The number of years required to pay off the complete mortgage. Introduction: A mortgage may be a certificate of debt, secured by the collateral of the given property the receiver is obligated to pay back with a planned set of payments while not paying the whole price of acquisition up front. The receiver repays the loan and interest, till he eventually own the property.

Question

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Answer 1

Question

Chapter 5, Problem 21P

a)

Summary Introduction

To determine: The number of years required to pay off the complete mortgage.

Introduction:

A mortgage may be a certificate of debt, secured by the collateral of the given property the receiver is obligated to pay back with a planned set of payments while not paying the whole price of acquisition up front. The receiver repays the loan and interest, till he eventually own the property.

b)

Summary Introduction

To determine: The number of months required to pay off the complete mortgage.

Introduction:

A mortgage may be a certificate of debt, secured by the collateral of the given property the receiver is obligated to pay back with a planned set of payments while not paying the whole price of acquisition up front. The receiver repays the loan and interest, till he eventually own the property.

c)

Summary Introduction

To determine: Does the given strategy vary with rate of interest on loan.

Introduction:

A mortgage may be a certificate of debt, secured by the collateral of the given property the receiver is obligated to pay back with a planned set of payments while not paying the whole price of acquisition up front. The receiver repays the loan and interest, till he eventually owns the property.

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Students have asked these similar questions

You have just taken out a mortgage of $50,000 for 30 years, with monthly payments at 6% interest. The same day you close on the mortgage you receive a $25,000 gift from your parents to be applied to the mortgage principal. What amount of time will now be required to pay off the mortgage if you continue to make the original monthly payments? What is the amount of the last payment? (Assume any residual partial payment amount is added to the last payment.)

You borrow $333,000 to purchase a home. Your mortgage requires monthly payments over the next 23 years, with the first payment due one month from today. The annualized interest rate for the loan is4.2%. What will be your remaining loan balance immediately following payment #28? Hint: you do not need to create an amortization schedule to answer this question. Do not round intermediate steps. Enter your answer as a positive number, and round to the nearest penny.

You have decided to refinance your mortgage. You plan to borrow whatever is outstanding on your current mortgage. The current monthly payment is$1,850and you have made every payment on time. The original term of the mortgage was 30 years, and the mortgage is exactly four years and eight months old. You have just made your monthly payment. The mortgage interest rate is 6.375%(APR). How much do you owe on the mortgage today? (Note: Be careful not to round any intermediate steps less than six decimal places.)

Answer 2

Question

Chapter 5, Problem 21P

a)

Summary Introduction

To determine: The number of years required to pay off the complete mortgage.

Introduction:

A mortgage may be a certificate of debt, secured by the collateral of the given property the receiver is obligated to pay back with a planned set of payments while not paying the whole price of acquisition up front. The receiver repays the loan and interest, till he eventually own the property.

b)

Summary Introduction

To determine: The number of months required to pay off the complete mortgage.

Introduction:

A mortgage may be a certificate of debt, secured by the collateral of the given property the receiver is obligated to pay back with a planned set of payments while not paying the whole price of acquisition up front. The receiver repays the loan and interest, till he eventually own the property.

c)

Summary Introduction

To determine: Does the given strategy vary with rate of interest on loan.

Introduction:

A mortgage may be a certificate of debt, secured by the collateral of the given property the receiver is obligated to pay back with a planned set of payments while not paying the whole price of acquisition up front. The receiver repays the loan and interest, till he eventually owns the property.

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Answer 3

Question

Chapter 5, Problem 21P

a)

Summary Introduction

To determine: The number of years required to pay off the complete mortgage.

Introduction:

A mortgage may be a certificate of debt, secured by the collateral of the given property the receiver is obligated to pay back with a planned set of payments while not paying the whole price of acquisition up front. The receiver repays the loan and interest, till he eventually own the property.

b)

Summary Introduction

To determine: The number of months required to pay off the complete mortgage.

Introduction:

A mortgage may be a certificate of debt, secured by the collateral of the given property the receiver is obligated to pay back with a planned set of payments while not paying the whole price of acquisition up front. The receiver repays the loan and interest, till he eventually own the property.

c)

Summary Introduction

To determine: Does the given strategy vary with rate of interest on loan.

Introduction:

A mortgage may be a certificate of debt, secured by the collateral of the given property the receiver is obligated to pay back with a planned set of payments while not paying the whole price of acquisition up front. The receiver repays the loan and interest, till he eventually owns the property.

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Answer 4

Question

Chapter 5, Problem 21P

a)

Summary Introduction

To determine: The number of years required to pay off the complete mortgage.

