Suppose you obtain a 20-year mortgage loan of $197,000 at an annual interest rate of 8.2%....

Suppose you obtain a 20-year mortgage loan of $197,000 at an annual interest rate of 8.2%. The annual property tax bill is $978 and the annual fire insurance premium is $491. Find the total monthly payment for the mortgage, property tax, and fire insurance. (Round your answer to the nearest cent.)

Expert Solution

Colby Messinger answered 2 years ago

Suppose you obtain a 20-year mortgage loan of $199,000 at an annual interest rate of 8.1%....

Suppose you obtain a 20-year mortgage loan of $199,000 at an annual interest rate of 8.1%. The annual property tax bill is $966 and the annual fire insurance premium is $487. Find the total monthly payment for the mortgage, property tax, and fire insurance. (Round your answer to the nearest cent.) $_______________

Suppose you obtain a 25-year mortgage loan of $194,000 at an annual interest rate of 8.5%....

Suppose you obtain a 25-year mortgage loan of $194,000 at an annual interest rate of 8.5%. The annual property tax bill is $971 and the annual fire insurance premium is $481. Find the total monthly payment for the mortgage, property tax, and fire insurance. (Round your answer to the nearest cent.)

Suppose you take out a $107,000, 20-year mortgage loan to buy a condo. The interest rate...

Suppose you take out a $107,000, 20-year mortgage loan to buy a condo. The interest rate on the loan is 4%. To keep things simple, we will assume you make payments on the loan annually at the end of each year. a. What is your annual payment on the loan? (Do not round intermediate calculations. Round your answer to 2 decimal places.) b. Construct a mortgage amortization. (Do not round intermediate calculations. Round your answers to 2 decimal places.) c....

You purchase a cottage for $170,000. You obtain a 20-year, fixed rate mortgage loan at 12.0%...

You purchase a cottage for $170,000. You obtain a 20-year, fixed rate mortgage loan at 12.0% after paying a down payment of 20%. Of the second month's mortgage payment, how much is interest and how much is applied to the principal? (Round your answers to the nearest cent.) interest = $ applied to the principal = $

Suppose that you take out a 30-year mortgage loan of $200,000 at an interest rate of...

Suppose that you take out a 30-year mortgage loan of $200,000 at an interest rate of 10%. What is your total monthly payment? How much of the first month’s payment goes to reduce the size of the loan? If you can afford to pay $2,000 per month, how long would it take you to pay for this loan (still at 10% interest)? If you can only pay $1,700 per month, and still want to finish paying in 30 years, what...

Suppose you take a 21-year mortgage of $110000. The annual interest rate is 4%, and the...

Suppose you take a 21-year mortgage of $110000. The annual interest rate is 4%, and the annual APR is 4.24%. Compounding done on yearly basis. Loan payments are made annually. Calculate the amortized fees and expenses for this loan (in dollars, provide your answer with $1 precision).

Suppose you take out a 30 year mortgage for $460000 at an annual interest rate of...

Suppose you take out a 30 year mortgage for $460000 at an annual interest rate of 3.5%. You plan to sell the house after 10 years. Question 1 How much do you owe on the house after five years? Question 2 How much do you owe on the house after ten years? After five years you have the opportunity to refinance what you owe at an interest rate of 3.25% for 30 years. Question 3 How much would you gain...

Suppose you take a 27-year mortgage of $280000. The annual interest rate is 4%, and the...

Suppose you take a 27-year mortgage of $280000. The annual interest rate is 4%, and the annual APR is 4.6%. Compounding done on yearly basis. Loan payments are made annually. Calculate the amortized fees and expenses for this loan (in dollars, provide your answer with $1 precision).

Suppose you take out a 30 year mortgage for $490000 at an annual interest rate of...

Suppose you take out a 30 year mortgage for $490000 at an annual interest rate of 4.0%. You plan to sell the house after 10 years. Question 1 How much do you owe on the house after five years?(No Response) Question 2 How much do you owe on the house after ten years?(No Response) After five years you have the opportunity to refinance what you owe at an interest rate of 3.75% for 30 years. Question 3 How much would...

Suppose that you are considering a conventional, fixed-rate 20-year mortgage loan for $250,000. The lender quotes...

Suppose that you are considering a conventional, fixed-rate 20-year mortgage loan for $250,000. The lender quotes an APR of 7%, compounded monthly; mortgage payments would be monthly, beginning one month after the closing on your home purchase. In the tenth year of your mortgage (months 109 through 120), what would be the total dollar amount of the interest paid? Do not round at intermediate steps in your calculation. Group of answer choices $15,199.56 $13,159.65 $12,112.53 $14,064.27

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