12. Stanley purchased a $350,000 house with 25% down. He
received a 20-year mortgage with 4.2% annual interest rate.
a. Calculate the interest payment in year 2
b. Calculate principal repayment in year 1
Amortize a 30-year mortgage for a $200,000 house cost with a 20%
down payment. The mortgage interest rate is 4.125%. How much is the
monthly payment? How much will the borrower pay in total
interest?
You are buying a house for $350,000 with a 20% down payment. You
use a 30-year monthly amortized mortgage at a 5.75% nominal
interest rate. Monthly payments are &1,634. What is the
estimated payoff on the mortgage after you have paid for 10
years?
Consider a 20-year mortgage for $350,000 is taken out in Jan.
2019 at a 5.40% annual interest rate.
d. If a $250 per month prepay is made starting with payment #1
and continuing to the end of the payment period, how much interest
is saved? (3)
e. After 18 payments, what is the outstanding loan balance?
(2)
(Note: This question can be determined
computationally by hand using the same method to determine the
answer to the previous question. The "AMORT" key...
The Taylors have purchased a $350,000 house. They made an
initial down payment of $10,000 and secured a mortgage with
interest charged at the rate of 6%/year on the unpaid balance.
Interest computations are made at the end of each month. If the
loan is to be amortized over 30 years, what monthly payment will
the Taylors be required to make? (Round your answer to the nearest
cent.) _____________
What is their equity (disregarding appreciation) after 5 years?
After 10...
The adam smith family just purchased a 350,000 house with an
110,000 down payment and a 30 year mortgage loan at 6.50% annually,
with a monthly compounding. payments are made monthly. What is the
remaining balance on the mortage after 15 years?
A house (real estate investment) is purchased for $600,000, 20%
cash down, 80% mortgage financing, 4% interest rate, 30 years
monthly. The appreciation in the house is 5%/ year. What is the
compound annual growth rate (CAGR) of the equity in the house?
In problem #1, what is the interest in years 1 through 5?
(amort)
John purchased a new house for $500,000. He paid 20 percent down
and agreed to pay the rest over the next 25 years in 25 equal
annual payments at 6 percent compound interest. What will be his
annual payments?
Bubba bought his house 20 years ago, he is borrowed $200,000
with a 30-year mortgage with a 5.0% APR. His mortgage broker has
offered him a 10-year mortgage with a 4% APR with 3 points closing
costs. What is Charlie's old monthly payment? What is the balance
on Bubba's mortgage? What is Bubba's new monthly payment? What are
Bubba's present value savings after paying the points if he plans
to live in the house until the mortgage is paid off?
John purchased a house in Atlanta. He made no down payment so
the principal of the mortgage equals to the price of the house:
$234,000. The APR of his mortgage is 5%. The interest is compounded
monthly. He made an agreement with the bank that he would pay off
the mortgage in 30 years.
Six years later, the businessman did very well at his job. He
saved enough money to make a $80,000 payment to the lender to get
rid...