Question

In: Finance

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​ principal, during the twentieth year​ (i.e., between 19 and 20 years from​ now)?

Solutions

Expert Solution

Please refer to below spreadsheet for calculation and answer. Cell reference also provided.

Cell reference -

jeff jeffy answered 5 hours 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 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...
Dagny Taggart has just purchased a home and taken out a​ $400,000 mortgage. The mortgage has...
Dagny Taggart has just purchased a home and taken out a​ $400,000 mortgage. The mortgage has a 30−year term with monthly payments and has an APR of​ 5.4%. The total amount of interest that Dagny will pay during the first three months of her mortgage is closest​ to: A. ​$1345 B. ​$6740 C. ​$5395 D. $5380
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...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT