Question
In: Finance
Johanna just purchased a home and took out a $180,000 mortgage for 20 years at 5%,...
Johanna just purchased a home and took out a $180,000 mortgage for 20 years at 5%, compounded monthly.
a. How much is Johanna’s monthly mortgage payment?
b. Prepare an amortization table for the traditional 20-year mortgage.
c. Assume Johanna makes her normal mortgage payments and at the end of four years, she refinances the balance of her loan at 3%. If she continues to make the same mortgage payments, how soon after the first four years will she pay off his mortgage?
Johanna just purchased a home and took out a $180,000 mortgage for 20 years at 5%, compounded monthly.
a. How much is Johanna’s monthly mortgage payment?
b. Prepare an amortization table for the traditional 20-year mortgage.
c. Assume Johanna makes her normal mortgage payments and at the end of four years, she refinances the balance of her loan at 3%. If she continues to make the same mortgage payments, how soon after the first four years will she pay off his mortgage?
Solutions
jeff jeffy answered 1 year agoRelated Solutions
Adam just purchased a home and took out a RM250,000 mortgage for 30 years at 8%,...
Adam just purchased a home and took out a RM250,000 mortgage for
30 years at 8%, compounded annually.(a) How much is Adam’s yearly
mortgage payment? (b) Find the outstanding principal after five
years using Prospective Method. Ans: (a) RM 22206.86 (b) RM
237,053.13
You purchased your home 6 years ago. At this time, you took out a mortgage for...
You purchased your home 6 years ago. At this time, you took out
a mortgage for $200,000, for 30 years, with a fixed rate of 5%. You
have made all payments on time but have paid nothing extra on the
mortgage. Suppose you sell the house for $210,000 and pay a 6%
commission. How much money will you receive (or have to pay) after
you pay off your loan?
Solve using a financial calculator.
4. sally just purchased a home and took out a 30-year fixed, $205,000 mortgage with an interest...
4. sally just purchased a home and took out a
30-year fixed, $205,000 mortgage with an interest rate of 4.5% and
monthly payments.
a. How much
is sallys monthlymortgage payment?
b. What
percentageof all payments made during the
first 3 years will be applied to
principal?
c. Assuming
that Sally makes her mortgage payments as calculated in part
a and decides to refinance
her mortgage
for a better interest rate after 5 years; what is
the balance on her mortgage after 5
years?
d. Sally is...
You have just purchased a home and taken out a $410,000 mortgage. The mortgage has a...
You have just purchased a home and taken out a $410,000
mortgage. The mortgage has a 30-year term with monthly payments
and an APR of 5.12%.
a. How much will you pay in interest, and how much will you pay
in principal, during the first year?
b. How much will you pay in interest, and how much will you pay
in principal, during the 20th year (i.e., between 19 and 20 years
from now)?
You have just purchased a home and taken out a $590,000 mortgage. The mortgage has a...
You have just purchased a home and taken out a $590,000
mortgage. The mortgage has a 30-year term with monthly payments
and an APR of 5.92%.
a. How much will you pay in interest, and how much will you pay
in principal, during the first year?
b. How much will you pay in interest, and how much will you pay
in principal, during the 20th year (i.e., between 19 and 20 years
from now)?
You have just purchased a home and taken out a $440,000 mortgage. The mortgage has a...
You have just purchased a home and taken out a $440,000
mortgage. The mortgage has a 30-year term with monthly payments
and an APR of 5.28%.
a. How much will you pay in interest, and how much will you pay
in principal, during the first year?
b. How much will you pay in interest, and how much will you pay
in principal, during the 20th year (i.e., between 19 and 20 years
from now)?
You have just purchased a home and taken out a $440,000 mortgage. The mortgage has a...
You have just purchased a home and taken out a $440,000
mortgage. The mortgage has a 30 year term with monthly payments and
an APR of 5.92%.
How much will you pay in interest, and how much will you pay in
principal during the first year?
How much will you pay in interest and how much will you pay in
principal during the 20th year?
You have just purchased a home and taken out a $480,000 mortgage. The mortgage has a...
You have just purchased a home and taken out a $480,000
mortgage. The mortgage has a 30-year term with monthly payments
and an APR of 6.80%.
a. How much will you pay in interest, and how much will you pay
in principal, during the first year?
b. How much will you pay in interest, and how much will you pay
in principal, during the 20th year (i.e., between 19 and 20 years
from now)?
You have just purchased a home and taken out a $540,000 mortgage. The mortgage has a...
You have just purchased a home and taken out a $540,000
mortgage. The mortgage has a 30-year term with monthly payments
and an APR of 7.44%.
a. How much will you pay in interest, and how much will you pay
in principal, during the first year?
b. How much will you pay in interest, and how much will you pay
in principal, during the 20th year (i.e., between 19 and 20 years
from now)?
1) You have just purchased a home and taken out a $ 530,000 mortgage. The mortgage...
1) You have just purchased a home and taken out a $ 530,000
mortgage. The mortgage has a 30-year term with monthly payments
and an APR of 5.20%.
a. How much will you pay in interest, and how much will you pay
in principal, during the first year?
b. How much will you pay in interest, and how much will you pay
in principal, during the 20th year (i.e., between 19 and 20 years
from now)?
2) You need a...
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- You have invested 30 percent of your portfolio in Jacob, Inc., 40 percent is Bella Co.,...
- Parallel Arrays This question is in MindTap Cengage Summary In this lab, you use what you...
- 5. You have invested 30 percent of your portfolio in Jacob, Inc., 40 percent is Bella...
- JAVA Write a test program that prompts the user to enter a series of integers and...
- (2) Cite an example on how organizations like Google, Facebook, Youtube etc collect data for image...
- The legal landscape is perpetually changing. Psychologists must remain abreast of these changes to avoid potentially...
- We are evaluating a project that costs $1.68 million, has a six-year life, and has no...
ADVERTISEMENT