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- Suppose bank a offers a 229020 year 6.4% fixed rate mortgage with closing cost of 2600 + 4 points what are their closing costs associated with this mortgageAssume that there is no prepayment. Based on the following loan information on the fully-amortized fixed rate mortgages, What is the APR of Loan C? (choose the closest answer) Financial Calculator 1 ; Financial Calculator 2 ; Loan Amount Maturity Contract interest rate Upfront fees Upfront mortgage insurance fee APR 6.7% O 6.5% O 6.6% O 7.4% Loan C $200,000 30 years 6.25% 3% 1.6%Using mortgage calculator Compare the following scenarios: a. Loan amount of; $800,000 @ 3.00% 30-year mortgage b. Loan amount of; $800,000 @ 6.50% 30-year mortgage c. Loan amount of; $800,000 @ 2.50% 20-year mortgage d. Loan amount of; $800,000 @ 5.50% 20-year mortgage e. Loan amount of; $800,000 @ 2.00% 10-year mortgage f. Loan amount of; $800,000 @ 5.00% 10-year mortgage
- K Use PMT= 31¬ [₁-3] a. Find the monthly payments and the total interest for the loan. b. Prepare a loan amortization schedule for the first three months of the mortgage. to determine the regular payment amount, rounded to the nearest cent. The cost of a home is financed with a $130,000 20-year fixed-rate mortgage at 4.5%. nt a. The monthly payment is $ (Do not round until the final answer. Then round to the nearest cent as needed.) 1 2 The total interest for the loan is $ (Use the answer from part a to find this answer. Round to the nearest cent as needed.) b. Fill out the loan amortization schedule for the first three months of the mortgage below. Payment Number Interest $1 $ 3 $ (Use the answer from part a to find these answers. Round to the nearest cent as needed.) Principal $ $ $ Loan Balance $ S 418 .Use the following amortization chart: Selling price of home Down payment Principal (loan) Rate of interest Years Payment per $1,000 Monthly mortgage payment $ 90,000 $ 5,000 $ 85,000 5 1/2% 30 $ 5.67789 $ 482.62 What is the total cost of interest? Note: Do not round intermediate calculations. Round your answer to the nearest cent. Total cost of interest:???Assume that a borrower is expected to prepay a loan at the end of Year 5. Based on the following loan information on the fully-amortized fixed rate mortgage what is the effective cost of borrowing of Loan C? (choose the closest answer) Financial Calculator 1: Financial Calculator 2 Loan Amount Maturity Contract interest rate Upfront fees Upfront mortgage Insurance fee Prepayment after Year Effective Cost of Borrowing 86.79 7AN Loan C $200,000 30 years 6.25% 3% 1.6% 5 Quiz Score: 8 o
- 1. You have just obtained a commercial mortgage for $6.25M with a 5-year term, 25-year amortization period and 6.50% mortgage interest rate. (a) Construct an amortization table for the term of the loan assuming annual payments. What is the annual payment? What is the balance at maturity? (b) What is the e¤ective cost of borrowing if the borrower pays an origination fee of $30,000? (c) The borrower can repay the balance of the loan at any time prior to its maturity, but must pay a penalty of 5% of the outstanding balance. What is the cost of borrowing if the borrower pays an origination fee of $30,000 and pays off the remaining balance of the loan after making payments for 4 years?Suppose you have taken out a $125,090 fully amortizing fixed rate mortgage loan that has a term of 15 years and an interest rate of 6%. After your first mortgage payment, how much of the original loan balance is remaining? Multiple Choice $1,054.82 $120,60378 $1245701 $124.875.56Consider a Sh. 124,000, 7.00%, 30-year, constant payment mortgage (CPM) with monthly payments. Required a) What is the required monthly payment on this mortgage?
- I need the excel function typed out? Example =RATE???? G. Find the interest rate (APR) on a 27-year mortgage with a initial loan amount of $358,000, if the monthly payment is $2229.45 Let's use references for input values; and be sure to annualize the rate! INPUTS: OUTPUT: Period 27 Rate is APR Payment 2229.45 Loan amount 358000What is the difference in interest paid between a 30-year mortgage loan and a 15-year mortgage loan both of $72700 if the annual interest rate is 5% a. $27262.50 b. $54525.00 c. $37012.40 d. $10348.38PLEASE DO NOT ROUND THE ANSWERS Selling Price of Home Down Payment Rate of Interest Years $ 160,000.00 $ 20,000.00 3.50% 30 Required: Please use the above information to answer the below questions: (Use Table 15-1) How many total payments on this mortgage? What is the principal (loan)? What is the payment per $1,000? What is the monthly mortgage payment? TABLE 15.1 Amortization table (mortgage principal and interest per $1,000) Term in Years INTEREST 3½% 5% 5½% 6% 6½% 7% 7½% 8% 8½% 9% 9½% 10% 10½% 11% 10 9.89 10.61 10.86 11.11 11.36 11.62 11.88 12.14 12.40 12.67 12.94 13.22 13.50 13.78 12 8.52 9.25 9.51 9.76 10.02 10.29 10.56 10.83 11.11 11.39 11.67 11.96 12.25 12.54 15 7.15 7.91 8.18 8.44 8.72 8.99 9.28 9.56 9.85 10.15 10.45 10.75 11.06 11.37 17 6.52 7.29 7.56 7.84 8.12 8.40 8.69 8.99 9.29 9.59 9.90 10.22 10.54 10.86 20 5.80 6.60 6.88 7.17 7.46 7.76 8.06 8.37 8.68 9.00 9.33 9.66 9.99 10.33 22 5.44 6.20 6.51 6.82 7.13 7.44 7.75 8.07 8.39 8.72 9.05 9.39…