Question

In: Finance

mr. smith completed 9 years of fixed monthly payments of 3,333.28 on a 30 year loan...

mr. smith completed 9 years of fixed monthly payments of 3,333.28 on a 30 year loan on an original amount of 417, 000. how much interest will he pay in the coming year

Solutions

Expert Solution

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


Related Solutions

Mr Smith is struggling to repay his loan of K200,000 with payments of K4,279 made monthly...
Mr Smith is struggling to repay his loan of K200,000 with payments of K4,279 made monthly in arrears for 5 years. (i) Find the amount of the level annual repayment. (ii) Hence, otherwise, calculate the APR of Mr Smiths loan, After exactly one year, a loan company oers to `help' Mr Smith by restructuring his loan with new monthly payments of K2,744.90 made in arrears. (iii) Assuming the company charges the same APR as Mr Smiths original loan, calculate the...
Consider the following mortgage: Loan amount $376,038 30 year maturity with monthly payments Fully amortizing Fixed...
Consider the following mortgage: Loan amount $376,038 30 year maturity with monthly payments Fully amortizing Fixed interest rate at 5% Suppose the investors use 50% PSA model to predict prepayments. What would be their prediction for the dollar amount of prepayments in the first month? Round your answer to the nearest cent (e.g. if you answer is $1,400.677777, write 1400.68).
A) For a loan of $160,000 at 7% annual interest, monthly payments, for 30 years, how...
A) For a loan of $160,000 at 7% annual interest, monthly payments, for 30 years, how much total interest will be paid over the life of the loan? Group of answer choices $279,785.00 $81,002.00 $223,214.00 $265,778.00 B) For a loan of $250,000 at 6% annual interest, with monthly payments over 15 years, if you pay an additional $100 in principle per month, how much total interest will you pay over the life of the loan? Group of answer choices $218,090.00...
Five years ago you took out a 30-year fixed $300,000 mortgage with monthly payments and an...
Five years ago you took out a 30-year fixed $300,000 mortgage with monthly payments and an APR of 8%, compounded monthly. You have made the normal payments in full, and, this morning, after making a normally scheduled payment, you are paying off the balance by taking out a new 30-year fixed mortgage at a lower APR of 6% (with monthly compounding). How much will each monthly payment be?
suppose you take a mortgage for $95,000 at 6.50% for 30 years, monthly payments. the loan...
suppose you take a mortgage for $95,000 at 6.50% for 30 years, monthly payments. the loan has a 5% prepayment penalty if the loan is repaid within the first 5 years of life. if you repay the loan at the end of year 4 what is the payoff of the loan? A- 0 B- 4,515 C- 90,307 D-156,250 You to refinance your current mortgage that has a current balance of $150,000 and does not have a prepayment penalty. Your lender...
On a 30-year, fixed-rate loan with a monthly payment of $1,000 and an interest rate of...
On a 30-year, fixed-rate loan with a monthly payment of $1,000 and an interest rate of 9%, what is the outstanding balance due on the loan with after the borrower has made 18 years of payments?
A loan is for $600,000 (mortgage), 30 years monthly, 4% fixed rate interest. What is the...
A loan is for $600,000 (mortgage), 30 years monthly, 4% fixed rate interest. What is the payment, 5-year payoff, 5-year principal paid, and 5-year interest paid?
John smith contracted a 30-year FRM (with monthly amortization) loan of $80,000 at an interest rate...
John smith contracted a 30-year FRM (with monthly amortization) loan of $80,000 at an interest rate of 15% from Bank of America 5 years ago for a residential property. In the meantime, Brookline Savings Bank can refinance the current balance on the loan at interest rate of 14% for a FRM amortized over 25 years. However, he also estimated the total refinancing cost to be $2,525, in addition to the prepayment penalty on the existing loan of 2%. If John...
Given a $200,000 loan, monthly payments, 30 years at 3.75%, how much interest is paid on...
Given a $200,000 loan, monthly payments, 30 years at 3.75%, how much interest is paid on the 36th payment?
You obtain a loan of $150,000 at 5.875% amortized over 30 years with monthly payments. You...
You obtain a loan of $150,000 at 5.875% amortized over 30 years with monthly payments. You are required to pay closing costs and fees of 2% of the loan amount to the lender. What is the yield of the loan if paid off at the end of 5 years?
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT