Q: Determine the monthly principal and interest payment for a 15-year mortgage when the amount…
A: A written agreement through which a lender gets the right to take the property that is put as a…
Q: Determine the monthly principal and interest payment for a 15-year mortgage when the amount…
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A: 1) Housing Expense Ratio: = Monthly PITI Expense/ Montly gross income = ($605/ $ 3700) *100 =…
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A: Hi There, thanks for posting the question. But as per Q&A guidelines, we must answer the first…
Q: Determine the monthly principal and interest payment for a 15-year mortgage when the amount financed…
A: Given, Principal amount= $95,000 Time period= 15 years Annual percentage rate= 6% The next step…
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Q: Calculate the housing expense ratio and the total obligation ratio (in %) for the following mortgage…
A: Housing expense ratio = PITI ExpenseGross Income×100 =$605$3,700×100=.1635×100=16.35%
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A: A written agreement through which a lender gets the right to take the property that is put as a…
Q: calculate the monthly principal and interest, PI (in $), using this table and the monthly PITI (in…
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Q: Find the monthly payment for a 289,500.00 home with 20% down payment. The terms of the mortgage are…
A: The cost of home = 289,500 The down payment = 20% Interest rate on mortgage = 8.5% The time period…
Q: Find the indicated amounts for the fixed-rate mortgages. Monthly payment Mortgage рayment Purchase…
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Q: a. What is the monthly payment on the 25-year mortgage b. What is the total interest paid on the…
A: in this we have to calculate monthly payments of both options.
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Q: As one of the loan officers for Grove Gate Bank, calculate the monthly principal and interest, PI…
A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…
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A: Given, Cost of home $120,000 Term of loan 20 years Rate 4%.
Q: Find the indicated amounts for the fixed-rate mortgages. Purchase price of home Down Mortgage…
A: Purchase price of the house = $130,000 Down payment = $0 Interest rate per year = 5% Number of years…
Q: Calculate the total amount paid for Mortgage A. Calculate the total interest paid for Mortgage A.…
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Q: Consider a mortgage on a house valued at $480,000 with an interest rate of 6% compounded…
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Q: a. What are the monthly principal and interest payments for each loan? b. What is the total amount…
A: Loan Amortization: It is the process of paying the loan amount by the borrower in periodic payments…
Q: As one of the loan officers for Grove Gate Bank, calculate the monthly principal and interest, PI…
A: Amount Financed = $129,700 Interest Rate = 6.75% Term of loan = 15 years No. of compounding periods…
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A: Formula: A= P×r×1+rn1- 1+rn where, A is Periodical payments P is Principal Amount r is rate of…
Q: Calculate the housing expense ratio and the total obligation ratio (in %) for the following mortgage…
A: Mortgages are loans that are taken by individuals or corporations and are given by financial…
Q: Find the monthly payment (in $) and the total interest (in $) for a mortgage of $46,000 at 5 3/4 %…
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A: Given, {P} Amount = $ 430,000 {R} Interest = 3.55% ~ {T} Time period = 30 years = 30*12 = 360…
Q: Using this table as needed, calculate the required information for the mortgage. Number Table…
A: Total interest of loan is equal to total PMTs made less the original principal.
Q: Find the monthly payment (in $) and the total interest (in $) for a mortgage of $46,000 at 5 1 4%…
A: Mortgage is a loan contact used to buy capital assets such as houses. In Mortgages, title of asset…
Q: Calculate the housing expense ratio and the total obligation ratio
A: Housing expenses ratio is the ratio which represents the income expenses and the gross income…
Q: Using this table as needed, calculate the required information for the mortgage. Amount Financed…
A: Data given: Amount financed = $ 89,500 Interest rate = 8% n= 30 years
Q: Calculate the housing expense ratio and the total obligation ratio (in %) for the following mortgage…
A: Housing Expense Ratio % =Monthly PITI Expense (Housing Expense)/Monthly Gross Income Total…
Q: Calculate the housing expense ratio and the total obligation ratio (in %) for the following mortgage…
A: Please see the next step for the solution
Q: Consider a home mortgage of $ at a fixed APR of % for years. a. Calculate the monthly payment. b.…
A: APR=12% loan term=1 year
Q: A house is to be purchased by financing $ 341,998 with a mortgage. A conventional 30-year loan is…
A: Given information : Amount of mortgage = $341,998 Number of years = 30 Annual interest rate = 4%
Q: Using this table as needed, calculate the required information for the mortgage. Number Monthly…
A: Mortgage: These are loans used by individuals or firms to purchase properties. Hence the borrower…
Q: A mortgage applicant who has a monthly gross income of $4,705.00 applies for a mortgage with monthly…
A: Monthly gross income = $4705 Monthly PITI = $1411.50 Other financial obligations = $282.30
Q: The total monthly payment for a home mortgage loan isaffected by the property tax and insurance.…
A:
Q: Calculate the housing expense ratio and the total obligation ratio (in %) for the following mortgage…
A: Housing expense ratio compares housing expense of a person, an individual or a family to its pre-tax…
Q: Calculate the housing expense ratio and the total obligation ratio (in %) for the following mortgage…
A: A housing expense ratio compares housing costs to pre-tax income. Bankers frequently use it to…
Q: assuming 320 psa for a given mortgage pool, what is the monthly prepayment rate for month 340?
