Question

In: Finance

Calculate the monthly payment for loan amount of $250,000 using the following parameters: • 30 Year...

Calculate the monthly payment for loan amount of $250,000 using the following parameters:

• 30 Year Loan, fully amortizing

• Interest Rate of 3.50%

What is the monthly payment amount (rounded to the nearest dollar)?

a. $1,123 b. $1,321 c. $1,572 d. $1,252

Calculate the monthly payment for loan amount of $250,000 using the following parameters:

• 15 Year Loan, fully amortizing

• Interest Rate of 3.09%

What is the monthly payment amount (rounded to the nearest dollar)?

a. $1,398 b. $1,737 c. $1,066 d. $1,122

Calculate the monthly payment for loan amount of $1,250,000 using the following parameters:

• 30 Year Loan, fully amortizing

• Interest Rate of 3.75%

What is the monthly payment amount (rounded to the nearest dollar)?

a. $9,090 b. $6,427 c. $5,789 d. $5,349

If a lender agrees to make a loan based on an 80% Loan To Value (LTV), what is the amount of the loan if the property appraises for $235,000?

a. $293,750 b. $188,000 c. $211,500 d. $164,500 e. $235,000

Solutions

Expert Solution

ans 1
We have to use financial calcualtor to solve this
put in calculator -
FV 0
PV -250000
I 3.5%/12 0.2917%
N 30*12 360
Compute PMT $1,123
answer = $1,123
ans 2
We have to use financial calcualtor to solve this
put in calculator -
FV 0
PV -250000
I 3.09%/12 0.2575%
N 15*12 180
Compute PMT $1,737
answer = $1,737
ans 3
We have to use financial calcualtor to solve this
put in calculator -
FV 0
PV -1250000
I 3.75%/12 0.3125%
N 30*12 360
Compute PMT $5,789
answer = $5,789
ans 4 Loan To Value = 188000
235000*80%
answer = 188000

jeff jeffy answered 1 year ago
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