A family takes out a mortgage for $277,400.00 from the local bank. The loan is for...

A family takes out a mortgage for $277,400.00 from the local bank. The loan is for 30 years of monthly payments at a 4.32% APR (monthly compounding). What will the family’s balance be on the mortgage after 6.00 years?

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jeff jeffy answered 2 months ago

A family needs to take out a 30-year home mortgage loan of $140,000 through a local...

A family needs to take out a 30-year home mortgage loan of $140,000 through a local bank. Annual interest rates for 30-year mortgages at the bank are 8.1 % compounded monthly. (a) Compute the family's monthly mortgage payment under this loan. (b) How much interest will the family pay over the life of the loan?

Paul takes out a 15-year loan of 250,000 from his bank. The bank charges interest at...

Paul takes out a 15-year loan of 250,000 from his bank. The bank charges interest at 4% p.a. compounded half-yearly. During the first 10 years, Paul repays $11,000 at the end of each 6 months. After that period, Paul will repay $X at the end of each year for the remaining 5 years. Which of the following can be used to calculate $X.

You take out a mortgage loan from First Bank of Terlingua withthe following characteristics:compounding...

You take out a mortgage loan from First Bank of Terlingua with the following characteristics:compounding period is monthlyloan is for $200,000APR = 6.17%initial maturity is 30 yearsthis mortgage loan has no pointsNow suppose that First Bank allows you to accelerate your loan payments by paying an additional $100 each month. (We assume that the bank does not charge a fee for exercising this option.) When we take the acceleration into account, what is your effective annual rate?

You take out a mortgage loan from First Bank of Terlingua with the following characteristics: -compounding...

You take out a mortgage loan from First Bank of Terlingua with the following characteristics: -compounding period is monthly -loan is for $200,000 -APR = 3.91% -initial maturity is 30 years -this mortgage loan has no points Now suppose that First Bank allows you to accelerate your loan payments by paying an additional $100 each month. (We assume that the bank does not charge a fee for exercising this option.) When we take the acceleration into account, what is your...

a borrower takes out a 15 year mortgage loan for 100,000 with an interest rate of...

a borrower takes out a 15 year mortgage loan for 100,000 with an interest rate of 5% plus 3 points. what is the effective annual interest rate on the loan if the loan is carried 15 years.

. A borrower takes out a 30 - year adjustable rate mortgage loan for $200,000 with...

. A borrower takes out a 30 - year adjustable rate mortgage loan for $200,000 with monthly payments. The first two years of the loan have a “teaser” rate of 4%, after that, the rate can reset with a 2% annual rate cap. On the reset date, the composite rate is 5%. What would the Year 3 monthly payment be? (A) $955 (B) $1,067 (C) $1,071 (D) $1,186 (E) Because of the rate cap, the payment would not change.

A borrower takes out a 15-year mortgage loan for $490,000 with an interest rate of 4.5%....

A borrower takes out a 15-year mortgage loan for $490,000 with an interest rate of 4.5%. If she wants to pay off the loan after 6 years, what would be the outstanding balance on the loan?

A borrower takes out a 30-year mortgage loan for $100,000 with an interest rate of 6%...

A borrower takes out a 30-year mortgage loan for $100,000 with an interest rate of 6% plus 4 points. Payments are to be made monthly. a. What is the effective cost of borrowing on the loan if the loan is carried for all 30 years? b. What is the effective cost of borrowing on the loan if the loan is repaid after 10 years?

A borrower takes out a 30-year mortgage loan for $250,000 with an interest rate of 5%...

A borrower takes out a 30-year mortgage loan for $250,000 with an interest rate of 5% and monthly payments. What portion of the first month’s payment would be applied to Interest?

A borrower takes out a 30-year mortgage loan for $250,000 with an interest rate of 6%...

A borrower takes out a 30-year mortgage loan for $250,000 with an interest rate of 6% and monthly payments. What portion of the first month's payment would be applied to interest? ($1250) Assume the question above was a negative amortization loan, what would be the balance after 3 years?

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