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 | |||
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