Question
In: Accounting
(Components of an annuity payment) You take out a 25-year mortgage for 300,000 to buy a...
(Components of an annuity payment) You take out a
25-year
mortgage for
300,000
to buy a new house. What will your monthly payments be if the interest rate on your mortgage is
88
percent? Use a spreadsheet to calculate your answer. Now, calculate the portion of the
48th
monthly payment that goes toward interest and principal. Use five decimal places for the monthly interest rate in your calculations.
a. Using a spreadsheet to calculate your answer, your monthly payments will be
$_____
(Round to the nearest cent.)b. The portion of the
48th
monthly payment that goes toward interest is
$___.
(Round to the nearest cent.)The portion of the
48th
monthly payment that goes toward principal is
$___.
(Round to the nearest cent.)
Solutions
ekkarill92 answered 2 years agoRelated Solutions
(Components of an annuity payment) You take out a 25-year mortgage for 300,000 to buy a...
(Components of an annuity payment) You take out a
25-year
mortgage for
300,000
to buy a new house. What will your monthly payments be if the
interest rate on your mortgage is
88
percent? Use a spreadsheet to calculate your answer. Now,
calculate the portion of the
48th
monthly payment that goes toward interest and principal. Use
five decimal places for the monthly interest rate in your
calculations.
a. Using a spreadsheet to calculate your answer, your monthly
payments will...
You take out a mortgage to buy a house worth $300,000. If the down payment is...
You take out a mortgage to buy a house worth $300,000. If the
down payment is 30%, the annual interest rate is 6% compounded
monthly, and the term of the mortgage is 30 years, what are your
monthly mortgage payments?
a) $1,079
b) $1,259
c) $1,439
d) $1,505
e) $1,719
You take out a 25-year mortgage for $300,000 to buy a new house. What will your...
You take out a 25-year mortgage for $300,000 to buy a new house.
What will your monthly payments be if the interest rate on your
mortgage is 8 percent? Now, calculate the portion of the 48th
monthly payment that goes toward interest and principal.
Complete the steps below using cell references to given data or
previous calculations. In some cases, a simple cell reference is
all you need. To copy/paste a formula across a row or down a
column, an...
Assume you want to take out a $300,000 loan on a 25-year mortgage with end of...
Assume you want to take out a $300,000 loan on a 25-year
mortgage with end of month payments. The annual rate of interest is
8 percent. 20 years from now, you need to make an ending additional
lump sum payment of $45,000. Because you expect your income to
increase, you want to structure the loan so that the beginning of
each year your monthly payments increase by 2.5 percent. Determine
the amount of each year’s monthly payment with Excel Solver.
You take out a 30-year mortgage to buy a house worth $449,000. The down payment is...
You take out a 30-year mortgage to buy a house worth $449,000.
The down payment is 7% and the annual interest rate is 4.9%. What
are the monthly payments? Round to the nearest cent.
You take out a 30-year mortgage to buy a house worth $312,000. The down payment is...
You take out a 30-year mortgage to buy a house worth $312,000.
The down payment is 21% and the annual interest rate is 4.4%. What
are the monthly payments? Round to the nearest cent.
You take out a 30-year mortgage to buy a house worth $396,000. The down payment is...
You take out a 30-year mortgage to buy a house worth $396,000.
The down payment is 19% and the annual interest rate is 4.9%. What
are the monthly payments? Round to the nearest cent.
You take out a 25 year, $275, 000 mortgage with constant payments at the end of...
You take out a 25 year, $275, 000 mortgage with constant
payments at the end of each month and i (12) = 6%. After 15 years,
you wish to refinance the mortgage with a 10 year mortgage (also
with constant payments at the end of each month) so that you pay
$100 less each month than you originally were paying. Find the
monthly nominal interest rate corresponding to this new
mortgage
Suppose you take out a $107,000, 20-year mortgage loan to buy a condo. The interest rate...
Suppose you take out a $107,000, 20-year mortgage loan to buy a
condo. The interest rate on the loan is 4%. To keep things simple,
we will assume you make payments on the loan annually at the end of
each year.
a. What is your annual payment on the loan?
(Do not round intermediate calculations. Round your answer
to 2 decimal places.)
b. Construct a mortgage amortization.
(Do not round intermediate calculations. Round your answers
to 2 decimal places.)
c....
Amortizing loans. Suppose that you take out a $200,000, 20-year mortgage loan to buy a condo....
Amortizing loans. Suppose that you take out a $200,000,
20-year mortgage loan to buy a condo. The interest rate on the loan
is 6%, and payments on the loan are made annually at the end of
each year.
What is your annual payment on the loan?
Construct a mortgage amortization table in Excel similar
to Table 2.1, showing the interest payment, the amortization of the
loan, and the loan balance for each year.
What fraction of your initial loan payment...
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