on may 15 2006 you obtained an 82000, 15 year home loan at 5.1% compounded monthly,with...

on may 15 2006 you obtained an 82000, 15 year home loan at 5.1% compounded monthly,with the first payment due on june 15th 2006. The size of the monthly payment is $652.73

A. Find the balance due on the loan on December 15, 2011.

B. How much interest will be paid on the loan during 2012?

C. If you refinanced the loan on December 15, 2011 at 7.2% interest what will the size of the new payment if the term of the loan remains the same?

D. If you refinanced the loan on December 15, 2011 at 7.2% interest what will the term of the loan if the payment size remains the same?

E. If the original payment is rounded to $700 (and there is no change in the original interest rate), What will the size of the 162nd payment if it is increased from $700 to pay off the balance?

Solutions

Expert Solution

ekkarill92 answered 1 year ago

Next > < Previous

Related Solutions

You obtain a $95.000 home loan for 15 years at 5.1% interest compounded monthly. If you...

You obtain a $95.000 home loan for 15 years at 5.1% interest compounded monthly. If you made the first payment was made on August 15, 2009, how much interest will be paid in the year 2014?

A 25 year home loan of $125000 at 7.25% compounded monthly is obtained. a. Find the monthly...

A 25 year home loan of $125000 at 7.25% compounded monthly is obtained. a. Find the monthly payments rounded up to the next cent. b. State the total amount of interest paid on the loan assuming that it is kept for 25 years and all payments are the same.

When Gustavo and Serrana bought their home, they had a 5.1% loan with monthly payments of...

When Gustavo and Serrana bought their home, they had a 5.1% loan with monthly payments of $870.60 for 30 years. After making 78 monthly payments, they plan to refinance for an amount that includes an additional $35,000 to remodel their kitchen. They can refinance at 4.5% compounded monthly for 25 years with refinancing costs of $625 included with the amount refinanced. A) Find the amount refinanced. (Round your answer to the nearest cent.) (b) Find their new monthly payment. (Round...

1) Calculate the monthly payments on a home loan for $200,000 ar an APR of 5.1%...

1) Calculate the monthly payments on a home loan for $200,000 ar an APR of 5.1% if the loan is for 30 years. Suppose you are able to refinance your loan after 10 years for an APR of 4 %. What are your new payments?

Cloverdale Nurseries obtained a $77,000 loan at 9.2% compounded monthly to build an additional greenhouse. Monthly...

Cloverdale Nurseries obtained a $77,000 loan at 9.2% compounded monthly to build an additional greenhouse. Monthly payments were calculated to amortize the loan over six years. Construct a partial amortization schedule showing details of the first two payments, Payments 40 and 41, and the last two payments. (Do not round intermediate calculations and round your answers to 2 decimal places. Leave no cells blank - be certain to enter "0" wherever required.) Payment number Payment Interest portion Principal portion Principal...

You obtained a home mortgage of $85,000 for 20 years at 4.5% compounded monthly. How much...

You obtained a home mortgage of $85,000 for 20 years at 4.5% compounded monthly. How much is your monthly payment.

You just bought a house and borrowed 15-year mortgage at 5% APR, compounded monthly. Your loan...

You just bought a house and borrowed 15-year mortgage at 5% APR, compounded monthly. Your loan amount is $250,000. Calculate your monthly payment Calculate the principal and interest portions of your 1st and last payment Calculate how much principal and interest you paid within 5 years and your outstanding balance at the end of the fifth year.

A 100,000 loan can be obtained at a 10 percent rate with monthly payments over a 15 year term.

A 100,000 loan can be obtained at a 10 percent rate with monthly payments over a 15 year term.a. What is the after tax effective interest rate on the loan, assuming the borrower is in a 30 percent tax bracket and the loan is only held three years? Assume that the benefit of interest deductions for tax purposes occurs at the same time payments are made.b. Calculate the after tax effective cost for the above loan, assuming that 5 points...

You have taken out a 25 year loan for $210,000 at 6% compounded monthly. If you...

You have taken out a 25 year loan for $210,000 at 6% compounded monthly. If you sell your house after 10 years, how much will you still owe on the loan? A. $47,636.40 B. $88,127.92 C. $121,872.08 D. $160,338.81

On April 11, 2014, Cynthia received a loan of $45,000 at 5.55% compounded monthly. On May...

On April 11, 2014, Cynthia received a loan of $45,000 at 5.55% compounded monthly. On May 13, 2015, the interest rate on the loan changed to 5.75% compounded quarterly and remained constant thereafter. What will be the accumulated value of the loan on December 31, 2017?

Subjects