Question
In: Finance
Suppose you borrowed $200,000 for a home mortgage on January 1, 2015 with an annual interest...
Suppose you borrowed $200,000 for a home mortgage on January 1, 2015 with an annual interest rate of 6% per year. The balance on the mortgage is amortized over 30 years with equal monthly payments at the end of each month. (This means the unpaid balance on January 1, 2045 should be $0).
a) What are the monthly payments?
(b) How much interest was paid during the 30 years of the mortgage?
(c) What is the unpaid balance on the mortgage on January 1, 2025?
Solutions
jeff jeffy answered 1 year agoRelated Solutions
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Assume that 8 years ago you borrowed $200,000 as a 30-year
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monthly payments (12 payments per year). You plan to refinance this
mortgage with a new 30 year low at the current rate of 5%.
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You have borrowed $100,000 on a 40-year mortgage with monthly payments. The annual interest rate is...
You
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Excel
You have borrowed $100,000 on a 40-year mortgage with monthly payments. The annual interest rate is...
You
have borrowed $100,000 on a 40-year mortgage with monthly payments.
The annual interest rate is 16 percent. How much will you pay over
the course of the loan? With four years left on the loan, how much
will you still owe?
excel
The term t (in years) of a $200,000 home mortgage at 7.5% interest can be approximated...
The term t (in years) of a $200,000 home mortgage at
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t = 13.375 ln( x/ x-1250) , x > 1250
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________ yr
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