Question

In: Finance

What will be the monthly payment on a home mortgage of $80,000 at 12% interest, to...

What will be the monthly payment on a home mortgage of $80,000 at 12% interest, to be amortized over 30 years? (Note: Since there are monthly payments, monthly compounding occurs)

A. $771.46 B. $822.89 C. $925.75 D. $1,034.533

Solutions

Expert Solution

Using Excel ans is B ie $822.89 is the monthly Emi

MI

Copy of screen shot is attached for refrence


Related Solutions

What will be the monthly payment on a $75,000 30-year home mortgage at 1% interest per...
What will be the monthly payment on a $75,000 30-year home mortgage at 1% interest per month?
Monthly Mortgage Payments The average monthly mortgage payment including principal and interest is 982 in the...
Monthly Mortgage Payments The average monthly mortgage payment including principal and interest is 982 in the United States. If the standard deviation is approximately 180 and the mortgage payments are approximately normally distributed, find the probabilities. Use a TI-83 Plus/TI-84 Plus calculator and round the answers to at least four decimal places. (a) (a)The selected monthly payment is more than $1400 (a)The selected monthly payment is more than 1400 P(Z>1400)= 2) Prison Sentences The average prison sentence for a person...
Calculating the Payment for a Constant Payment Mortgage (CPM) $100000 Mortgage 5% Interest 20 Years Monthly...
Calculating the Payment for a Constant Payment Mortgage (CPM) $100000 Mortgage 5% Interest 20 Years Monthly Payments If he wants to pay off the loan after 8 years, what would be the outstanding balance on the loan? Present Value Method
With a conventional amortized mortgage loan, what is TRUE about each monthly principal and interest payment?...
With a conventional amortized mortgage loan, what is TRUE about each monthly principal and interest payment? a. The loan payment will go up each month. b. The portion used to pay interest increases. c. The portion used to pay interest decreases. d. The loan payment will go down each month.
5)What is the monthly payment on a 15 year, $350,000 mortgage loan, where interest rate is...
5)What is the monthly payment on a 15 year, $350,000 mortgage loan, where interest rate is 3% per year, Compounded annually Compounded monthly Compounded daily What are effective annual rates for 1,2, and 3 above?
Compute the monthly payment for a $133,440 home loan. The stated interest of the loan is...
Compute the monthly payment for a $133,440 home loan. The stated interest of the loan is 5% with monthly payments. The loan amortization is over 25 years.
How many monthly payments remain to be paid on an 12% interest rate mortgage with monthly...
How many monthly payments remain to be paid on an 12% interest rate mortgage with monthly payments of $733.76, when the balance outstanding on the mortgage reaches $40,000?
The average monthly mortgage payment including principal and interest is $982 in the United States. If...
The average monthly mortgage payment including principal and interest is $982 in the United States. If the standard deviation is approximately $180 and the mortgage payments are approximately normally distributed, find the probability that a randomly selected monthly payment is: A. Between $800 and $1150 B. Less than $1,000
What is the monthly mortgage payment on a $300,000 30 year fixed rate mortgage with an...
What is the monthly mortgage payment on a $300,000 30 year fixed rate mortgage with an interest rate of 5.125 percent. A friend who knows you have studied amortization asks your help to find the interest portion of their house payments for tax purposes (assuming they itemize). The monthly payments are $2,107.02 on a 30 year loan with a 5 percent interest rate. a) What was the total amount of interest paid during year 2? b) At what point in...
What is the monthly payment for a $800,000 mortgage for the first 119 payments that is...
What is the monthly payment for a $800,000 mortgage for the first 119 payments that is due in 10 years, has a 25 year amortization, at 5% interest? What is the amount of the 120th payment? Please use Excel and explain. Make sure that formulas are set to show in excel sheet.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT