Question

In: Finance

A homeowner takes out a $257,000, 20-year fixed-rate mortgage at a rate of 6.00 percent. What...

A homeowner takes out a $257,000, 20-year fixed-rate mortgage at a rate of 6.00 percent. What are the monthly mortgage payments? (Do not round intermediate calculations. Round your answer to 2 decimal places.)

Monthly Payment: ________

Solutions

Expert Solution

PV =

r = 6%/12 = 0.5% (monthly), n = 20 * 12 = 240 months

257,000 = P * 139.5808

P = $1,841.23

jeff jeffy answered 2 years ago
Next > < Previous

Related Solutions

A homeowner takes a 15-year fixed-rate mortgage for $110,000 at 7.3 percent. After three years, the...
A homeowner takes a 15-year fixed-rate mortgage for $110,000 at 7.3 percent. After three years, the homeowner sells the house and pays off the remaining principal. How much is the principal payment? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Principal Payment: ________
A homeowner takes a 30-year fixed-rate mortgage for $150,000 at 7.9 percent. After eleven years, the...
A homeowner takes a 30-year fixed-rate mortgage for $150,000 at 7.9 percent. After eleven years, the homeowner sells the house and pays off the remaining principal. How much is the principal payment?
A homeowner took out a 25-year, fixed-rate mortgage of $210,000. The mortgage was taken out 8...
A homeowner took out a 25-year, fixed-rate mortgage of $210,000. The mortgage was taken out 8 years ago at a rate of 7.1 percent. If the homeowner refinances, the charges will be $3,400. What is the highest interest rate at which it would be beneficial to refinance the mortgage? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.) APR% _____
A homeowner took out a 30-year, fixed-rate mortgage of $145,000. The mortgage was taken out 6...
A homeowner took out a 30-year, fixed-rate mortgage of $145,000. The mortgage was taken out 6 years ago at a rate of 8.4 percent. If the homeowner refinances, the charges will be $2,550. What is the highest interest rate at which it would be beneficial to refinance the mortgage? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.)
A homeowner can obtain a $250,000, 30-year fixed-rate mortgage at a rate of 6.0 percent with...
A homeowner can obtain a $250,000, 30-year fixed-rate mortgage at a rate of 6.0 percent with zero points or at a rate of 5.5 percent with 2.25 points. How long must the owner stay in the house to make it worthwhile to pay the points if the payment saving is NOT invested? please answer in excel format
A homeowner can obtain a $250,000, 30-year fixed-rate mortgage at a rate of 3.25 percent with...
A homeowner can obtain a $250,000, 30-year fixed-rate mortgage at a rate of 3.25 percent with monthly payments. How much principal and interest will she pay in the 27th monthly payment?
A borrower takes out a 20-year mortgage for $500,000 with an interest rate of 6%. The...
A borrower takes out a 20-year mortgage for $500,000 with an interest rate of 6%. The loan requires monthly payments and has a 3% fee if the loan is repaid within 10 years. What is the effective interest rate on the loan if the borrower repays the loan after 72 payments?
A borrower takes out a 20-year mortgage for $500,000 with an interest rate of 6%. The...
A borrower takes out a 20-year mortgage for $500,000 with an interest rate of 6%. The loan requires monthly payments and has a 3% fee if the loan is repaid within 10 years. What is the effective interest rate on the loan if the borrower repays the loan after 72 payments?
a homeowner can obtain a 500,000 thirty year fixed rate mortgage at a rate of 3.0%...
a homeowner can obtain a 500,000 thirty year fixed rate mortgage at a rate of 3.0% with zero points or at a rate of 2.75% with 2 points. if you will keep the mortgage for 30 years what is the net present value of paying the points to the nearest dollars 1.)9,475 2.)8,360 3.) 6,366 4.)7,616 5.) 5,240
A homeowner can obtain a 250,000, 30 year fixed rate mortgage at a rate of 6.0%...
A homeowner can obtain a 250,000, 30 year fixed rate mortgage at a rate of 6.0% with zero points or at a rate of 5.5% with 2.25 points. How long must the owner stay in the house to make it worthwhile to pay the points if the payment saving is not invested?
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT