You have a mortgage for $489,000 with a 30 year term, 4.2% APR and payments of $2,391.27. How much interest do you pay the first month of your mortgage.How much goes towards principal(2 points)?  What is your loan balance after the first month’s payment is made?

Q: You can afford a $1050 per month mortgage payment. You've found a 30 year loan at 8% interest. a)…

A: a.

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: Consider the following loan: a 60-month, $45,000 car loan with a 12% APR, compounded monthly. Assume…

A: Loan repayment refers to reducing the liability of borrower by making payments to lender as agreed…

Q: You buy a house for $800,000.  It is a 20 Year mortgage where the payments are made quarterly and at…

A: Borrowings are the liability of the company which is used to finance the requirement of the funds.…

Q: You have just purchased a home and taken out a $500,000 mortgage. The mortgage has a 30-year term…

A: Calculation of Total Interest Paid and Total Principal Paid during the 20th year:The total interest…

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: You can afford a $1150 per month mortgage payment. You've found a 30 year loan at 7% interest. a)…

A: Monthly mortgage payment that the investor can afford is $1,150 and the loan duration is 30 years.…

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: Suppose one estimates that they can afford to repay £1200 a month for 25 years on a mortgage.…

A: Here, Monthly Payment is £1,200 Interest Rate (r) is 4.3% Compounding Period (m) is Monthly Time…

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: A borrower obtains a partially amortizing constant payment mortgage loan for $75,000 at 24 percent…

A: Balloon Payment  Under Balloon payment a large amount of sum is to be paid at the end of loan term…

Q: Bruno and Destri are looking into the possibility of a 40-year mortgage loan for $132,000 at an…

A: Amount of Loan =$ 132000 Years = 40 Interest Rate = 15.7% Monthly Payment = $1742.80 Interest Rate…

Q: You buy a house for $800,000.  It is a 20 Year mortgage where the payments are made monthly.  If the…

A: Amount of Loan = $800000 Years = 20 Terms(n1)=20*12 =240 Terms Remaining After 17 years = (20-17)*12…

Q: If you went to the bank for a 35 year, $180,000 mortgage at an interest rate of 7% compounding…

A: A borrower is required to pay the lender the interest and the original amount by paying regular…

Q: lan has a mortgage of $458,000 to be repaid by end of month payments with an interest rate at 4.16%…

A: A mortgage loan is a case of amortization loan, such loan is paid back in an equal periodic…

Q: You can afford a $1350 per month mortgage payment. You've found a 30 year loan at 8% interest.a) How…

A: Part a-c:Calculation of Size of Loan, Total Money to be Paid and Total Interest:a) The size of loan…

Q: What is the Monthly Payment? In preparing an Income Statement, what is the Interest Expense for…

A:

Q: You have just purchased a home and taken out a $500,000 mortgage. The mortgage has a 30-year term…

A: Calculation of Total Interest Paid and Total Principal Paid:The total interest paid is $29,832.97…

Q: What is the effective annual rate on the loan? (i.e., what is the interest rate once we take into…

A: Information Provided: Amount Borrowed = $400,000 Term = 30 years Fixed APR = 3.87%

Q: Your 30-year mortgage loan for 500 mil. is made at 4.8% p.a. which is to be paid by equal monthly…

A: Loan (mortgage) amortization schedule refers to a schedule which is prepared to shows the periodic…

Q: Suppose you take a 10-year mortgage for a house that costs $252,923. Assume the following: The…

A: mortgage amount =252923 Down payment =10% Down payment =25292.30 mortgage amount =252923-25292.30…

Q: If you borrow $500,000 to buy a house today, what is the amount of your monthly mortgage payment…

A: Journal entry: It is the duty of the accountant to record business economic and non-economic…

Q: Consider a 20-year mortgage for $182,892 at an annual interest rate of 5.3%. After 7 years, the…

A: Mortgage is an amount which is borrowed from external sources like a bank for a specific period.…

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: Consider a $180,000 15-year, fixed-rate mortgage with an annual interest rate of 7.40% and monthly…

