Assume that you have taken out a 30-year mortgage of $240,000 and that your monthly payments are 1,853.90. What is your annual interest rate on the mortgage loan? (find the closest answer) 8.55 % 8.61 % 8.89 % 9.1490 9.45%
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- Calculating interest and APR of installment loan. Assuming that interest is the only finance charge, how much interest would be paid on a 5,000 installment loan to be repaid in 36 monthly installments of 166.10? What is the APR on this loan?A mortgage has the following terms: Amount: $750,000 Rate: 6.25% Amortization (Years): 30 Term (Years): 20 Please determine the following: What is the Monthly Payment? In preparing an Income Statement, what is the Interest Expense for years 1 – 5? What is the Principal Balance at the end of year 6? What is the value of the loan at the expiration? If rates remain constant (flat), what would the benefit be to refinance this loan after year 10? do all the questions 1-5 and show the formulas in excel and show how you got itYou want to take a $172260 mortgage at j2 = 11.59 % and can afford topay up to $5030 per quartely. What repayment period in the whole years should you request ? What will be your payment year to repay mortgage in calculatednumber of years ?
- You take out a traditional 30 year mortgage for $292,490. It has a fixed interest rate of 4.25% and the payments are made monthly. What is your monthly payment on the mortgage? Oa. $1,286.64 Ob. $1,342.95 c. $1409.11 Od. $1,438.87Suppose you purchase a home and obtain a 15-year fixed-rate loan of $195,000 at an annual interest rate of 6.0%. a) What is your monthly payment? N: months I %: P.V: $ PMT: $ F.V: 0 P/Y: 12 C/Y: 12 b) Of the first month's mortgage payment, how much is interest? HINT: I=Prt Interest: I=$ c) Of the first month's mortgage payment, how much is applied to the principal? HINT: PMT - Interest Amount Applied to Principal: $ d) How much is your outstanding balance after the first month’s payment? HINT: Principal - Amount Applied to Principal Outstanding Balance after first payment: $Assume that you take out a 30-year mortgage (360 months) with a face value of $425,000 and a stated annual rate of 2.51%. Given this information, and assuming no prepayments, determine what percentage of your 153rd monthly payment will go towards interest. A) 51.15% B) 63% C) 53.37% D) 35.25% E) 41.06%
- Assume the monthly payment of a loan amount of $400,000 is $1450. How long will it take to retire the loan if the annual interest rate is 4% ? Use the equation, Monthly payment= Where : P = principal (the amount of your mortgage r = the annual interest rate y = length of the mortgage P∗r12 1−(1+r12 )−12 yAssume we have a $1 million 15 year mortgage with monthly payments beginning in exactly one month; the interest rate is 6%. Determine the monthly mortgage payment under the following assumptions. In each case verify your calculation by giving the relation between the pay rate and the accrual rate. It is an 10 loan O Monthly payment: $5000; pay rate: 0.5%; accrual rate: 0.5% O Monthly payment: $5000; pay rate: 6%; accrual rate: 6% O Monthly payment: $5000; pay rate: 0.05%; accrual rate: 6% O Monthly payment: $60000, pay rate: 6%; accrual rate: 6%Suppose you have a 30 year mortgage for 221,564 with quarterly payments of 5,552 what is the total amount of interest you paid for your mortgage
- 1. Use your financial calculator to determine the monthly payments for each of the following $213,200 mortgage loans. Assume no prepayments. Using the calculator, the monthly payment on the 30-year, 9.0% mortgage is ____________. Using the calculator, the monthly payment on the 15-year, 8% mortgage is ____________. Using the calculator, the monthly payment on the 20-year, 8.5% mortgage isSuppose you have a 20 year mortgage for $493,194 with monthly payments of $29895. What is the total amount of interest you paid for your mortgage?Assume that you take out a 30 yr mortgage with face value of $425,000 and stated annual rate of 2.51%. Assuming no repayments,what % of your 153rd monthly payment will go toward interest.