You borrow $271,096 today to buy a house. You plan to make monthly payments over a 12-year period.
You borrow $271,096
today to buy a house. You plan to make monthly payments over a
12-year period. The bank has offered you a 4.06% interest rate,
compounded monthly.
You plan to borrow $500,000 to buy a house. The amortization
period of the mortgage is 20 years. You obtain a 5-year fixed rate
mortgage from TD bank at 2%/year (using Canadian mortgage
convention).
(a) How much do you owe the bank after the 60th payment?
(b) For the 24th monthly payment, how much of it is for
interest, and how much of it is for principal repayment?
d) What is the present value of the interest portion of the...
You plan to borrow $500,000 to buy a house. The amortization
period of the mortgage is 20 years. You obtain a 5-year fixed rate
mortgage from TD bank at 2%/year (using Canadian mortgage
convention).
(a) What is your monthly payment?
(b) How much do you owe the bank after the 60th payment?
(c) For the 24th monthly payment, how much of it is for
interest, and how much of it is for principal repayment?
(d) What is the present value...
You have borrowed $70,000 to buy a sports car. You plan to make
monthly payments over a 15-year period. The bank has offered you a
9% interest rate compounded monthly. create an amortization
schedule for the first two months of the loan. you can just write
the value infront of the following items:
payment,interest,principal and ending value for 2 years
You borrow $5,530 to purchase furniture for your house. You
agree to make monthly payments for 4 years to pay for the
furniture. If the interest rate is 5 percent with monthly
compounding, how much are your monthly payments? Assume the first
payment is made one month after purchase. $103.95 $123.18 $127.35
$104.31 $121.90
You borrow $149000 to buy a house. The mortgage rate is 7.5% and
the loan period is 30 years. Payments are made monthly. What is the
monthly mortgage payment.
You borrow $720,000 at 3.25% per year compounded monthly and you
plan to pay off this loan in equal annual payments starting one
year after the loan is made over a period of fifteen (15)
years.a. What are the annual end-of-year payments? Determine
the amount of interest and principal that are paid each year. What
is the total interest paid for the loan?b. Restructure the loan in the previous question to make
payments monthly. Determine the savings in interest
overall.c....
You are planning to buy a house worth $500,000 today. You plan
to live there for 15 years and then sell it. Suppose you have
$100,000 savings for the down payment. There are two financing
options: a 15-year fixed-rate mortgage (4.00% APR) and a 30-year
fixed-rate mortgage (5.00% APR). The benefit of borrowing a 30-year
loan is that the monthly payment is lower. But since you only plan
to hold the house for 15 years, when you sell the house...
In order to buy a house, Sebastian Cifuentes is going to borrow
$450,000 today with a 8 percent nominal annual rate of interest. He
is going to make monthly payments over 25 years. Assume full
amortization of the loan. If he pays an extra $500 toward principal
each month, what will be the ending balance after two monthly
payments?
A. $449,050
B. $448,047
C. $445,027
D. $450,012
E. $473,463
An $8000 loan is to be amortized with equal monthly payments
over a 2 year
period at j (12) = 8 %. Find the outstanding principal after 7
months and split the
8 th payment into principal and interest portions.
outstanding principal after 7 months is?
the principal in the 8 th payment is?
the interest in the 8 th payment is?
You wish to buy a house today for $350,000. You plan to put 10%
down and finance the rest at 5.20%
p.a. for thirty years. You will make
equal monthly payments of $_______.