Question

In: Finance

To finance your new​ house, you have obtained a 35 year $750,000 mortgage. The bank has...

To finance your new​ house, you have obtained a

35 year $750,000 mortgage. The bank has offered you an interest rate of 5.7​%.

You​ can't decide on a payment frequency. Complete the following table to help you make a decision.

number of payment per year mortgage payment

12
24
26
52

Solutions

Expert Solution

­

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

jeff jeffy answered 1 year ago
Next > < Previous

Related Solutions

You plan to purchase a $250,000 house using a 15-year mortgage obtained from your bank. The...
You plan to purchase a $250,000 house using a 15-year mortgage obtained from your bank. The mortgage rate offered to you is 5.00 percent. You will make a down payment of 20 percent of the purchase price. a. Calculate your monthly payments on this mortgage. b. Construct the amortization schedule for the mortgage. How much total interest is paid on this mortgage?
You plan to purchase a $300,000 house using a 15-year mortgage obtained from your bank. The...
You plan to purchase a $300,000 house using a 15-year mortgage obtained from your bank. The mortgage rate offered to you is 4.70 percent. You will make a down payment of 25 percent of the purchase price. a. Calculate your monthly payments on this mortgage. b. Construct the amortization schedule for the mortgage. How much total interest is paid on this mortgage?
You plan to purchase an $80,000 house using a 15-year mortgage obtained from your local bank....
You plan to purchase an $80,000 house using a 15-year mortgage obtained from your local bank. The mortgage rate offered to you is 8.00 percent. You will make a down payment of 20 percent of the purchase price. Calculate your monthly payments on this mortgage. Calculate the amount of interest and, separately, principal paid in the 4th payment. Calculate the amount of interest paid over the life of this mortgage. (use bank rate.com, mortgage amortization table What will be your...
You plan to purchase an $120,000 house using a 15-year mortgage obtained from your local bank....
You plan to purchase an $120,000 house using a 15-year mortgage obtained from your local bank. The mortgage rate offered to you is 8.00 percent. You will make a down payment of 20 percent of the purchase price. Calculate the amount of interest and, separately, principal paid in the 120th payment 305.72 and 611.71 3057.20 and 6117.10 318.46 and 637.20 7926.90 and 73.11
You plan to purchase an $80,000 house using a 15-year mortgage obtained from your local bank....
You plan to purchase an $80,000 house using a 15-year mortgage obtained from your local bank. The mortgage rate offered to you is 8.00 percent. You will make a down payment of 20 percent of the purchase price. Calculate your monthly payments on this mortgage. Calculate the amount of interest and, separately, principal paid in the 4th payment. Calculate the amount of interest paid over the life of this mortgage.
You plan to purchase an $100,000 house using a 15-year mortgage obtained from your local bank....
You plan to purchase an $100,000 house using a 15-year mortgage obtained from your local bank. The mortgage rate offered to you is 4.5 percent. You will make a down payment of 10 percent of the purchase price. a. Calculate your monthly payments on this mortgage. b. Calculate the amount of interest and, separately, principal paid in the 80th payment. c. Calculate the amount of interest and, separately, principal paid in the 110th payment. d. Calculate the amount of interest...
The bank has agreed to give you a mortgage for $400,000 to buy a new house....
The bank has agreed to give you a mortgage for $400,000 to buy a new house. Current mortgage rates have an APR of 4% compounded semi-annually for a term of 25 years. How much interest will you pay in total over the life of the loan? Select one: a. $121,433.25 b. $143,645.25 c. $231,224.25 d. $237,378.25 e. None of the above.
You plan to purchase a house for $175,000 using a 15-year mortgage obtained from your local...
You plan to purchase a house for $175,000 using a 15-year mortgage obtained from your local bank. You will make a down payment of 25 percent of the purchase price. You will not pay off the mortgage early. (LG 7-3) a. Your bank offers you the following two options for payment: Option 1: Mortgage rate of 5 percent and zero points. Option 2: Mortgage rate of 4.75 percent and 2 points. Which option should you choose? b. Your bank offers...
1, You plan to purchase a house for $183,000 using a 15-year mortgage obtained from your...
1, You plan to purchase a house for $183,000 using a 15-year mortgage obtained from your local bank. You will make a down payment of 10 percent of the purchase price. You will not pay off the mortgage early. Assume the homeowner will remain in the house for the full term and ignore taxes in your analysis. a, Your bank offers you the following two options for payment. Which option should you choose? Option 1: Mortgage rate of 5.2 percent...
You plan to purchase a house for $200,000 using a 15-year mortgage obtained from your local...
You plan to purchase a house for $200,000 using a 15-year mortgage obtained from your local bank. You will make a down payment of 10 percent of the purchase price. You will not pay off the mortgage early. Assume the homeowner will remain in the house for the full term and ignore taxes in your analysis. a. Your bank offers you the following two options for payment. Which option should you choose? Option 1: Mortgage rate of 6.25 percent and...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT