Consider a 15-year, $110,000 mortgage with an interest rate of
5.75 percent. After two years, the...
Consider a 15-year, $110,000 mortgage with an interest rate of
5.75 percent. After two years, the borrower (the mortgage issuer)
pays it off. How much will the lender receive?
Consider a 15-year, $110,000 mortgage with an interest rate of
5.75 percent. After two years, the borrower (the mortgage issuer)
pays it off. How much will the lender receive? (Do not
round intermediate calculations. Round your answer to 2 decimal
places.)
Lender Receives:
Consider a 15-year, $130,000 mortgage with an interest rate of
5.95 percent. After six years, the borrower (the mortgage issuer)
pays it off. How much will the lender receive? (Do not round
intermediate calculations. Round your answer to 2 decimal
places.)
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: ________
Consider a 20-year, $175,000 mortgage with an interest rate of
5.65 percent. After six years, the borrower (the mortgage issuer)
pays it off. How much will the lender receive? (Do not
round intermediate calculations. Round your answer to 2 decimal
places.)
Consider a 20-year mortgage for $282845 at an annual interest
rate of 4.1%. After 6 years, the mortgage is refinanced to an
annual interest rate of 2.5%. What are the monthly payments after
refinancing?
Consider a 30-year mortgage for $383,325 at an annual interest
rate of 5.3%. After 12 years, the mortgage is refinanced to an
annual interest rate of 3.5%. How much interest is paid on this
mortgage?
Round your answer to the nearest dollar.
Consider a 30-year mortgage for $208,409 at an annual interest
rate of 5.8%. After 11 years, the mortgage is refinanced to an
annual interest rate of 3.5%. How much interest is paid on this
mortgage?
Consider a 30-year mortgage for $386,936 at an annual interest
rate of 5.1%. After 12 years, the mortgage is refinanced to an
annual interest rate of 3.7%. How much interest is paid on this
mortgage?
Consider a 30-year, $170,000 mortgage with a rate of 5.70
percent. Seven years into the mortgage, rates have fallen to 5
percent. What would be the monthly saving to a homeowner from
refinancing the outstanding mortgage balance at the lower rate?
Consider a 20-year, $180,000 mortgage with a rate of 6.3
percent. Four years into the mortgage, rates have fallen to 5
percent. Suppose the transaction cost of obtaining a new mortgage
is $1,900.
Quantify the effect of the homeowner's decision. (Do not
round intermediate calculations. Round your answer to 2 decimal
places.)
Monthly savings ________