Question
In: Finance
You plan to purchase a $150,000 house using a 15-year mortgage obtained from your local credit...
|
You plan to purchase a $150,000 house using a 15-year mortgage obtained from your local credit union. The mortgage rate offered to you is 6.25 percent. You will make a down payment of 10 percent of the purchase price. |
| a. |
Calculate your monthly payments on this mortgage. (Do not round intermediate calculations. Round your answer to 2 decimal places. (e.g., 32.16)) |
| Monthly payment | $ |
| b. |
Calculate the amount of interest and, separately, principal paid in the 20th payment. (Do not round intermediate calculations. Round your answers to 2 decimal places. (e.g., 32.16)) |
| Amount of interest | $ |
| Amount of principal | $ |
| c. |
Calculate the amount of interest and, separately, principal paid in the 150th payment. (Do not round intermediate calculations. Round your answers to 2 decimal places. (e.g., 32.16)) |
| Amount of interest | $ |
| Amount of principal | $ |
| d. |
Calculate the amount of interest paid over the life of this mortgage. (Do not round intermediate calculations. Round your answer to 2 decimal places. (e.g., 32.16)) |
| Amount of interest paid | $ |
Solutions
jeff jeffy answered 1 year agoRelated Solutions
You plan to purchase a $150,000 house using a 15-year mortgage obtained from your local credit...
You plan to purchase a $150,000 house using a 15-year mortgage
obtained from your local credit union. The mortgage rate offered to
you is 6.25 percent. You will make a down payment of 10 percent of
the purchase price.
a.
Calculate your monthly payments on this mortgage. (Do
not round intermediate calculations. Round your answer to 2 decimal
places. (e.g., 32.16))
Monthly payment
$
b.
Calculate the amount of interest and, separately, principal paid
in the 20th payment. (Do not...
You plan to purchase a $150,000 house using a 15-year mortgage obtained from your local credit...
You plan to purchase a $150,000 house using a 15-year mortgage
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a. Calculate your monthly payments on this
mortgage.
b. Calculate the amount of interest and,
separately, principal paid in the 60th payment.
c. Calculate the amount of interest and,
separately, principal paid in the 150th payment.
d. Calculate the amount of...
You plan to purchase a $200,000 house using a 15-year mortgage obtained from your local credit...
You plan to purchase a $200,000 house using a 15-year mortgage
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b. Construct the amortization schedule for the
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Construct the amortization schedule for the first six payments.
(Do not round intermediate calculations. Round your answers to 2
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You plan to purchase a $160,000 house using a 15-year mortgage obtained from your local credit...
You plan to purchase a $160,000 house using a 15-year mortgage
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purchase price.
a. Calculate your monthly payments on this
mortgage.
b. Construct the amortization schedule for the
first six payments.
A-Calculate your monthly payments on this mortgage. (Do not
round intermediate calculations. Round your answer to 2 decimal
places. (e.g., 32.16))
Monthly...
You plan to purchase a house for $175,000 using a 15-year mortgage obtained from your local...
You plan to purchase a house for $175,000 using a 15-year
mortgage obtained from your local bank. You will make a down
payment of 25 percent of the purchase price. You will not pay off
the mortgage early. (LG 7-3) a. Your bank offers you the following
two options for payment: Option 1: Mortgage rate of 5 percent and
zero points. Option 2: Mortgage rate of 4.75 percent and 2 points.
Which option should you choose? b. Your bank offers...
You plan to purchase a house for $200,000 using a 15-year mortgage obtained from your local...
You plan to purchase a house for $200,000 using a 15-year
mortgage obtained from your local bank. You will make a down
payment of 10 percent of the purchase price. You will not pay off
the mortgage early. Assume the homeowner will remain in the house
for the full term and ignore taxes in your analysis.
a. Your bank offers you the following two options
for payment. Which option should you choose?
Option 1: Mortgage rate of 6.25 percent and...
You plan to purchase a house for $247,000 using a 15-year mortgage obtained from your local...
You plan to purchase a house for $247,000 using a 15-year
mortgage obtained from your local bank. You will make a down
payment of 20 percent of the purchase price. You will not pay off
the mortgage early. Assume the homeowner will remain in the house
for the full term and ignore taxes in your analysis.
a. Your bank offers you the following two options
for payment. Which option should you choose?
Option 1: Mortgage rate of 6.8 percent and...
You plan to purchase a house for $127,000 using a 15-year mortgage obtained from your local...
You plan to purchase a house for $127,000 using a 15-year
mortgage obtained from your local bank. You will make a down
payment of 10 percent of the purchase price. You will not pay off
the mortgage early. Assume the homeowner will remain in the house
for the full term and ignore taxes in your analysis.
a. Your bank offers you the following two options for payment.
Which option should you choose?
Option 1: Mortgage rate of 5.75 percent and...
You plan to purchase a $200,000 house using a 30-year mortgage obtained from your local credit...
You plan to purchase a $200,000 house using a 30-year mortgage
obtained from your local credit union. The mortgage rate offered to
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please show in excel
You plan to purchase an $80,000 house using a 15-year mortgage obtained from your local bank....
You plan to purchase an $80,000 house using a 15-year mortgage
obtained from your local bank. The mortgage rate offered to you is
8.00 percent. You will make a down payment of 20 percent of the
purchase price.
Calculate your monthly payments on this mortgage.
Calculate the amount of interest and, separately, principal paid
in the 4th payment.
Calculate the amount of interest paid over the life of this
mortgage. (use bank rate.com, mortgage amortization table
What will be your...
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