual interest rate is 3%.  Payments…

A: The equivalent annual cost is the periodic payment made towards the acquisition of an asset or…

Q: Blue Cays Marina has a 200,000 mortgage liability .this mortgage is payable in monthly installments…

A: Loan Amortization: The process of amortizing a fixed-rate loan into equal installments is known as…

Q: Use excel plz and show working You entered into a mortgage agreement to borrow $100,000 at an…

A: Information: a) The annual payments can be computed using PMT function in excel. b) The Principal…

Q: Julie Miller is borrowing $10,000 at a compound annual interest rate of 12%. Amortize the loan if…

A: Formulas:

Q: You purchase a cottage for $170,000. You obtain a 25-year, fixed rate mortgage loan at 11.0% after…

A: Hi there. Thank you for the question. Multiple questions are posted. As per company guidelines…

Q: A borrower has secured a 30 year, $131,000 loan at 8% with monthly payments. Fifteen years later,…

A: Loan Amount is $131,000 Time Period of Loan is 30 years Interest Rate is 8% Compounding Period is…

Q: A $154,600 mortgage for 15 years for a new home is obtained at the rate of 9.7​%compounded monthly.…

A: Laon amortization schedule means where repayment during the life of loan is written with interest.…

Q: Toyota S murang auto finance company is prepared to offer you a loan of $38,000 to buy a new Toyota…

A: Loan amount (L) = $38000 n = 7 years r = 12% Let A = Annual repayment

Q: Finance A borrower takes out a 30-year mortgage loan (with monthly payments) for $300,000 with an…

A: A discount point: A discount point is earned by paying 1% of the mortgage value. It typically…

Q: A$282,000 mortgage for 25 years for a new home is obtained at the rate of 6.5% compounded monthly…

A: Here multiple subparts have been asked and no subparts have been specified. So we will solve only…

Q: A borrower made a constant payment mortgage loan 8 years ago for $400,000 at 12 percent interest for…

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

Q: With a selling price $140,000, a 20% down payment, and interest at 10 1/2% for 25 years, calculate:…

A: Given information: Selling price of mortgage is $140,000 Down payment is 20% Interest rate is 10.5%…

Q: The cost of a home is financed with a $240,000, 30-year fixed-rate mortgage at 7%. The buyer will…

A: A loan amortization schedule is the schedule of repayment of a loan which includes the bifurcation…

Q: Assume that you have purchased a home and can qualify for a $300,000 loan. You have narrowed your…

A: Here, 1 Discount Point = 1% and hence, 3 Discount points = 3% of the loan amount

Q: You entered into a mortgage agreement to borrow $100,000 at an interest rate of 3% and to be…

A: Given: Amount borrowed=$100000Interest rate =3%Term of loan in year=30

Q: You are considering a loan with an annual rate of 8%. The mortgage is $130,000 with 180 monthly…

A: Payment Number Interest Payable Principal Payment Balance of Loan 1 ($130000.00*8%*1/12) ($1242.35…

Q: Michael Sanchez purchased a condominium for $91,000. He made a 20% down payment and financed the…

A: A mortgage loan is a loan in which a bank provides financial assistance to purchase a home or…

Q: You purchase a cottage for $185,000. You obtain a 30-year, fixed rate mortgage loan at 13.0% after…

A: The equivalent annual cost is the periodic payment made towards the acquisition of an asset or…

Q: A borrower has secured a 30 year, $154,000 loan at 7% with monthly payments. Fifteen years later,…

A: Return on investment  Return on investment is a performance metric used in evaluating the…