A: A legal arrangement in which a bank, building society, or other financial institution loans money at…
Q: Calculate the housing expense ratio and the total obligation ratio (in %) for the following mortgage…
A: Monthly Gross Income = $3700 Monthly PITI Expense = $705 Monthly Financial Obligations = $720
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- Cost of Bank Loan Mary Jones recently obtained an equipment loan from a local bank. The loan is for 15,000 with a nominal interest rate of 11%. However, this is an installment loan, so the bank also charges add-on interest. Mary must make monthly payments on the loan, and the loan is to be repaid in 1 year. What is the effective annual rate on the loan (assuming a 365-day year)?Consider a 30-year home mortgage of $100,000 at 6% per year. What is the monthly payment? Use Theorem 1 as attached to make an amortization schedule of the first 6 months: Month (k) Principal P(k) Interest I(k) Balance due B(k) 1 2 3 4 5 6 where P(k) is the amount paid to the principal in the k’th payment, I(k) is the amount paid to interest in the k’th payment, B(k) is the balance due after the k’th payment.Topic: Business And Consumer Loans (Mortgage)A building is sold for $100000 and the bank requires 20% down payment. If the effective rate of interest of the mortgage is 2% and is to be paid for 10 years, how much is the total interest of the mortgage?
- Finance A borrower takes out a 30-year mortgage loan (with monthly payments) for $300,000 with an interest rate of 12% The lender requires 4.0 points to be paid at the time the loan is originated. What is the effective interest rate on the loan if the loan is repaid after 5 years?Question 1. Assume you have just taken a 30-year mortgage of $550,000 at 9% with monthly compounding. Further, suppose that in 10 years (immediately after the 120th payment) interest rates fall to 6% with monthly compounding. You decide to refinance at that time to a 15-year loan at the new lower rate. Assume refinancing costs are 2% of the amount refinanced and will be rolled into the new loan. Find your new payment for the refinanced loan. Question 2. Suppose you deposit $100,000 per year in a savings account paying 8% interest for 10 years. You wish to withdraw the funds in 5 equal installments, one year apart, starting in year 11 and have a balance remaining in your account of $75,000 immediately after you make your fifth withdrawal. How much can you withdraw per year? HINT: A timeline will help with this.Consider a $180,000 15-year, fixed-rate mortgage with an annual interest rate of 4.70% and monthly payments. How much of the total expenses on mortgage payments go toward principal during the first two years (round to the nearest dollar)? $14,139 $5,739 $16,666 $25,663 $33,491 $17,339 $16,152 $22,755
- Problem: Please answer the following questions regarding a $300,000 Mortgage Loan with monthly amortization over 30 years and an annual interest rate of 6%. What is the loan payment for a (30 year loan (360 monthly payments) of $300,000 at 6%? Question Answer What is the monthly payment amount? Loan Monthly Payment: How much interest and how much is principle on the first payment? Interest: Principle: How much interest and how much is principle on the second payment? Interest: Principle: If after the second payment an addition $10,000 was paid on principle. How much would the interest be on the third payment? Interest:For a $100,000 mortgage for 25 years at a 11.5% rate (monthly payments), find 1) the monthly payment 2) the annual debt service and constant =(annual payments divided by loan amount) 3) the balance outstanding at the end of year 5 40 if 8.685 points are charged, what is the dollar amount actually loaned? 5) if the loan is held for 25 years, what is the yield to the lender? - hint - subtract 8.685% from the $100,000 loan amount and enter as negative PV, then enter the monthly payment amount as pmt, enter 300 as n, and solve for %I (and multiply the answer by 12 to get the annual rate).9.1 A 20-year, $470,000 mortgage at 3.20% compounded semi-annually is repaid with monthly payments. a. What is the size of the monthly payments? b. Find the balance of the mortgage at the end of 6 years? c. By how much did the amortization period shorten by if the monthly payments are increased by $275 at the end of year six(HOW MANY YEARS AND MONTHS? Kindly explain with excel details Thank you
- OLA#9.1: A 30-year, $450,000 mortgage at 3.30% compounded annually is repaid with monthly payments. a. What is the size of the monthly payments? b. Find the balance of the mortgage at the end of 7 years? c. By how much did the amortization period shorten by if the monthly payments are increased by $125 at the end of year seven?Consider a home mortgage of $125,000 at a fixed APR of 4.5% for 25 years. a. Calculate the monthly payment. b. Determine the total amount paid over the term of the loan. c. Of the total amount paid, what percentage is paid toward the principal and what percentage is paid for interest. ..... a. The monthly payment is $ (Do not round until the final answer. Then round to the nearest cent as needed.)Date Name Section 8.7 - Worksheet The Cost of Home Ownership Comparing Mortgage Interest for 30-year rate vs 15-year rate. In the lesson notes example, the $175,500 mortgage was financed with a 30-year fixed rate at 7.5%. The total interest paid over 30 years was approximately $266,220. a) Use the loan payment formula for installment loans to find the monthly payment if the time of the mortgage is reduced to 15 years. Round to the nearest dollar. b) Find the total interest paid over 15 years. c) How much interest is saved by reducing the mortgage from 30 to 15 years?