Question

In: Finance

You took a 30-year half-million-dollar mortgage at 3% per year. Midway (i.e., after you've paid the...

You took a 30-year half-million-dollar mortgage at 3% per year. Midway (i.e., after you've paid the 180th monthly payment), how much equity have your accrued?

Solutions

Expert Solution

Formulae


Related Solutions

You took a 30-year half-million-dollar mortgage at 3% per year.What percent of your last payment...
You took a 30-year half-million-dollar mortgage at 3% per year. What percent of your last payment goes to reduce principal?
You took a 30-year $750k mortgage that charges 3% interest per year. What percent of the...
You took a 30-year $750k mortgage that charges 3% interest per year. What percent of the mortgage had you paid off at midpoint, i.e., after making your 180th monthly payment?
You can afford a $950 per month mortgage payment. You've found a 30 year loan at...
You can afford a $950 per month mortgage payment. You've found a 30 year loan at 6% interest. a) How big of a loan can you afford? $ b) How much total money will you pay the loan company? $ c) How much of that money is interest? $
You can afford a $850 per month mortgage payment. You've found a 30 year loan at...
You can afford a $850 per month mortgage payment. You've found a 30 year loan at 7% interest. a) How big of a loan can you afford? $ b) How much total money will you pay the loan company? $ c) How much of that money is interest? $
You can afford a $1250 per month mortgage payment. You've found a 30 year loan at...
You can afford a $1250 per month mortgage payment. You've found a 30 year loan at 6% interest. a) How big of a loan can you afford? $ b) How much total money will you pay the loan company? $ c) How much of that money is interest?
You took out a fully amortizing 30 year mortgage with the initial balance of $571,179. This...
You took out a fully amortizing 30 year mortgage with the initial balance of $571,179. This mortgage has a fixed interest rate at 5%. After you completed two full years of monthly payments, how much have you paid toward principal? Round your answer to the nearest cent (e.g. if your answer is $7000.9873, enter 7000.99).
You took out a fully amortizing 30 year mortgage with the initial balance of $199,755. This...
You took out a fully amortizing 30 year mortgage with the initial balance of $199,755. This mortgage has a fixed interest rate at 4%. After you completed two full years of monthly payments, how much have you paid toward principal? Round your answer to the nearest cent (e.g. if your answer is $7000.9873, enter 7000.99).
A couple took out a 30-year mortgage 10 years ago. At that time, the mortgage was...
A couple took out a 30-year mortgage 10 years ago. At that time, the mortgage was $306,800.00, with 7.44% APR and monthly compounding of interest. Today, the couple has been offered $327,700.00 for their house. If the couple accepts the offer, how much cash will they take from the deal? The cash will be the difference between the sell price and what is owed on the loan.
A homeowner paid a fixed 3% on a 30-year mortgage of $200,000. 11a. Calculate the monthly...
A homeowner paid a fixed 3% on a 30-year mortgage of $200,000. 11a. Calculate the monthly mortgage payment. [10 points] 11b. Calculate the total interest payment over this 30-year period. [5 points] 11c. In the third monthly mortgage payment, calculate the interest payment. [5 points] 11d. In the fourth monthly mortgage payment, calculate the principal payment.
10-years ago, you took out a 30-year mortgage with an APR of 6.5% for $430,000. If...
10-years ago, you took out a 30-year mortgage with an APR of 6.5% for $430,000. If you were to refinance the mortgage today for 20 years at an APR of 4.25%, how much would your monthly payment change by? Please explain how to solve step-by-step
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT