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A 50000$ mortgage is to be repaid by means of monthly payments, at the beginning of...
A 50000$ mortgage is to be repaid by means of monthly payments, at the beginning of each month, for 20 years. If the nominal interest rate is 12% convertible monthly,
(a) Find the monthly payment
(b) Suppose now an extra payment of 1000$ is made at the end of each year. Determine the monthly payment.
Solutions
jeff jeffy answered 1 year agoRelated Solutions
A 50000$ mortgage is to be repaid by means of monthly payments, at the beginning of...
A 50000$ mortgage is to be repaid by means of monthly payments,
at the beginning of each month, for 20 years. If the nominal
interest rate is 12% convertible monthly, (a) Find the monthly
payment (b) Suppose now an extra payment of 1000$ is made at the
end of each year. Determine the monthly payment (This problem needs
to be solved using the concept of annuities)..
A $36,000 mortgage taken out on June 1 is to be repaid by monthly payments rounded...
A $36,000 mortgage taken out on June 1 is to be repaid by
monthly payments rounded up to the nearest $10. The payments are
due on the first day of each month starting July 1. The
amortization period is 8 years and interest is 7.1 % compounded
semi-annually for a six-month term. Construct an amortization
schedule for the six-month term.
What is the monthly payment rounded up to the nearest $10?
Payments= $
A 20-year, $ 490,000 mortgage at 4.20\% compounded annually is repaid wit monthly payments . a....
A
20-year, $ 490,000 mortgage at 4.20\% compounded annually is repaid
wit monthly payments . a. What is the size of the monthly payments
? Round to the nearest cent. b. Find the balance of the mortgage at
the end of 5 years 00 Round to the nearest cent c. By how much did
the amortization period shorten by if the monthly payments are
increased by $ 200 at the end of year five
A 25-year, $435,000 mortgage at 4.10% compounded quarterly is repaid with monthly payments. a. What is...
A 25-year, $435,000 mortgage at 4.10% compounded quarterly is
repaid with monthly payments.
a. What is the size of the monthly
payments?
b. Find the balance of the mortgage at the end
of 6 years?
c. By how much did the amortization period
shorten by if the monthly payments are increased by $100 at the end
of year six?
A 25-year, $455,000 mortgage at 4.30% compounded semi-annually is repaid with monthly payments. a. What is...
A 25-year, $455,000 mortgage at 4.30% compounded semi-annually
is repaid with monthly payments.
a. What is the size of the monthly
payments?
b. Find the balance of the mortgage at the end
of 6 years?
c. By how much did the amortization period
shorten by if the monthly payments are increased by $275 at the end
of year six?
a fifteen year adjustable-rate mortgage of 117,134.80 is being repaid with monthly payments of 988.45 based...
a fifteen year adjustable-rate mortgage of 117,134.80 is being
repaid with monthly payments of 988.45 based upon a nominal rate of
interest of 6% convertible monthly. immediately after the 60th
payment, the interest rate is increased to a nominal interest rate
of 7.5% convertible monthly. the monthly payments remain at 988.45,
and there will be an additional balloon payment at the end of the
fifteen years to pay the outstanding loan balance. a) calculate the
loan balance immediately after the...
A fifteen-year adjustable-rate mortgage of $117,312.50 is being repaid with monthly payments of $988.45 based upon...
A
fifteen-year adjustable-rate mortgage of $117,312.50 is being
repaid with monthly payments of $988.45 based upon a nominal
interest rate of 6% convertible monthly. Immediately after the 60th
payment, the interest rate is increased to a nominal interest rate
of 7.5% convertible monthly. The monthly payments remain at
$988.45, and there will be an additional balloon payment at the end
of the fifteen years to pay the outstanding loaning balance.
Calculate the loan balance immediately after the 84th payment.
Calculate...
A lease of $8,300 had to be repaid with payments of $350 at the beginning of...
A lease of $8,300 had to be repaid with payments of $350 at the
beginning of every month. The interest rate charged was 7.50%
compounded monthly.
a. How many payments are required to repay the
debt?
It will take ____ payments.
Rounded up to the next payment
b. What is the size of the final payment?
Financial Planning Exercise 7 Calculating monthly mortgage payments EXHIBIT 5.6 A Table of Monthly Mortgage Payments...
Financial Planning Exercise 7 Calculating monthly mortgage
payments EXHIBIT 5.6 A Table of Monthly Mortgage Payments (Monthly
Payments Necessary to Repay a $10,000 Loan) The monthly loan
payments on a mortgage vary not only by the amount of the loan but
also by the rate of interest and loan maturity. LOAN MATURITY Rate
of Interest 10 Years 15 Years 20 Years 25 Years 30 Years 5.0%
$106.07 $79.08 $66.00 $58.46 $53.68 5.5 108.53 81.71 68.79 61.41
56.79 6.0 111.02 84.39...
a) A loan of $5,000 is to be repaid in equal monthly payments over the next...
a) A loan of $5,000 is to be repaid in equal monthly payments
over the next 2 years.
Determine the payment amount if interest is charged at a nominal
annual rate of
15% compounded semiannually.
b) Net receipts from a continuously producing oil well add up to
$120,000 over 1 year.
What is the present amount of the well if it maintains steady
output until it runs dry in
8 years if r = 10% compounded continuously?
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