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In: Finance
A family has a $ 113,739 25-year mortgage at 5.4 % compounded monthly. (A) Find the...
A family has a $ 113,739 25-year mortgage at 5.4 % compounded monthly. (A) Find the monthly payment and the total interest paid. (B) Suppose the family decides to add an extra $100 to its mortgage payment each month starting with the very first payment. How long will it take the family to pay off the mortgage? How much interest will the family save? (A) Monthly payment: $ nothing (Round to two decimal places.)
Solutions
jeff jeffy answered 1 year agoRelated Solutions
A family has a $ 144447 , 20 -year mortgage at 6.6 % compounded monthly. Find...
A family has a $ 144447 , 20 -year mortgage at 6.6 % compounded
monthly. Find the monthly payment. Also find the unpaid balance
after 5 years and after 10 years.
A family took a 20 year mortgage of $195,000 at 5.75% per year compounded monthly. Immediately...
A family took a 20 year mortgage of $195,000 at 5.75% per year
compounded monthly. Immediately after the 85th monthly payment,
they decided to re-finance this mortgage because they found a lower
rate of 3.75% per month compounded monthly. If they continue the
same amount of monthly payments as before, how long will it take to
pay off this mortgage?
A family took a 20 year mortgage of $195,000 at 5.75% per year compounded monthly. Immediately...
A family took a 20 year mortgage of $195,000 at 5.75% per year
compounded monthly. Immediately after the 85th monthly payment,
they decided to re-finance this mortgage because they found a lower
rate of 3.75% per month compounded monthly. If they continue the
same amount of monthly payments as before, how long will it take to
pay off this mortgage?
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.
A 25-year, $435,000 mortgage at 4.10% compounded quarterly is repaid with monthly payments. a. What is...
A 25-year, $435,000 mortgage at 4.10% compounded quarterly is
repaid with monthly payments.
a. What is the size of the monthly
payments?
b. Find the balance of the mortgage at the end
of 6 years?
c. By how much did the amortization period
shorten by if the monthly payments are increased by $100 at the end
of year six?
A 25-year, $455,000 mortgage at 4.30% compounded semi-annually is repaid with monthly payments. a. What is...
A 25-year, $455,000 mortgage at 4.30% compounded semi-annually
is repaid with monthly payments.
a. What is the size of the monthly
payments?
b. Find the balance of the mortgage at the end
of 6 years?
c. By how much did the amortization period
shorten by if the monthly payments are increased by $275 at the end
of year six?
Find the monthly payment in year 2 for the following ARM: First year rate = 5.4%;...
Find the monthly payment in year 2 for the following ARM: First
year rate = 5.4%; 2% annual cap, 6% overall cap; 30-year
amortization; margin = 3.0%; Treasury index at end of year 1 =
4.2%; loan amount = $164,000.
A 25 years $500000 mortgage at 4.30% compounded semi annually is repaid with monthly payment what...
A 25 years $500000 mortgage at 4.30% compounded semi
annually is repaid with monthly payment what is size of monthly
payment and balance of mortgage at end of 6 years and how much did
the amortization period shorten by if the monthly payment are
increased by $125 at end of year six?
A $40,000 mortgage loan charges interest at 6.6% compounded monthly for a four-year term. Monthly payments...
A $40,000 mortgage loan charges interest at 6.6% compounded
monthly for a four-year term. Monthly payments were calculated for
a 15-year amortization and then rounded up to the next higher
$10.
a) What will be the principal balance at the end of the first
term?
b) What will the monthly payments be on renewal for a
three-year term if it is calculated for an interest rate of 7.2%
compounded monthly and an 11-year amortization period, but again
rounded to the...
A 20-year, $ 490,000 mortgage at 4.20\% compounded annually is repaid wit monthly payments . a....
A
20-year, $ 490,000 mortgage at 4.20\% compounded annually is repaid
wit monthly payments . a. What is the size of the monthly payments
? Round to the nearest cent. b. Find the balance of the mortgage at
the end of 5 years 00 Round to the nearest cent c. By how much did
the amortization period shorten by if the monthly payments are
increased by $ 200 at the end of year five
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