Question

In: Finance

You have just purchased a new home and have taken out a mortgage loan for $300,000...

You have just purchased a new home and have taken out a mortgage loan for $300,000 at an interest rate of 4.00% and a maturity of 30 years. You will make 360 equal monthly payments. What is the amount of your monthly payment? Please fill in the amortization schedule below for the first two months (month1 and 2) of the 360 months that you will be paying on the mortgage.

Hint: PVA = Payment [1-(1+r)^-N / r]

Please fill in the amortization schedule below for the first two months of the 360 months that you will be paying on the mortgage.

First two Months of Amortization table:

                                                                        Repayment                   Remaining

Month              Payment           Interest             of Principal                  Principal Balance

1

2

Solutions

Expert Solution

SEE THE IMAGE. ANY DOUBTS, FEEL FREE TO ASK. THUMBS UP PLEASE

jeff jeffy answered 2 months ago
Next > < Previous

Related Solutions

You have just purchased a home and taken out a $410,000 mortgage. The mortgage has a...
You have just purchased a home and taken out a $410,000 mortgage. The mortgage has a 30​-year term with monthly payments and an APR of 5.12%. a. How much will you pay in​ interest, and how much will you pay in​ principal, during the first​ year? b. How much will you pay in​ interest, and how much will you pay in​ principal, during the 20th year​ (i.e., between 19 and 20 years from​ now)?
You have just purchased a home and taken out a $590,000 mortgage. The mortgage has a...
You have just purchased a home and taken out a $590,000 mortgage. The mortgage has a ​30-year term with monthly payments and an APR of 5.92%. a. How much will you pay in​ interest, and how much will you pay in​ principal, during the first​ year? b. How much will you pay in​ interest, and how much will you pay in​ principal, during the 20th year​ (i.e., between 19 and 20 years from​ now)?
You have just purchased a home and taken out a $440,000 mortgage. The mortgage has a...
You have just purchased a home and taken out a $440,000 mortgage. The mortgage has a 30​-year term with monthly payments and an APR of 5.28%. a. How much will you pay in​ interest, and how much will you pay in​ principal, during the first​ year? b. How much will you pay in​ interest, and how much will you pay in​ principal, during the 20th year​ (i.e., between 19 and 20 years from​ now)?
You have just purchased a home and taken out a $440,000 mortgage. The mortgage has a...
You have just purchased a home and taken out a $440,000 mortgage. The mortgage has a 30 year term with monthly payments and an APR of 5.92%. How much will you pay in interest, and how much will you pay in principal during the first year? How much will you pay in interest and how much will you pay in principal during the 20th year?
You have just purchased a home and taken out a $480,000 mortgage. The mortgage has a...
You have just purchased a home and taken out a $480,000 mortgage. The mortgage has a 30​-year term with monthly payments and an APR of 6.80%. a. How much will you pay in​ interest, and how much will you pay in​ principal, during the first​ year? b. How much will you pay in​ interest, and how much will you pay in​ principal, during the 20th year​ (i.e., between 19 and 20 years from​ now)?
You have just purchased a home and taken out a $540,000 mortgage. The mortgage has a...
You have just purchased a home and taken out a $540,000 mortgage. The mortgage has a 30​-year term with monthly payments and an APR of 7.44%. a. How much will you pay in​ interest, and how much will you pay in​ principal, during the first​ year? b. How much will you pay in​ interest, and how much will you pay in​ principal, during the 20th year​ (i.e., between 19 and 20 years from​ now)?
1) You have just purchased a home and taken out a $ 530,000 mortgage. The mortgage...
1) You have just purchased a home and taken out a $ 530,000 mortgage. The mortgage has a 30​-year term with monthly payments and an APR of 5.20%. a. How much will you pay in​ interest, and how much will you pay in​ principal, during the first​ year? b. How much will you pay in​ interest, and how much will you pay in​ principal, during the 20th year​ (i.e., between 19 and 20 years from​ now)? 2) You need a...
You have just purchased a home and taken out a $ 520000 mortgage. The mortgage has...
You have just purchased a home and taken out a $ 520000 mortgage. The mortgage has a 30​-year term with monthly payments and an APR​ (with semi-annual​ compounding) of 7.44 %. ​(Note: Be careful not to round any intermediate steps less than six decimal​ places.) a. How much will you pay in​ interest, and how much will you pay in​ principal, during the first​ year? b. How much will you pay in​ interest, and how much will you pay in​...
You have just taken out a 30‑year mortgage on your new home for$103,104. This mortgage...
You have just taken out a 30‑year mortgage on your new home for $103,104. This mortgage is to be repaid in 360 equal monthly installments. If the stated (nominal) annual interest rate is 13.35 percent, what is the amount of each of the monthly installments? (Note: The convention when periodic payments are involved is to assume that the compounding frequency is the same as the payment frequency, unless stated otherwise. Thus this implies 13.35 % APR, compounded monthly for this...
Assume you have just taken out a new home mortgage. You will borrow $200,000 and make...
Assume you have just taken out a new home mortgage. You will borrow $200,000 and make equal annual payments for 20 years. a. If the interest rate is 10% per year, how much will the payments be if you pay interest on the unpaid balance each year? b. Construct an amortization schedule for the first two years. (There should be 5 columns: end of year, Payment, interest, principal repayment, balance; remember, you borrow today, the end or year 0) c....
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT