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In: Finance
ou plan to purchase a $170,000 house using a 30-year mortgage obtained from your local credit...
ou plan to purchase a $170,000 house using a 30-year mortgage obtained from your local credit union. The mortgage rate offered to you is 6.25 percent. You will make a down payment of 20 percent of the purchase price. a. Calculate your monthly payments on this mortgage. (Do not round intermediate calculations. Round your answer to 2 decimal places. (e.g., 32.16)) Monthly payment $ b. Construct the amortization schedule for the first six payments. (Do not round intermediate calculations. Round your answers to 2 decimal places. (e.g., 32.16)) Amortization Schedule for first 6 payments (months) Month Beginning Loan Balance Payment Interest Principal Ending Loan Balance 1 $ $ $ $ $ 2 3 4 5 6
Solutions
jeff jeffy answered 2 years agoRelated Solutions
You plan to purchase a $200,000 house using a 30-year mortgage obtained from your local credit...
You plan to purchase a $200,000 house using a 30-year mortgage
obtained from your local credit union. The mortgage rate offered to
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please show in excel
You plan to purchase a house for $115,000 using a 30-year mortgage obtained from your local...
You plan to purchase a house for $115,000 using a 30-year
mortgage obtained from your local bank. You will make a down
payment of 20 percent of the purchase price. You will not pay off
the mortgage early. (LG 7-3) a. Your bank offers you the following
two options for payment: Option 1: Mortgage rate of 9 percent and
zero points. Option 2: Mortgage rate of 8.85 percent and 2 points.
Which option should you choose? b. Your bank offers...
You plan to purchase a house for $200,000 using a 30-year mortgage obtained from your local...
You plan to purchase a house for $200,000 using a 30-year
mortgage obtained from your local bank. You will make a down
payment of 25 percent of the purchase price. You will not pay off
the mortgage early. Assume the homeowner will remain in the house
for the full term and ignore taxes in your analysis.
a. Your bank offers you the following two options
for payment. Which option should you choose?
Option 1: Mortgage rate of 5.60 percent and...
You plan to purchase a house for $230,000 using a 30-year mortgage obtained from your local...
You plan to purchase a house for $230,000 using a 30-year
mortgage obtained from your local bank. You will make a down
payment of 25 percent of the purchase price. You will not pay off
the mortgage early. Assume the homeowner will remain in the house
for the full term and ignore taxes in your analysis.
a.
Your bank offers you the following two options for
payment:
Which option should you choose?
Option 1: Mortgage rate of 5.90 percent and...
You plan to purchase a $150,000 house using a 15-year mortgage obtained from your local credit...
You plan to purchase a $150,000 house using a 15-year mortgage
obtained from your local credit union. The mortgage rate offered to
you is 6.25 percent. You will make a down payment of 10 percent of
the purchase price.
a.
Calculate your monthly payments on this mortgage. (Do
not round intermediate calculations. Round your answer to 2 decimal
places. (e.g., 32.16))
Monthly payment
$
b.
Calculate the amount of interest and, separately, principal paid
in the 20th payment. (Do not...
You plan to purchase a $150,000 house using a 15-year mortgage obtained from your local credit...
You plan to purchase a $150,000 house using a 15-year mortgage
obtained from your local credit union. The mortgage rate offered to
you is 6.75 percent. You will make a down payment of 15 percent of
the purchase price.
a. Calculate your monthly payments on this
mortgage.
b. Calculate the amount of interest and,
separately, principal paid in the 60th payment.
c. Calculate the amount of interest and,
separately, principal paid in the 150th payment.
d. Calculate the amount of...
You plan to purchase a $150,000 house using a 15-year mortgage obtained from your local credit...
You plan to purchase a $150,000 house using a 15-year mortgage
obtained from your local credit union. The mortgage rate offered to
you is 6.25 percent. You will make a down payment of 10 percent of
the purchase price.
a.
Calculate your monthly payments on this mortgage. (Do
not round intermediate calculations. Round your answer to 2 decimal
places. (e.g., 32.16))
Monthly payment
$
b.
Calculate the amount of interest and, separately, principal paid
in the 20th payment. (Do not...
You plan to purchase a $200,000 house using a 15-year mortgage obtained from your local credit...
You plan to purchase a $200,000 house using a 15-year mortgage
obtained from your local credit union. The mortgage rate offered to
you is 7 percent. You will make a down payment of 10 percent of the
purchase price.
a. Calculate your monthly payments on this
mortgage.
b. Construct the amortization schedule for the
first six payments.
Construct the amortization schedule for the first six payments.
(Do not round intermediate calculations. Round your answers to 2
decimal places. (e.g., 32.16))...
You plan to purchase a $160,000 house using a 15-year mortgage obtained from your local credit...
You plan to purchase a $160,000 house using a 15-year mortgage
obtained from your local credit union. The mortgage rate offered to
you is 6 percent. You will make a down payment of 10 percent of the
purchase price.
a. Calculate your monthly payments on this
mortgage.
b. Construct the amortization schedule for the
first six payments.
A-Calculate your monthly payments on this mortgage. (Do not
round intermediate calculations. Round your answer to 2 decimal
places. (e.g., 32.16))
Monthly...
You plan to purchase a $270,000 house using either a 30-year mortgage obtained from your local...
You plan to purchase a $270,000 house using either a 30-year
mortgage obtained from your local savings bank with a rate of 7.45
percent, or a 15-year mortgage with a rate of 6.60 percent. You
will make a down payment of 25 percent of the purchase price. a.
Calculate the amount of interest and, separately, principal paid on
each mortgage. What is the difference in interest paid? b.
Calculate your monthly payments on the two mortgages. What is the
difference...
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