A: The fixed-rate mortgage is also called a fixed-rate loan. The fixed-rate mortgage is the lending…

Q: You have just purchased a home by borrowing $400, 000 for 30-years at a fixed APR of 3.87%. The loan…

A: Answer.  APR means Annual periodic interest rate

Q: What is the total interest paid on a 30-year mortgage for $897,000 if it is charged 9% interest,…

A: Firstly calculate the monthly payment,  Using financial calculator, N (no. of periods)  = 30*12 =360…

Q: Suppose you make monthly mortgage payments of $1,345 and have 11 years left on the mortgage (next…

A: The present value is the value of the sum received at time 0 or the current period. It is the value…

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: Suppose that you are currently making monthly paymentson a $163,133.00 20-year mortgage at 3.84%…

A: PV is the current worth of cash flows that are expected to occur in the future.

Q: Consider a $100,000, 30-year, 6.2% mortgage with monthly payments. What portion of the payments…

A: Borrowings are the liability of the company which is used to finance the requirement of the funds.…

Q: A 30-year mortgage requires payments of $4,865.46 at the end of each month. If interest is 5.31%…

A: Present value = Annuity * PVAF ( Monthly rate, Number of months Interest Amount = Total Amount paid…

Q: You borrow $100,000 from a bank for 30 years at an APR of 10.5%. What is the monthly payment? If you…

A: "Hi, Thanks for the Question. Since you asked multiple questions, we will answer the first question…

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

A: Annual interest rate = 4.29% Monthly interest rate = 4.29%/12 = 0.3575% Loan = $500,000 Time = 30*12…

Q: a. What will be the monthly payment on a 30-year, $250,000 mortgage loan, where the interest rate is…

A: Calculation of Monthly Payment and Interest Paid on the Loan:Excel Spreadsheet:

Q: You can afford $1050 per month mortgage payment. You’ve found a 30 year loan at 6% interest. a) how…

A: Given information : Monthly payments = $1050 Time period = 30 years Interest rate = 6%

Q: What is the total interest paid on a 30-year mortgage for $235,000 if it is charged 6.9% interest,…

A: Working note:

Q: A 30-year mortgage for $175,000 is issued at a 6% nominal interest rate. (a) What is the monthly…

A: Mortgage is a long-term amortized loan which is discharged by making periodic payments, generally…

Q: You pay $993 at the beginning of each month for rent. Instead, you are going to purchase a house.…

A: The money he should borrow can be ascertained by computing the present value. Assuming that the…

Q: A 30 year mortgage for $100,000 has been issued. The interet rate is 10% and payments are made…

A: Mortgage Amount = $100,000 Interest rate = 10% Nominal interest rate = 12%  Inflation rates are 0%,…

Q: Calculate the monthly mortgage payments under the following conditions: $325,000 mortgage, 3.125%…

A: Here, Mortgage Amount is $325,000 Interest Rate is 3.125% Time Duration is 30 years

Q: You wish to borrow $500,000.00 for a home mortgage. The quoted interest is 11% compounded monthly…

A: The present value is the value of the sum received at time 0 or the current period. It is the value…

Q: You borrow $280,000 to buy a house. The mortgage rate is 4.5% and the loan period is 25 years.…

A: The series of payments discussed here is a form of annuity wherein an equal amount is paid every…

Q: What is the monthly payment on a 30 year, $250,000 mortgage, with an interest rate of 4%, compounded…

A: The concept of time value of money(TVM) is working on the purchasing power capacity of money which…

Q: Consider a 30-year, $115,000 fixed-rate mortgage with a nominal annual rate of 4.65 percent. All…

A: 1)-Amount of loan =$115000Number of monthly payments,n=30 years *12…

Q: You can afford a $1100 per month mortgage payment. You've found a 30 year loan at 8% interest. a)…

A: A. GIVEN, MONTHLY PAYMENT (A) = $1100 TERM OF LOAN (n) = 30 YEARS INTEREST (R)=8% FREQUENCY OF…