Mila Cabellero has taken a 20-year, $258,000 mortgage on her house at an interest rate of 6 percent per year. What is the remaining balance (or value) of the mortgage after the payment of the fifth annual installment? Multiple Choice $218,463.60 $145,56704 $133,073.52 $256.670.44
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- Angie wants to obtain a $500,000 mortgage, amortized over 25 years. Interest rates are currently 8%, compounded twice a year. What is the Effective Annual Interest Rate? a. 7.8698% b. 8.0% O c. 8.4% O d. 8.16% What is the monthly payment on the mortgage? a. $3,776.51 O b. $3,816.07 O c. 3,912.23 O d. $3,666.84Anna is buying a house selling for $235,000. To obtain the mortgage, Anna is required to make a 15% down payment. Anna obtains a 25-year mortgage with an interest rate of 5%. a) Determine the amount of the required down payment. b) Determine the amount of the mortgage. c) Determine the monthly payment for principal and interest Number of Years Rate_% 10 15 20 25 303.0 $9.65067 $6.90582 $5.54598 $4.74211 $4.216043.5 9.88859 7.14883 5.79960 5.00624 4.490454.0 10.12451 7.39688 6.05980 5.27837 4.774154.5 10.36384 7.64993 6.32649 5.55832 5.066855.0 10.60655 7.90794 6.59956 5.84590 5.368225.5 10.85263 8.17083 6.87887 6.14087 5.677896.0 11.10205 8.43857 7.16431 6.44301 5.995516.5 11.35480 8.71107 7.45573 6.75207 6.320687.0 11.61085 8.98828 7.75299 7.06779 6.653027.5 11.87018 9.27012 8.05593 7.38991 6.992158.0 12.13276 9.55652 8.36440 7.71816 7.337658.5 12.39857 9.84740 8.67823 8.05227 7.689139.0 12.66758 10.14267 8.99726 8.39196 8.046239.5…Chris has taken a 20-year, $250,000 mortgage on her house at an interest rate of 6% per year. What is the remaining balance of the mortgage after the fifth monthly payment? Multiple Choice $247,267 $211,690 $250,000
- A homeowner could take out a 15-year mortgage at a 5.5 percent annual rate on a $195,000 mortgage amount. How much interest would she pay if she made every payment right on the due date for the entire period of the loan? $138,612 None of the above $91,796 $71,796 $125,142Anna has a mortgage of $427,000 through her bank for property purchased. The loan is repaid by end of month payments of $2,598.80 with an interest rate of 4.05% compounded monthly over 20 years. What is the interest included in the 47th payment of the mortgage? Enter a POSITIVE VALUE rounded to two decimal places. $Marsha Terban bought a home for $119,000 with a down payment of $19,000. Her rate of interest is 12 1/2% for 35 years. The balance of the mortgage at the end of the first month is: Multiple Choice $117,744.25 $118,983.83 $99,669.76 $99,986.42
- Assume Jenny took out a $400,000 mortgage to pay for her new house. The mortgage rate is 5.7%. It is a 25-year monthly constant payment, fully amortized mortgage. Find the balance at the end of year 12. Group of answer choices $124,508.1 $226,786.2 $275,492.6 $236,119.6Armita takes out a 3 year mortgage for $1,075,000 at an interest rate of i(26) = 8.875%. The amortization period is 20 years and she will make bi-weekly payments. What is the outstanding balance at the end of 1 year? a. $1,054,602.46 b. $1,044,056.44 c. $970,234.27 d. $1,022,964.39 e. $991,326.31Sandra gets a $250,000, 30 year mortgage with annual payments of 4.0% rate. What is the balance of the loan after 20 years? Choose the closest. a) $117,264 b) $83,250 c) $14,458 d) $196,482
- Larry Davis borrows $87,000 at 11 percent interest toward the purchase of a home. His mortgage is for 25 years. a. If Larry decides to make annual payments, how much will they be? (Enter your answer as a positive number rounded to 2 decimal places.) Annual payments b. How much interest will he pay over the life of the loan? (Do not round intermediate calculations. Round your final answer to 2 decimal places.) Total interest7. Joan Tanaka borrows $80,000 at 14 percent interest toward the purchase of a vacation home. Her mortgage is for 25 years. a. How much will her annual payments be? (home payments are usually on a monthly basis, but we shall do our analysis on an annual basis for ease of computation.) b. How much interest will she pay over the life of the loan?Joan Tanaka borrows $80,000 at 14 percent interest toward the purchase of a vacation home.Her mortgage is for 25 years. a. How much will her annual payments be? (home payments are usually on a monthly basis, but we shall do our analysis on an annual basis for ease of computation.) b. How much interest will she pay over the life of the loan?