Question
In: Finance
(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 to the principal?
Solutions
jeff jeffy answered 2 years agoRelated Solutions
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?
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?
John has a level-payment mortgage loan with 12 years remaining, at an interest rate of 7%...
John has a level-payment mortgage loan with 12 years remaining,
at an interest rate of 7% with a payment of $1,000/monthly. John's
mortgage balance is:
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.)
Suppose you obtain a 20-year mortgage loan of $199,000 at an annual interest rate of 8.1%....
Suppose you obtain a 20-year mortgage loan of $199,000 at an
annual interest rate of 8.1%. The annual property tax bill is $966
and the annual fire insurance premium is $487. Find the total
monthly payment for the mortgage, property tax, and fire insurance.
(Round your answer to the nearest cent.)
$_______________
You get a car loan for $16,000 at an annual interest rate of 7%, which requires...
You get a car loan for $16,000 at an annual interest rate of 7%,
which requires 5 annual payments. Draw a loan amortization chart,
which details the payment, interest and principle each year of the
loan. Replicate the chart in Excel using monthly payments.
You get a car loan for $16,000 at an annual interest rate of 7%, which requires...
You get a car loan for $16,000 at an annual interest rate of
7%, which requires 5 annual payments. Draw a loan amortization
chart, which details the payment, interest and principal each year
of the loan. Replicate the chart in Excel using monthly payments.
For each of the following questions, continue to identify
the critical values, draw a time line, write the appropriate
formula, and then solve the problem.
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