On a 30-year, fixed-rate loan with a monthly payment of $1,000 and an interest rate of...

On a 30-year, fixed-rate loan with a monthly payment of $1,000 and an interest rate of 9%, what is the outstanding balance due on the loan with after the borrower has made 18 years of payments?

Solutions

Expert Solution

solved using (I) financial formula and (II) excel function

jeff jeffy answered 14 hours ago

Next > < Previous

Related Solutions

Find the monthly payment for a 25-year fixed-rate loan of $200,000 at 5% annual interest.

What is the monthly mortgage payment on a $300,000 30 year fixed rate mortgage with an...

What is the monthly mortgage payment on a $300,000 30 year fixed rate mortgage with an interest rate of 5.125 percent. A friend who knows you have studied amortization asks your help to find the interest portion of their house payments for tax purposes (assuming they itemize). The monthly payments are $2,107.02 on a 30 year loan with a 5 percent interest rate. a) What was the total amount of interest paid during year 2? b) At what point in...

A loan is for $600,000 (mortgage), 30 years monthly, 4% fixed rate interest. What is the...

A loan is for $600,000 (mortgage), 30 years monthly, 4% fixed rate interest. What is the payment, 5-year payoff, 5-year principal paid, and 5-year interest paid?

39.) A 3-year fixed payment loan has an annual payment of $906. The interest rate for...

39.) A 3-year fixed payment loan has an annual payment of $906. The interest rate for the loan is 7.7%. What is the duration (in years) of the fixed-payment loan? Round your answer to at least 2 decimal places.

In underwriting a new 30-year, monthly payment mortgage loan at5% interest for Jackie, the lender...

In underwriting a new 30-year, monthly payment mortgage loan at 5% interest for Jackie, the lender requires that Jackie meet three ratios to be approved for the loan.First, the payment on her loan plus the monthly cost of homeowner's insurance of $200 plus monthly property taxes of $225 plus monthly home owner association fees of $100 can be no more than 28% of her gross monthly income.Second, the monthly total of the four items above plus her car loan payment...

5)What is the monthly payment on a 15 year, $350,000 mortgage loan, where interest rate is...

5)What is the monthly payment on a 15 year, $350,000 mortgage loan, where interest rate is 3% per year, Compounded annually Compounded monthly Compounded daily What are effective annual rates for 1,2, and 3 above?

Consider a 30-year fixed-rate home loan of $545,500 with an interest rate of 3.25%. What is...

Consider a 30-year fixed-rate home loan of $545,500 with an interest rate of 3.25%. What is the total amount of interest paid? (Round your answer to the nearest cent.)?

Mortgage Payment You currently have a 30-year fixed rate mortgage with an annual interest rate of...

Mortgage Payment You currently have a 30-year fixed rate mortgage with an annual interest rate of 6%. You have had the mortgage 4 years, and on September 1, 2015 you made your 48th payment. The original principal amount was $280,000 and you monthly payment, without taxes and insurance, are $1,678.74 per month, computed using the Excel function =PMT(0.5%,360,280000,0,0). Starting with your original mortgage your banker calls and says that you could refinance your existing mortgage (6% rate, 30-year original term)...

Calculate the monthly payment required to the nearest whole penny for a 30-year fixed-rate mortgage made...

Calculate the monthly payment required to the nearest whole penny for a 30-year fixed-rate mortgage made by the lender at 4.67% annual percentage rate (APR) if the home buyer borrowed $158,000.

John smith contracted a 30-year FRM (with monthly amortization) loan of $80,000 at an interest rate...

John smith contracted a 30-year FRM (with monthly amortization) loan of $80,000 at an interest rate of 15% from Bank of America 5 years ago for a residential property. In the meantime, Brookline Savings Bank can refinance the current balance on the loan at interest rate of 14% for a FRM amortized over 25 years. However, he also estimated the total refinancing cost to be $2,525, in addition to the prepayment penalty on the existing loan of 2%. If John...

Subjects