You took out a mortgage for $300,000. You need to pay $2,730 every month for 15...

You took out a mortgage for $300,000. You need to pay $2,730 every month for 15 years. What is the monthly interest rate?

Expert Solution

Please upvote if the ans is helpful. Thanks.

jeff jeffy answered 1 year ago

When you bought your house for $300,000 5 years ago you took out a $250,000 mortgage...

When you bought your house for $300,000 5 years ago you took out a $250,000 mortgage with a 30 year ARM at 5%. Today is the five year anniversary and the rate adjusts to 10%. What is your new mortgage payment?

Five years ago you took out a 30-year fixed $300,000 mortgage with monthly payments and an...

Five years ago you took out a 30-year fixed $300,000 mortgage with monthly payments and an APR of 8%, compounded monthly. You have made the normal payments in full, and, this morning, after making a normally scheduled payment, you are paying off the balance by taking out a new 30-year fixed mortgage at a lower APR of 6% (with monthly compounding). How much will each monthly payment be?

Question: You took out a 30-year fixed-rate mortgage for $300,000 with an interest rate of 10.8%...

Question: You took out a 30-year fixed-rate mortgage for $300,000 with an interest rate of 10.8% (APR). Part 1. What is the monthly payment. Answer. $ 2811.73 Part 2. What is the outstanding balance on your mortgage after 15 years? (To the person answering this) Please include the formula to solve Part 1, The formula and solution to solve Part 2 and an worded explanation on all the steps below your work. I'm so confused on the subject & Thank...

Six years ago you took out a $220,000, 15-year mortgage with an annual interest rate of...

Six years ago you took out a $220,000, 15-year mortgage with an annual interest rate of 6% compounded monthly. i. Estimate your monthly payments on the mortgage. ii. Compute the outstanding balance on your current loan if you have just made the 72th payments?

You just took out a 15-year traditional fixed-rate mortgage for $100,000 to buy a house. The...

You just took out a 15-year traditional fixed-rate mortgage for $100,000 to buy a house. The interest rate is 6.24% (APR) and you have to make payments monthly. 1. What is your monthly payment? 2. How much of your first monthly payment goes towards paying down the outstanding balance (in $)? 3. What is the outstanding balance after 1 year if you have made all 12 payments on time? 4. How much of your 13th monthly payment goes towards paying...

Five years ago I took out a 30-year fixed $300,000 mortgage withmonthly payments and an...

Five years ago I took out a 30-year fixed $300,000 mortgage with monthly payments and an APR of 8%, compounded monthly. I have made the normal payments in full, and, this morning, after making a normally scheduled payment, I are paying off the balance by taking out a new 30-year fixed mortgage at a lower APR of 6% (with monthly compounding). How much will each monthly payment be?

Intro You just took out a 15-year traditional fixed-rate mortgage for $400,000 to buy a house....

Intro You just took out a 15-year traditional fixed-rate mortgage for $400,000 to buy a house. The interest rate is 1.2% (APR) and you have to make payments monthly. Part 1 What is your monthly payment? Part 2 How much of your first monthly payment goes towards paying down the outstanding balance (in $)? Part 3 How much of your 13th monthly payment goes towards paying down the outstanding balance (in $)?

Question

You took out a mortgage for $300,000. You need to pay $2,730 every month for 15...

Solutions

Expert Solution

Related Solutions