Question
In: Finance
"I recently bought a new house for $200,000. There was a 20% down payment, and the...
"I recently bought a new house for $200,000. There was a 20% down payment, and the rest was financed at 4.8 percent APR with monthly compounding. Monthly payments starting from next month will be $1,248.66. How many years will it take the firm to pay off this debt?"
Please let me know values used in calculator or any formulas.
Solutions
Expert Solution
In a financial calculator, calculator calculate for N, punch in:-
PV =200000*80% =160000
I/Y =4.8%/12 =0.40%
PMT = -1248.66
The answer will be 180 months, divide by 12, and the number of years are 15.00\
Or calculate in excel using the formula:-
=NPER(rate,pmt,pv)
=NPER(4.8%/12,-1248.66,200000*80%)/12
=15.00
jeff jeffy answered 2 years agoRelated Solutions
I recently bought a new house for $200,000. There was a 20% down payment, and the...
I recently bought a new house for $200,000. There was a 20% down
payment, and the rest was financed at 4.8 percent APR with monthly
compounding. Monthly payments starting from next month will be
$1,248.66. How many years will it take the firm to pay off this
debt?
I have bought a house for $300,000. I made a 20% down payment and borrowed the...
I have bought a house for $300,000. I made a 20% down payment
and borrowed the rest at 4.2% APR with monthly compounding. It is a
30-year amortized loan. Prepare the first two rows of the
amortization table (beginning balance, PMT, interest paid,
principal paid, ending balance).
I have bought a house for $300,000. I made a 20% down payment and borrowed the...
I have bought a house for $300,000. I made a 20% down payment
and borrowed the rest at 4.2% APR with monthly compounding. It is a
30-year amortized loan. What will be my payments each month at
t=1,2,…,360?
Jingfei bought a house 6 years ago for $200,000. Her down payment on the house was...
Jingfei bought a house 6 years ago for $200,000. Her down
payment on the house was the minimum required 10% at that time she
financed the remainder with a 30-year fixed rate mortgage. The
annual interest rate was 8% and she was required to make monthly
payments, and she has just made her 72th payment. A new bank has
offered to refinance the remaining balance on Jingfei's loan and
she will have to pay $1,320 per month for the next...
Adam bought a house for $220000. He is making a 20% down payment and finance the...
Adam bought a house for $220000. He is making a 20% down payment
and finance the rest through a mortgage loan with an interest rate
of j4=5.5%j4=5.5%. Calculate the monthly payment for the following
time periods:
a) 20 years: $
b) 25 years: $
c) 30 years: $
Amortize a 30-year mortgage for a $200,000 house cost with a 20% down payment. The mortgage...
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?
I have bought a house for $300,000. I made a 20% down paymentand borrowed the...
I have bought a house for $300,000. I made a 20% down payment
and borrowed the rest at 4.2% APR with monthly compounding. It is a
30-year amortized loan. What will be my payments each month at
t=1,2,…,360?*Please post any calculator use and formulas*
I have bought a house for $300,000. I made a 20% down paymentand borrowed the...
I have bought a house for $300,000. I made a 20% down payment
and borrowed the rest at 4.2% APR with monthly compounding. It is a
30-year amortized loan. Prepare the first two rows of the
amortization table (beginning balance, PMT, interest paid,
principal paid, ending balance).*Please pot any formulas used or calculations done on
calculator*
You just bought a house for $300,000. You put $100,000 as a down payment and borrow the remaining $200,000 from a bank.
You just bought a house for $300,000. You put $100,000 as a
down payment and borrow the remaining $200,000 from a bank. You
take out a 30-year mortgage that charges you 6 percent APR but with
monthly compounding.
A. (15 points) How much is your monthly mortgage payment? Show your
work.
B. (5 points) How much of your second mortgage payment goes towards
interest? Show your work.
You are planning to buy a house in New Jersey. You put a 20% down payment,...
You are planning to buy a house in New Jersey. You put a 20%
down payment, and 15-year mortgage rates are at 4.2% -Price of the
house is $400,000.
a. Calculate the monthly payments.
b- Calculate the 1st month interest payment.
c-Calculate the 1st month principal payments
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- “Triangle Guessing” game in Python The program accepts the lengths of three (3) sides of a...
- THIS PROGRAM HAS TO BE WRITTEN IN C Single function to perform the parity computation on...
- Consider a buffer system consisting of Benzoic acid (pKa = 4.20) and sodium benzoate, a) Would...
- Decision Variables S T Minimize 1.8S + 2.20T Subject to: Potassium 5S + 8T >= 200...
- A neurologist needs to counsel a stroke victim and her husband about possible outcomes, treatment options,...
- Case Study: Personal Beliefs in the Workplace Don Shakow was a prominent professional who worked in...
- 1: Competency framework usage is the modern best practice in management. What is meant by competency...
ADVERTISEMENT