Question
In: Finance
Suppose you borrow $200,000 at 5% for 30 years, monthly payments. You pay 2 discount points....
Suppose you borrow $200,000 at 5% for 30 years, monthly
payments. You pay 2 discount points.
A. (1 pt) Your APR on this loan is 5.375%. What amount of other
financing fees did you pay?
B. (1 pt) Suppose that your effective cost over a five-year holding
period is 5.625%. What amount of other fees did you pay?
Solutions
jeff jeffy answered 2 years agoRelated Solutions
Suppose you borrow $200,000 at 5% for 30 years, monthly payments. You pay 2 discount points....
Suppose you borrow $200,000 at 5% for 30 years, monthly
payments. You pay 2 discount points.
A. (1 pt) Your APR on this loan is 5.375%. What amount of other
financing fees did you pay?
B. (1 pt) Suppose that your effective cost over a five-year holding
period is 5.625%. What amount of other fees did you pay?
Suppose you borrow $180,000 at 6% for 30 years, monthly payments with two discount points. Your...
Suppose you borrow $180,000 at 6% for 30 years, monthly payments
with two discount points. Your mortgage contract includes a
prepayment penalty of 4% over the entire loan term.
A. (1 pt) What is the APR of this loan?
B. (1 pt) What is the effective cost if you prepay the loan at the
end of year five?
Suppose you take a $200,000 thirty-year fixed-rate mortgage at 5.25%, two discount points, monthly payments. At...
Suppose you take a $200,000 thirty-year fixed-rate mortgage at
5.25%, two discount points, monthly payments. At the end of the
first year you inherit $20,000 from your now-favorite aunt. You
decide to apply this $20,000 to the principal balance of your
loan.
A. (1 pt) How many monthly payments are remaining after the extra
lump sum payment is made?
B. (1 pt) What is your net interest savings over the life of the
loan, assuming the loan is held to...
Suppose you take a fixed-rate mortgage for $200,000 at 5.00% for 30 years, monthly payments. 1)...
Suppose you take a fixed-rate mortgage for $200,000 at 5.00% for
30 years, monthly payments.
1) How much of the payment is interest for month 100? How much
interest do you pay in the first six years?
If you borrow $26,000 with monthly payments of $550 over 5 years, what annual rate are...
If you borrow $26,000 with monthly payments of $550 over 5
years, what annual rate are you paying?
A. 8.18% B.
8.41%
C. 9.81%
D. 8.51%
A couple who borrow $80,000 for 30 years at 8.4%, compounded monthly, must make monthly payments...
A couple who borrow $80,000 for 30 years at 8.4%, compounded
monthly, must make monthly payments of $609.47. (a) Find their
unpaid balance after 1 year. (Round your answers to the nearest
cent.) $ (b) During that first year, how much do they pay towards
the principle? (Round your answer to the nearest cent.) $ During
that first year, what are their total payments? (Round your answer
to the nearest cent.) $ During that first year, how much interest
do...
A couple who borrow $80,000 for 30 years at 8.4%, compounded monthly, must make monthly payments...
A couple who borrow $80,000 for 30 years at 8.4%, compounded
monthly, must make monthly payments of $609.47. (a) Find their
unpaid balance after 1 year. (Round your answers to the nearest
cent.) (b) During that first year, how much do they pay towards the
principle? (Round your answer to the nearest cent.) During that
first year, what are their total payments? (Round your answer to
the nearest cent.) $ During that first year, how much interest do
they pay?...
Suppose you borrow $ 20,000 at a 9% monthly compound, for 5 years. Knowing that 9%...
Suppose you borrow $ 20,000 at a 9% monthly compound,
for 5 years. Knowing that 9% represents the market interest rate,
the monthly payment cn current dollars It will be $ 415. 17. If the
average monthly general inflation rate is expected to be 0.5%, what
will be the annual equivalent of monthly payments equal cn constant
dollars?
suppose you take a mortgage for $95,000 at 6.50% for 30 years, monthly payments. the loan...
suppose you take a mortgage for $95,000 at 6.50% for 30 years,
monthly payments. the loan has a 5% prepayment penalty if the loan
is repaid within the first 5 years of life. if you repay the loan
at the end of year 4 what is the payoff of the loan?
A- 0 B- 4,515 C- 90,307 D-156,250
You to refinance your current mortgage that has a current
balance of $150,000 and does not have a prepayment penalty. Your
lender...
Given a $200,000 loan, monthly payments, 30 years at 3.75%, how much interest is paid on...
Given a $200,000 loan, monthly payments, 30 years at 3.75%, how
much interest is paid on the 36th payment?
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