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In: Finance
Several years ago, Bill Smith borrowed $125,000 to buy his house. He has a 15 year,...
Several years ago, Bill Smith borrowed $125,000 to buy his house. He has a 15 year, monthly payment mortgage with an interest rate of 8.75 percent per annum. Bill is thinking about refinancing his house so he would like to know the payoff on his current loan. Assuming that he just made payment number 119 , compute the payoff on Bill's loan.
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jeff jeffy answered 1 year agoRelated Solutions
Several years ago, Bill Smith borrowed $125,000 to buy his house. He has a 15 year,...
Several years ago, Bill Smith borrowed $125,000 to buy his
house. He has a 15 year, monthly payment mortgage with an interest
rate of 8.75 percent per annum. Bill is thinking about refinancing
his house so he would like to know the payoff on his current loan.
Assuming that he just made payment number 109 , compute the payoff
on Bill's loan. (Round your answer to 2 decimal places;
record your answer without commas and without a dollar
sign).
QUESTION 1: Several years ago, Bill Smith borrowed $125,000 to buy his house. He has a...
QUESTION 1: Several years ago, Bill Smith
borrowed $125,000 to buy his house. He has a 15 year, monthly
payment mortgage with an interest rate of 8.75 percent per annum.
Bill is thinking about refinancing his house so he would like to
know the payoff on his current loan. Assuming that he just made
payment number 106 , compute the payoff on Bill's loan.
(Round your answer to 2 decimal places; record your answer
without commas and without a dollar...
Bubba bought his house 20 years ago, he is borrowed $200,000 with a 30-year mortgage with...
Bubba bought his house 20 years ago, he is borrowed $200,000
with a 30-year mortgage with a 5.0% APR. His mortgage broker has
offered him a 10-year mortgage with a 4% APR with 3 points closing
costs. What is Charlie's old monthly payment? What is the balance
on Bubba's mortgage? What is Bubba's new monthly payment? What are
Bubba's present value savings after paying the points if he plans
to live in the house until the mortgage is paid off?
9 years ago you borrowed $147695 to buy a house. The interest rate quoted to you...
9 years ago you borrowed $147695 to buy a house. The interest
rate quoted to you was 6.26 percent for 30 years with monthly
payments. Assuming you have made regular monthly payments up to
now, what is the amount (in $) you still owe on the loan today?
Answer to two decimals.
Hint: The hard way to do this is to
use an amortization table. There is an easier way - see if you can
find it.
Can you explain...
Joe Smith, a young Engineer has planned to buy a house that they could afford. He...
Joe Smith, a young Engineer has
planned to buy a house that they could afford. He
and his
spouse have been
saving even before getting married and have put
away about $65,000.
The average price of a start up
house or condo is about $550,000 here in Los Angeles,
California.
They have the following options to
take a Jumbo loan;
1. )
30-years fixed (% 20 down)
· Note rate: 3.75 %
· Cost: 0.0 Points
2. )
15-years fixed...
A taxpayer acquired a rental house several years ago for $190,000. The taxpayer sold his rental...
A taxpayer acquired a rental house several years ago for
$190,000. The taxpayer sold his rental house for $190,000 in May
2018. Under an accelerated method, the taxpayer’s depreciation is
$67,840. Under the S-L method, the taxpayer’s depreciation is
$64,960. How much Sec. 1250 gain did this taxpayer have classified
as ordinary income when the house was sold?
You borrowed $220,000 for 30 years to buy a house. The mortgage, which has constant monthly...
You borrowed $220,000 for 30 years to buy a house. The mortgage,
which has constant monthly payments and is fully amortizing, has an
interest rate of 4.75% per year. What is the amount of interest you
pay in the third year?
Question 2 options:
1)
$9,941
2)
$10,107
3)
$9,972
4)
$10,088
5)
$10,039
You bought a house 8 years ago with a $250,000 mortgage. It was a 15 year loan with
You bought a house 8 years ago with a $250,000 mortgage. It was a 15 year loan with monthly payments which will pay off the loan when you make the last payment. The interest rate was 6%. What are your monthly payment and your current loan balance? How much interest will you pay in the upcoming year?
Five years ago, Marcus bought a house. He secured a mortgage from his bank for $1,720,000....
Five years ago, Marcus bought a house. He secured a mortgage
from his bank for $1,720,000. The mortgage had monthly payments for
20 years with an interest rate of 6.0% compounded monthly. However,
after five years, it is time to renegotiate the mortgage. Interest
rates have fallen to 4.5% compounded monthly, and Marcus still
intends to make monthly payments and to pay back the debt over the
remaining 15 years.
a) How much were Marcus' initial monthly payments?
b) What...
You borrowed $270,000 for 30 years to buy a house with a graduated payment mortgage with...
You borrowed $270,000 for 30 years to buy a house with a
graduated payment mortgage with an interest rate of 5.25% per year.
The first year’s monthly payments are $1,123.74, and the payments
increase 7.0% per year for five years. What is the monthly payment
at the beginning of the third year? Question 14 options: 1)
$1,376.63 2) $1,472.99 3) $1,576.10 4) $1,286.57 5) $1,328.95
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