Question
In: Economics
you have two mortgage options the first is a 180000 mortgage payable over 30 years with...
you have two mortgage options the first is a 180000
mortgage payable over 30 years with apr of 11 the other mortgage is
of x also payable over 30 years with apr 13% the yearly mortgage
payment of this option is 7312more than the first
what's the mortgage offered by the second
Solutions
Rahul Sunny answered 2 years agoRelated Solutions
You have two options for a 30 year fixed rate mortgage: $500,000 mortgage, 5% rate $500,000...
You have two options for a 30 year fixed rate
mortgage:
$500,000 mortgage, 5% rate
$500,000 mortgage, 4.50% rate, 2 discount
points
For how long must the mortgage remain in effect for you
to choose the lower rate and pay the discount points
You have financed a house with a 30-year, monthly payable mortgage in the amount of $400,000...
You have financed a house with a 30-year, monthly payable
mortgage in the amount of $400,000 at a fixed rate of 8% per year
compounded monthly.
a. What are your monthly mortgage payments?
b. How much of the first month’s payment is accounted for by
interest on your loan?
c. To help pay off the mortgage early, you pay an extra $2000
with the 1st payment. How many payments will you need to make to
pay off the remainder of...
Your are comparing two options for a home mortgage. The first option is a 15-year mortgage...
Your are comparing two options for a home mortgage. The first
option is a 15-year mortgage with a 3.75% annual rate, and the
second option is a 30-year mortgage with a 4% interest rate for a
500,000 loan. If you want your monthly payment under the first
option to be the same as the monthly payment under the 30-year
option, how much additional down payment will you neet to put dow
under the 15-year option?
You will be paying off a mortgage of $250,000 over the next 25 years. You have...
You will be paying off a mortgage of $250,000 over the next 25
years. You have signed a loan agreement with Me-Bank to
secure a fixed rate of 5.00%. The mortgage loan is compounded
annually.
a) What are the
monthly payments? [4 points]
b) How much will
your payments be over the first five years? [2
points]
c) What is the
amount of principal that you pay off with the first payment?
[2 points]
d) How much principal
remains...
You will be paying off a mortgage of $250,000 over the next 25 years. You have...
You will be paying off a mortgage of $250,000 over the next 25
years. You have signed a loan agreement with Me-Bank to secure a
fixed rate of 5.00%. The mortgage loan is compounded
semi-annually.
a) What are the monthly payments?
b) How much will your payments be over the first five years?
c) What is the amount of principal that you pay off with the
first payment?
d) How much principal remains to be paid after the first five...
WellsBargo offer a mortgage of $250,000 payable over 20 years with APR of 8%. What is...
WellsBargo offer a mortgage of $250,000 payable over 20 years
with APR of 8%. What is the annual mortgage payment?
SunBust offers a mortgage of $X also payable over 20 years with APR
of 7%. You now the yearly mortgage payment for this option is
$1,532 less than the WellsBargo option. What is the original amount
of the mortgage from SunBust?
) A $30 000.00 mortgage is amortized by monthly payments over twenty years and is renewable...
) A $30 000.00 mortgage is amortized by monthly payments over
twenty years and is renewable after five years.
a) If the interest rate is 8.5% compounded semi-annually,
calculate the outstanding balance at the end of the five-year
term.
b) If the mortgage is renewed for a further three-year term at
8% compounded semi-annually, calculate the size of the new monthly
payment.
c) Calculate the payout figure at the end of the three-year
term.
you have purchased a condo and are financing a mortgage of $200,000 over 20-years with monthly...
you have purchased a condo and are financing a mortgage of
$200,000 over 20-years with monthly payments. Your mortgage rate is
quoted as APR 7.25% compounded semi annually. After 5 years you
make a lump sum payment of $50,000 towards your mortgage principal
and continue with your regular payments. By approx how many years
will it reduce the amount of time take to pay off the mortgage?
You have purchased a condo and are financing a mortgage of $325,000 over 20-years with monthly...
You have purchased a condo and are financing a mortgage of
$325,000 over 20-years with monthly payments. Your mortgage rate is
quoted as APR 7.25% compounded semi-annually. After 5 years you
make a lump sum payment of $50,000 towards your mortgage principal
and continue with your regular payments. By approximately how many
years will it reduce the amount of time taken to pay off the
mortgage?
A) 4 Years
B) 2 Years
C) 6 Years
D) 3 Years
E) 5...
Suppose you get $500, 000 mortgage loan from a bank and you have a two options...
Suppose you get $500, 000 mortgage loan from a bank and you have
a two options to repay.
option one: pay $620, 000 after 10 years as a one time
payment
2. Repay $30,000 at the end of every year for infinite years
Which has a lower interest rate?
please describe how to get the answer, thanks
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