Question

In: Finance

The Rialto family bought a house 10 years ago, taking out a mortgage loan for $249,500...

The Rialto family bought a house 10 years ago, taking out a mortgage loan for $249,500 at 7% interest for 30 years. They've made all of their monthly payments on time for the past 10 years. With 20 years left on the loan, how much does the Rialto family still owe on the mortgage?

(Hint: first you will need to figure out the monthly payment on the 30 year loan.)

Solutions

Expert Solution

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

AS NOTHING WAS MENTIONED, EXCEL METHOD WAS USED. THANK YOU

jeff jeffy answered 2 years ago
Next > < Previous

Related Solutions

You bought a house 8 years ago with a $250,000 mortgage. It was a 15 year loan with
You bought a house 8 years ago with a $250,000 mortgage. It was a 15 year loan with monthly payments which will pay off the loan when you make the last payment. The interest rate was 6%. What are your monthly payment and your current loan balance? How much interest will you pay in the upcoming year?  
Three years ago, you bought a house. You took out a $350,000.00 mortgage at 4.75% for...
Three years ago, you bought a house. You took out a $350,000.00 mortgage at 4.75% for 30 years. Now that interest rates have fallen (beginning of year 4 of your current mortgage), you are considering refinancing your existing loan with a new 30 year loan. Your new loan must pay off the remaining balance of your old loan plus pay for all of the fees, associated with the new loan. In addition to all of the standard fees, you choose...
When you bought your house for $300,000 5 years ago you took out a $250,000 mortgage...
When you bought your house for $300,000 5 years ago you took out a $250,000 mortgage with a 30 year ARM at 5%. Today is the five year anniversary and the rate adjusts to 10%. What is your new mortgage payment?
You have just bought a house and have taken out a mortgage (an installment) loan for...
You have just bought a house and have taken out a mortgage (an installment) loan for $500,000. This is a 30-year loan that requires monthly payments and the first payment is due one month from today. The APR for the loan is 24%. You are interested to know how much of your 210th monthly payment will go toward the repayment of principal? That amount is _______________ Question 10 options: $762.65 $9,586.98 $625.64 $9,494.78 $513.24 $9,382.38 $421.04 $9,245.37
A few years ago, you got married and bought a house with an adjustable rate mortgage...
A few years ago, you got married and bought a house with an adjustable rate mortgage with the following terms: Loan: $240,000 Term: 20 years Initial Rate: 4% Margin: 2% over the Index Rate Lifetime Max: 4.5% The index rate was 2% in year 1, 1.5% in year 2, 4% in year 3, 1% in year 4, and 1% in year 5. a) What is your loan balance at year 5? (5pts) b) What is the effective interest rate is...
A few years ago, you got married and bought a house with an adjustable rate mortgage...
A few years ago, you got married and bought a house with an adjustable rate mortgage with the following terms: Loan: $240,000 Term: 20 years Initial Rate: 4% Margin: 2% over the Index Rate Lifetime Max: 4.5% The index rate was 2% in year 1, 1.5% in year 2, 4% in year 3, 1% in year 4, and 1% in year 5. a) What is your loan balance at year 5? (5pts) b) What is the effective interest rate is...
A few years ago, you got married and bought a house with an adjustable rate mortgage...
A few years ago, you got married and bought a house with an adjustable rate mortgage with the following terms:            Loan:               $240,000             Term:              20 years            Initial Rate:      4%            Margin:          2% over the Index Rate            Lifetime Max: 4.5% The index rate was 2% in year 1, 1.5% in year 2, 4% in year 3, 1% in year 4, and 1% in year 5. What is your loan balance at year 5? What is the effective interest rate is paid off after year 5?
A family purchased a house 10 years ago for $90, 000. The family put a 20%...
A family purchased a house 10 years ago for $90, 000. The family put a 20% down payment on the house, and signed a 30-year mortgage at 9% on the unpaid balance. The net market value of the house (amount after subtracting all fees involved with selling the house) is now $140, 000, and the family wishes to sell the house. How much equity does the family have in the house now after making 120 monthly payments?
you are taking out a $100,000 mortgage loan to be repaid over 25 years in 300...
you are taking out a $100,000 mortgage loan to be repaid over 25 years in 300 monthly payments. a. if the interest rate is 16% per year, what is the amount of the monthly payment? b. if you can only afford to pay $1000 per month, how large a loan can you take? c. if you can afford to pay $1500 per month and need to borrow $100,000, how many months would it take to pay the mortgage? d. if...
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.
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT