You borrowed from the bank $300,000 with an annual interest rate of 6% and a maturity of 30 years.

You borrowed from the bank $300,000 with an annual interest rate of 6% and a maturity of 30 years. Determine the monthly mortgage payment.

Expert Solution

Monthly mortgage payment = $1798.65

jeff jeffy answered 2 years ago

You borrowed from the bank $300,000 with an annual interest rate of 6% and a maturity...

You borrowed from the bank $300,000 with an annual interest rate of 6% and a maturity of 30 years. Determine the monthly mortgage payment.

You are looking to purchase a $300,000 home with a 80% LTV mortgage with a term of 30-years and an interest rate of 6%.

You are looking to purchase a $300,000 home with a 80% LTV mortgage with a term of 30-years and an interest rate of 6%. Your income is $120,000 per year, the annual property taxes are $3,600, and the hazard insurance premium is $1,200 per year. The borrowers other debt service consists of a $700/month car payment and $800/month credit card minimum payment. What is the front-end DTI ratio associated with this borrower/loan?Please input your answer as a percentage (74% would...

Mr. Smart borrowed $25,000 from a bank on annuity for 2 years at 10% annual interest...

Mr. Smart borrowed $25,000 from a bank on annuity for 2 years at 10% annual interest compounded and payable semiannually (every six months). Calculate the semiannual payments and provide a table that shows periodic payment, balance, interest payment, payment to principal for each payment as well as total amount which Mr. Smart will pay to the bank for the borrowed amount including interest and principal payments in the entire period of two years.

Four years ago, you borrowed $300,000 for a ten-year period from ABC Bank at a stated...

Four years ago, you borrowed $300,000 for a ten-year period from ABC Bank at a stated interest rate of 10% p.a. with interest compounded quarterly. You have been making equal, quarterly payments on the loan during this time and now wish to repay the loan in full. The amount that you need to repay the bank today is closest to:

Cooper corporation has borrowed $120,000 from the bank at 8% annual interest rate, compounded monthly. The...

Cooper corporation has borrowed $120,000 from the bank at 8% annual interest rate, compounded monthly. The company plans to pay $2000 per month for the first 12 months, and then pay $2500 per month for the next 12 months. Find the remaining balance of the loan after 24 months. (Answer: $82655.21) Please answer in excel format

You have a $200,000.00 budget borrowed (Loan) from a bank, with an interest rate of 4.5%...

You have a $200,000.00 budget borrowed (Loan) from a bank, with an interest rate of 4.5% per annum. (Loan Date = January 1, 2018) Cars purchased must be ONLY New 2018 models, Ford, Chevrolet AND Dodge cars mixed from the Big 3 US Auto manufacturers. You can reinvest buying new cars from the profits you earn from the original rental car fleet fees; assume 80% of the vehicles will be rented at all times. Assume 1.5% product price increase each...

. A mortgage of $206,500 has an interest rate of 6% for 30 years. (If you...

. A mortgage of $206,500 has an interest rate of 6% for 30 years. (If you wish to use the formula instead of a mortgage table, note that this is 30 years of 12 monthly payments per year). Find the monthly principal and interest payment

You borrowed $45,000 at 4% annual interest rate that you must repay over 3 years. The...

You borrowed $45,000 at 4% annual interest rate that you must repay over 3 years. The loan is amortized into three-equal end-of-year payments. (a) Calculate annual payment amount (b) Prepare a loan amortization schedule (c) If you make equal monthly payment for 36 months, calculate monthly payment amount and prepare a monthly loan amortization schedule (d) How much is total interest charge for 3 years, if you make annual payment? How much is total interest charge...

Abdullah borrowed from a bank an amount of 12,000 dinars for a period of 4 years at an interest rate of 7%.

Abdullah borrowed from a bank an amount of 12,000 dinars for a period of 4 years at an interest rate of 7%. Find the value of the monthly installment?a. 320 kwdb. 256 kwd

You currently have a 30-year fixed rate mortgage with an annual interest rate of 6%. You...

You currently have a 30-year fixed rate mortgage with an annual interest rate of 6%. You have had the mortgage 4 years, and on September 1, 2015 you made your 48th payment. The original principal amount was $280,000 and you monthly payment, without taxes and insurance, are $1,678.74 per month, computed using the Excel function =PMT(0.5%,360,280000,0,0). Starting with your original mortgage your banker calls and says that you could refinance your existing mortgage (6% rate, 30-year original term) into a...

Question