Question
In: Finance
You took out a fully amortizing 30 year mortgage with the initial balance of $571,179. This...
You took out a fully amortizing 30 year mortgage with the initial balance of $571,179. This mortgage has a fixed interest rate at 5%. After you completed two full years of monthly payments, how much have you paid toward principal? Round your answer to the nearest cent (e.g. if your answer is $7000.9873, enter 7000.99).
Solutions
jeff jeffy answered 2 years agoRelated Solutions
You took out a fully amortizing 30 year mortgage with the initial balance of $199,755. This...
You took out a fully amortizing 30 year mortgage with the
initial balance of $199,755. This mortgage has a fixed interest
rate at 4%. After you completed two full years of monthly payments,
how much have you paid toward principal? Round your answer to the
nearest cent (e.g. if your answer is $7000.9873, enter
7000.99).
When you purchased your home, you took out a fully amortizing mortgage for $250,000 with a...
When you purchased your home, you took out a fully amortizing
mortgage for $250,000 with a 6.5% rate for a 30-year term. After 10
years, you have a chance to refinance for the remaining 20 years
with a rate of 4.5%, fully amortizing over the remaining 20 years;
however, you have to pay $4,500 up front for the new loan. Based on
the fee and how much you will be saving per month, what is the
effective annualized return (RATE...
You qualify for an $800,000 fully amortizing 30-year fixed rate mortgage with monthly payments. If the...
You qualify for an $800,000 fully amortizing 30-year fixed rate
mortgage with monthly payments. If the annual interest rate is
3.63%, compounded monthly, what will the monthly mortgage payment
be?
Two years ago you took out a mortgage at 4.5%. The initial balance of the loan...
Two years ago you took out a mortgage at 4.5%. The initial
balance of the loan was $200,000 and it was for 25 years (300
months.) Today, you observe that you could take out a new loan at
4.25% (with a 300 month term), but you would have to pay $5,000 in
closing and other fees.
What is the current value of the loan (liability from your
perspective)?
*Note: The answer is $195,579.52. I want to know how to get...
A borrower is offered a 30 year, fully amortizing ARM with an initial rate of 3.2%....
A borrower is offered a 30 year, fully amortizing ARM with an
initial rate of 3.2%. After the first year, the interest rate will
adjust each year, using 1 yr LIBOR as the index, plus a margin of
175bp. The price of the property is $8,000,000 and the loan will
have an initial LTV ratio of 75% At the first reset date, 1 year
LIBOR is at 3%. What is the borrower’s payment during the 2nd year
of the loan?
A borrower is offered a 30 year, fully amortizing ARM with an initial rate of 3.35%....
A borrower is offered a 30 year, fully amortizing ARM with an
initial rate of 3.35%. After the first year, the interest rate will
adjust each year, using 1 yr LIBOR as the index, plus a margin of
175bp. The price of the property is $8,000,000 and the loan will
have an initial LTV ratio of 75% At the first reset date, 1 year
LIBOR is at 3%. What is the borrower s payment during the 2nd year
of the...
A borrower is offered a 30 year, fully amortizing ARM with an initial rate of 3.35%....
A borrower is offered a 30 year, fully amortizing ARM with an
initial rate of 3.35%. After the first year, the interest rate will
adjust each year, using 1 yr LIBOR as the index, plus a margin of
175bp. The price of the property is $8,000,000 and the loan will
have an initial LTV ratio of 75% At the first reset date, 1 year
LIBOR is at 3%. What is the borrower s payment during the 2nd year
of the...
A borrower is offered a 30 year, fully amortizing ARM with an initial rate of 3.35%....
A borrower is offered a 30 year, fully amortizing ARM with an
initial rate of 3.35%. After the first year, the interest rate will
adjust each year, using 1 yr LIBOR as the index, plus a margin of
175bp. The price of the property is $8,000,000 and the loan will
have an initial LTV ratio of 75% At the first reset date, 1 year
LIBOR is at 3%. What is the borrower s payment during the 2nd year
of the...
Ann is looking for a fully amortizing 30 year Fixed Rate Mortgage with monthly payments for...
Ann is looking for a fully amortizing 30 year Fixed Rate
Mortgage with monthly payments for $4,500,000.
Mortgage A has a 4.38% interest rate and requires Ann to pay 1.5
points upfront.
Mortgage B has a 6% interest rate and requires Ann to pay zero
fees upfront.
Assuming Ann makes payments for 2 years before she sells the
house and pays the bank the
the
bank the balance, which mortgage has the lowest cost of borrowing
(lowest annualized IRR)
Ann is looking for a fully amortizing 30 year Fixed Rate Mortgage with monthly payments for...
Ann is looking for a fully amortizing 30 year Fixed Rate
Mortgage with monthly payments for $4,500,000.
Mortgage A has a 4.38% interest rate and requires Ann to pay 1.5
points upfront.
Mortgage B has a 6% interest rate and requires Ann to pay zero
fees upfront.
Assuming Ann makes payments for 2 years before she sells the
house and pays the bank the balance, which mortgage has the lowest
cost of borrowing (ie lowest annualized IRR)? Type 1 for...
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