Introduction:

A mortgage may be a certificate of debt, secured by the collateral of the given property the receiver is obligated to pay back with a planned set of payments while not paying the whole price of acquisition up front. The receiver repays the loan and interest, till he eventually own the property.

b)

Summary Introduction

To determine: The number of months required to pay off the complete mortgage.

Introduction:

A mortgage may be a certificate of debt, secured by the collateral of the given property the receiver is obligated to pay back with a planned set of payments while not paying the whole price of acquisition up front. The receiver repays the loan and interest, till he eventually own the property.

c)

Summary Introduction

To determine: Does the given strategy vary with rate of interest on loan.

Introduction:

A mortgage may be a certificate of debt, secured by the collateral of the given property the receiver is obligated to pay back with a planned set of payments while not paying the whole price of acquisition up front. The receiver repays the loan and interest, till he eventually owns the property.

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Answer 5

Chapter 5, Problem 21P

a)

Summary Introduction

To determine: The number of years required to pay off the complete mortgage.

Introduction:

A mortgage may be a certificate of debt, secured by the collateral of the given property the receiver is obligated to pay back with a planned set of payments while not paying the whole price of acquisition up front. The receiver repays the loan and interest, till he eventually own the property.

b)

Summary Introduction

To determine: The number of months required to pay off the complete mortgage.

Introduction:

A mortgage may be a certificate of debt, secured by the collateral of the given property the receiver is obligated to pay back with a planned set of payments while not paying the whole price of acquisition up front. The receiver repays the loan and interest, till he eventually own the property.

c)

Summary Introduction

To determine: Does the given strategy vary with rate of interest on loan.

Introduction:

A mortgage may be a certificate of debt, secured by the collateral of the given property the receiver is obligated to pay back with a planned set of payments while not paying the whole price of acquisition up front. The receiver repays the loan and interest, till he eventually owns the property.

Answer 6

Chapter 5, Problem 21P

a)

Summary Introduction

To determine: The number of years required to pay off the complete mortgage.

Introduction:

A mortgage may be a certificate of debt, secured by the collateral of the given property the receiver is obligated to pay back with a planned set of payments while not paying the whole price of acquisition up front. The receiver repays the loan and interest, till he eventually own the property.

Answer 7

Chapter 5, Problem 21P

a)

Summary Introduction

To determine: The number of years required to pay off the complete mortgage.

Introduction:

A mortgage may be a certificate of debt, secured by the collateral of the given property the receiver is obligated to pay back with a planned set of payments while not paying the whole price of acquisition up front. The receiver repays the loan and interest, till he eventually own the property.

Answer 8

b)

Summary Introduction

To determine: The number of months required to pay off the complete mortgage.

Introduction:

A mortgage may be a certificate of debt, secured by the collateral of the given property the receiver is obligated to pay back with a planned set of payments while not paying the whole price of acquisition up front. The receiver repays the loan and interest, till he eventually own the property.

Answer 9

b)

Summary Introduction

To determine: The number of months required to pay off the complete mortgage.

Introduction:

A mortgage may be a certificate of debt, secured by the collateral of the given property the receiver is obligated to pay back with a planned set of payments while not paying the whole price of acquisition up front. The receiver repays the loan and interest, till he eventually own the property.

Answer 10

c)

Summary Introduction

To determine: Does the given strategy vary with rate of interest on loan.

Introduction:

A mortgage may be a certificate of debt, secured by the collateral of the given property the receiver is obligated to pay back with a planned set of payments while not paying the whole price of acquisition up front. The receiver repays the loan and interest, till he eventually owns the property.

Answer 11

c)

Summary Introduction

To determine: Does the given strategy vary with rate of interest on loan.

Introduction:

A mortgage may be a certificate of debt, secured by the collateral of the given property the receiver is obligated to pay back with a planned set of payments while not paying the whole price of acquisition up front. The receiver repays the loan and interest, till he eventually owns the property.

Answer 12

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Answer 13

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Answer 14

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Answer 15

Ch. 5.1 - Prob. 1CC Ch. 5.1 - Prob. 2CC Ch. 5.2 - How can you compute the outstanding balance on a...Ch. 5.2 - What is an amortizing loan?Ch. 5.3 - What is the difference between a nominal and real...Ch. 5.3 - How do investors expectations of future short-term...Ch. 5.4 - Prob. 1CC Ch. 5.4 - How do taxes affect the interest earned on an...Ch. 5.5 - What is the opportunity cost of capital?Ch. 5.5 - Why do different interest rates exist, even in a...

Solution Summary: The author explains how Person X restricts the time for repayment of mortgage by one-third.

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