Question
In: Finance
Suppose that you are considering a conventional, fixed-rate 30-year mortgage loan for $100,000. The lender quotes...
Suppose that you are considering a conventional, fixed-rate 30-year mortgage loan for $100,000. The lender quotes an APR of 2.78%, compounded monthly; mortgage payments would be monthly, beginning one month after the closing on your home purchase. What would be your monthly mortgage payment?
Solutions
Expert Solution
Information provided:
Mortgage= present value= $100,000
Time= 30 years*12= 360 months
Interest rate= 2.78%/12= 0.2317% per month
The monthly payment is calculated by entering the below in a financial calculator:
PV= -100,000
N= 360
I/Y= 0.2317
Press the CPT key and PMT to compute the monthly payment.
The value obtained is 409.8320.
Therefore, the monthly mortgage payment is $409.83.
In case of any query, kindly comment on the solution.
jeff jeffy answered 2 years agoRelated Solutions
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A) $9,619.05
B)$6,412.70
C)$5,284.99
D)$7,500.27
.
Suppose that you are considering a conventional, fixed-rate 15-year mortgage loan for $300,000. The lender quotes...
Suppose that you are considering a conventional, fixed-rate
15-year mortgage loan for $300,000. The lender quotes an APR of 4%,
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.
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
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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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1. Suppose that you are considering a
conventional, fixed-rate 15-year mortgage loan for $300,000. The
lender quotes an APR of 4%, 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.
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