1.) For an annual interest rate of 2.75%(compunded semi-annually), what mortgage loan can be obtained with...

1.) For an annual interest rate of 2.75%(compunded semi-annually), what mortgage loan can be obtained with constant bi-weekly payments of $1,000 over 25 years? Why it is more or less than $500,000?

2.) For an annual interest rate of 2.75%(compunded semi-annually), what mortgage loan can be obtained with constant annual payments of $26,000 over 25 years? Why your answers are different in 1) and 2) even though you make the same annual payment of $26,000

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You have obtained a mortgage for $100,000 with annual interest rate of 6% that is to...

You have obtained a mortgage for $100,000 with annual interest rate of 6% that is to be paid over 30 years (interest is compounded monthly). Your monthly payment is $600. Complete the first few rows of the loan amortization table (show how you got the number): Months Loan balance Loan payment Interest Principal 1 2 3

What is the effective rate of interest per semi-annual period equivalent to 8% p.a. compounding annually?

The Mendez family is considering a mortgage loan of $350,500 at an annual interest rate of...

The Mendez family is considering a mortgage loan of $350,500 at an annual interest rate of 6.7%. (a) How much greater is their mortgage payment if the term is 20 years rather than 30 years? $ (b) How much less is the amount of interest paid over the life of the 20-year loan than over the life of the 30-year loan?

The Mendez family is considering a mortgage loan of $350,000 at an annual interest rate of...

The Mendez family is considering a mortgage loan of $350,000 at an annual interest rate of 6.55%. (a) How much greater is their mortgage payment if the term is 20 years rather than 30 years? (b) How much less is the amount of interest paid over the life of the 20-year loan than over the life of the 30-year loan?

(7-A) The Mendez family is considering a mortgage loan of $348,500 at an annual interest rate...

(7-A) The Mendez family is considering a mortgage loan of $348,500 at an annual interest rate of 6.9%. How much less is the amount of interest paid over the life of the 20-year loan than over the life of the 30-year loan? (8-B) Marcel Thiessen purchased a home for $209,300 and obtained a 15-year, fixed-rate mortgage at 9% after paying a down payment of 10%. Of the first month's mortgage payment, how much is interest and how much is applied...

A $37,000 loan at 8.2% compounded semi-annually is to be repaid by equal semi-annual payments over...

A $37,000 loan at 8.2% compounded semi-annually is to be repaid by equal semi-annual payments over 10 years. a) What will be the principal component of the sixth payment? b) What will be the interest component of the sixteenth payment? c) How much will Payments 6 to 15 inclusive reduce the principal? d) How much interest will be paid in the third year? e) What will be the final payment?

Assume a mortgage loan amount of $ 400,000, with annual interest rate 4% and 15 years...

Assume a mortgage loan amount of $ 400,000, with annual interest rate 4% and 15 years term 1. Calculate annual payment amount 2. Calculate monthly payment amount 3. Do you pay more annually or monthly? Why? 4. Prepare a 180 month loan amortization schedule. How much is your total interest payment?

Assume a mortgage loan amount of $ 300,000, with annual interest rate 4% and 5 years...

Assume a mortgage loan amount of $ 300,000, with annual interest rate 4% and 5 years term 1. Calculate annual payment amount 2. Calculate monthly payment amount 3. Do you pay more annually or monthly? Why? 4. Prepare a 60 month loan amortization schedule. How much is your total interest payment?

Suppose you obtain a 20-year mortgage loan of $197,000 at an annual interest rate of 8.2%....

Suppose you obtain a 20-year mortgage loan of $197,000 at an annual interest rate of 8.2%. The annual property tax bill is $978 and the annual fire insurance premium is $491. Find the total monthly payment for the mortgage, property tax, and fire insurance. (Round your answer to the nearest cent.)

Suppose you obtain a 25-year mortgage loan of $194,000 at an annual interest rate of 8.5%....

Suppose you obtain a 25-year mortgage loan of $194,000 at an annual interest rate of 8.5%. The annual property tax bill is $971 and the annual fire insurance premium is $481. Find the total monthly payment for the mortgage, property tax, and fire insurance. (Round your answer to the nearest cent.)

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