Five years after buying their first home, Scott and Mia's mortgage came up for renewal. Interest rates have dropped from 9.5% per year to 6.25% per year. They owe $186 000. Determine the monthly payment for a 15-year amortization period at the new interest rate.
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- Part 4 (Chapter 14): Hassan and Dana had bought a property valued at $1,225,000 for 20% down and a mortgage amortized over 25 years on March 1, 2018. They made equal end-of-month payments towards their mortgage. Interest on the mortgage was 3.29% compounded semi-annually and the mortgage was renewable after five years. 9. What was the size of each monthly payment? 10. What is the cost of the mortgage for the first 5 years? 11. In November 2020, they decided to refinance their mortgage since rates were down by quite a lot. Suppose the new rate they qualified for was 1.74% compounded semi-annually and they could borrow enough to cover their remaining mortgage balance. The new mortgage is amortized over 25 years, but they also need to pay a penalty for breaking the old mortgage early. If the penalty is the interest differential over the remaining term of the old mortgage (under the old and the new rates), and if the penalty is also added to the new mortgage, what is the size of their new…Mr. and Mrs. Smith have taken out a mortgage loan of $250,000.00 from a bank at 6% APR for a fixed 15 years. How much will their monthly payment be? $1999.24 $2016.94 $2019.25 $2109.64Tariq bought a commercial property valued at $71 000 for $26 000.00 down and a mortgage amortized over 10 He makes equal payments due at the end of every quarter. Interest on the mortgage is 6% compounded annually. c) How much of the payments made at the end of five years will be interest? years. O s12 660.25 $11 660.25 $13 660.25 S10 660.25
- 10. Curtis bought a condominium for $319 000 and made a down payment of $64 000. The annual interest rate for a five-year fixed rate mortgage is 5,49%. Determine the monthly payment for a 20-year amortization period. a. $1743.79 b. $7090.21 c. $2181.46 d. $1120.84 nountAssume Jenny took out a $400,000 mortgage to pay for her new house. The mortgage rate is 5.7%. It is a 25-year monthly constant payment, fully amortized mortgage. Find the balance at the end of year 12. Group of answer choices $124,508.1 $226,786.2 $275,492.6 $236,119.6A family buys a house worth $326,000. They pay a $75,000 deposit and take a mortgage for the balance at J12=9% p.a. to be amortized over 30 years with monthly payments. Find the value of the mortgage on their house? Find the value of the monthly payment? Find the loan outstanding after making 20 payments? Find the principal repaid in the 21st payment?
- 1. Renalda has purchased a condominium and received a mortgage loan in the amount of $50,000 for 25 years. Her monthly payments on this loan are $510.55. In the first three months of this mortgage, how much of this payment goes to interest and how much to principal? The interest rate on this loan is 11.9% per year.o help purchase her new car, Nicole is taking out a $34,000 amortized loan for 6 years at 5.8% annual interest. Her monthly payment for this loan is $560.27. ill in all the blanks in the amortization schedule for the loan. Assume that each month is of a year. Round your answers to the nearest cent. 12 Payment number Principal payment New loan balance Interest payment 1 2 $104.91 $455.36 $21,250.60 31 303. Sam and Mary purchased a two-bedroom town house for $599 000 with a 10% down payment. The mortgage is at 3.49% per year, amortized over 25 years. (Note: Mortgage is compounded semi-annually by law.) + a) Find Sam and Mary's down payment and mortgage amount b) Determine their monthly payment using TVM Advanced Calculator. Show all the entries in your c) Assume they decided to make a bi-weekly payment of $ 1500 instead of monthly. How many years would it take for them to pay the mortgage in full using the TVM Advanced Calculatore) d) Assume Sam and Mary makes monthly payment, and the interest rate remains constant. Use the FCÁC mortgage calculator to find the total payment, the total principle paid, and the total interest paid for a 5- year term and complete the table? Also, find their mortgage amount after the 5-year term e) Explain why changing the payment frequency from monthly to weekly reduces the total interest paid on the loan.
- Eric and Mary bought a house 5 years ago. They took out a 30-year mortgage of $350,000 from Royal Bank at that time. The stated interest rate is 6.8% (APR). a. What is the monthly payment of the mortgage? b. What is the outstanding balance of this mortgage as of today? (Assume they have just made their monthly payment and the next payment is due in a month.) c. What is the interest portion of the 61th payment and what is the principal portion in that payment?Kristina has a mortgage of $575,000 through her bank for property purchased. The loan is repaid by end of month payments of $4,182.71 with an interest rate of 6.96% compounded monthly over 23 years. What is the interest included in the 39th payment of the mortgage? Enter a POSITIVE VALUE rounded to two decimal places. %24Jack takes out a mortgage for $725,000 at an interest rate of i(2) = 7.250%. The amortization period is 30 years. What is his weekly payment? a. $1,182.96 b. $1,126.62 C. $923.83 d. $1,171.69 e. $957.63