Question
In: Finance
Five years ago you took out a 5/1 adjustable rate mortgage and the five-year fixed rate...
Five years ago you took out a 5/1 adjustable rate mortgage and the five-year fixed rate period has just expired. The loan was originally for
$300,000 with 360 payments at 4.2% APR, compounded monthly.
a. Now that you have made 60 payments, what is the remaining balance on the loan?
b. If the interest rate increases by 1%, to 5.2% APR, compounded monthly, what will be your new payments?
a. Now that you have made
60 payments, what is the remaining balance on the loan? The remaining balance on the loan is? (Round to the nearest cent.)
Solutions
Expert Solution
SEE THE IMAGE. ANY DOUBTS, FEEL FREE TO ASK. THUMBS UP PLEASE
As nothing was mentioned excel is used. If you need with financial formula, let me know, will do that also. Thank you.
jeff jeffy answered 2 hours agoRelated Solutions
7 years ago, you took an adjustable rate mortgage and the fixed period has just expired. The...
7 years ago, you took an adjustable rate mortgage and the fixed
period has just expired. The loan was originally for
$550,000 with 360 payments at 3.145% compounded
monthly. If interest rates have risen to 4.750%, what
will be the new monthly payment?
$2,764
$2,362
$2,418
$2,797
Five years ago you took out a 30-year fixed $300,000 mortgage with monthly payments and an...
Five years ago you took out a 30-year fixed $300,000 mortgage
with monthly payments and an APR of 8%, compounded monthly. You
have made the normal payments in full, and, this morning, after
making a normally scheduled payment, you are paying off the
balance by taking out a new 30-year fixed mortgage at a lower
APR of 6% (with monthly compounding). How much will each monthly
payment be?
Five years ago I took out a 30-year fixed $300,000 mortgage withmonthly payments and an...
Five years ago I took out a 30-year fixed $300,000 mortgage with
monthly payments and an APR of 8%, compounded monthly. I have made
the normal payments in full, and, this morning, after making a
normally scheduled payment, I are paying off the balance by taking
out a new 30-year fixed mortgage at a lower APR of 6% (with monthly
compounding). How much will each monthly payment be?
Six years ago you took out a $220,000, 15-year mortgage with an annual interest rate of...
Six years ago you took out a $220,000, 15-year mortgage with an
annual interest rate of 6% compounded monthly.
i. Estimate your monthly payments on the mortgage.
ii. Compute the outstanding balance on your current loan if you
have just made the 72th payments?
Eight years ago you took out a $400,000, 30-year mortgage with an annual interest rate of...
Eight years ago you took out a $400,000, 30-year mortgage with
an annual interest rate of 6 percent and monthly payments of
$2,398.20. What is the outstanding balance on your current loan if
you just make the 96th payment?
A couple took out a 30-year mortgage 10 years ago. At that time, the mortgage was...
A couple took out a 30-year mortgage 10 years ago. At that time,
the mortgage was $306,800.00, with 7.44% APR and monthly
compounding of interest. Today, the couple has been offered
$327,700.00 for their house. If the couple accepts the offer, how
much cash will they take from the deal? The cash will be the
difference between the sell price and what is owed on the loan.
A homeowner took out a 25-year, fixed-rate mortgage of $210,000. The mortgage was taken out 8...
A homeowner took out a 25-year, fixed-rate mortgage of $210,000.
The mortgage was taken out 8 years ago at a rate of 7.1 percent. If
the homeowner refinances, the charges will be $3,400. What is the
highest interest rate at which it would be beneficial to refinance
the mortgage? (Do not round intermediate calculations.
Enter your answer as a percent rounded to 2 decimal
places.)
APR% _____
A homeowner took out a 30-year, fixed-rate mortgage of $145,000. The mortgage was taken out 6...
A homeowner took out a 30-year, fixed-rate mortgage of $145,000.
The mortgage was taken out 6 years ago at a rate of 8.4 percent. If
the homeowner refinances, the charges will be $2,550. What is the
highest interest rate at which it would be beneficial to refinance
the mortgage? (Do not round intermediate calculations.
Enter your answer as a percent rounded to 2 decimal
places.)
10-years ago, you took out a 30-year mortgage with an APR of 6.5% for $430,000. If...
10-years ago, you took out a 30-year mortgage with an APR of
6.5% for $430,000. If you were to refinance the mortgage today for
20 years at an APR of 4.25%, how much would your monthly payment
change by?
Please explain how to solve step-by-step
Question: You took out a 30-year fixed-rate mortgage for $300,000 with an interest rate of 10.8%...
Question: You took out a 30-year fixed-rate
mortgage for $300,000 with an interest rate of 10.8% (APR).
Part 1. What is the monthly payment.
Answer. $ 2811.73
Part 2. What is the outstanding balance on your
mortgage after 15 years?
(To the person answering this)
Please include the formula to solve Part 1,
The formula and solution to solve Part 2 and an worded
explanation on all the steps below your work. I'm so confused on
the subject & Thank...
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