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Problem 5
A couple has a $129,000, 20-year mortgage at 7.2% compounded monthly.
(a) Find the monthly payment.
(b) Find the total interest paid
Please give full solution
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- Question 11 Find the monthly house payment necessary to amortize the following loan. In order to purchase a home, a family borrows $70,000 at 12% for 15 years. What is the monthly payment? $840.12QUESTION 1 Afamily planning to buy a house can afford a monthly payment of $1650.00. What is the maximum amount of 20 year-long mortgage they can afford taking, given that the bank charges 3.75% per year compounded monthly? Attach File Browse Local FilesQuestion 10: How much can I borrow for the purchase of my first home if I can afford to make monthly payments of $1,000, and the annual interest rate is 4.8 percent on a 30-year mortgage?
- Question 5 of 6 Leah received a 25 year loan of $285,000 to purchase a house. The interest rate on the loan was 3.30% compounded semi-annually. a. What is the size of the monthly loan payment? $0.00 Round to the nearest cent b. What is the balance of the loan at the end of year 2? Open with $0.00 Round to the nearest cent o years c. By how much will the amortization period shorten if Leah makes an extra payment of $30,000 at the end of year 2? 0 monthsQUESTION 2 Ann wants to buy an office building which costs $2,000,000. She obtains a 30 year, Interest Only fixed rate mortgage at 80% LTV, at an annual interest rate of 5%, with monthly compounding and monthly payments. How much is Ann's monthly payment? A. $8,333.33 OB. $10,736.43 OC. $6,666.67 D. $8,589.15Question 1 A family has a 30-year $880, 000 mortgage at 8% compounded monthly. (1) Find the monthly payment and the total interest paid (2) After 10 years, suppose the family decides to add an extra $150 to its mortgage payment each month. How long will it take the family to pay off the remain mortgage? (3) How much interest will the family save?
- Jason is buying a home with a $150,000 mortgage using a 6 percent, 15-year loan. How much of the first month's payment will go towards interest? Group of answer choices a. $9,000 b. $900 c. $750 d. $515Home Mortgage A couple wants to buy a house andcan afford to pay $1600 per month.a. If they can get a loan for 30 years with interest at 9%per year on the unpaid balance and make monthlypayments, how much can they pay for a house?b. What is the total amount paid over the life of theloan?c. What is the total interest paid on the loan?Question 5 of 6 Stephen received a 30 year loan of $225,000 to purchase a house. The interest rate on the loan was 4.10% compounded semi-annually. a. What is the size of the monthly loan payment? Round to the nearest cent b. What is the balance of the loan at the end of year 3? Round to the nearest cent $0.00 0 years $0.00 c. By how much will the amortization period shorten if Stephen makes an extra payment of $30,000 at the end of year 3? 0 months
- please use ba II when able A homeowner has five years of monthly payments of $1,100 before she has paid off her house. If the interest rate is 5% APR, what is the remaining balance on her loan? A. $46,632 B. $69,948 C. $58,290 D. 81, 606Constructing an Amortization A Schedule (Housing Loan) 00 FOR SALE •Assume that you have saved money for a down payment on your dream house, but you still need to borrow Php500,000 from your bank to complete the deal. The bank offers you a 5-year mortgage at an annual rate of 6%. a) Compute for the Monthly payment. b) Construct an Amortization schedule. (6 months payment only).Question 3 Christy took out a mortgage of $717,000 for a house and just made the 117th end of month payment. If interest on the loan was 4.19% compounded monthly and the mortgage has a period of 19 years. Round ALL answers to two decimal places if necessary. 1) What are her monthly payments? P/Y = C/Y = N = VY = PV = $ FV = $ PMT = $ 2) What is her current outstanding balance after the 117th payment? BAL = $ (enter a positive value)
