Jimmy buys a piece of property worth $90454. Jimmy makes a down payment of $17541, and pays the remaining portion of the debt with a mortgage consisting of year end payments for the next 18 years. If interest on the mortgage is 5.6% compounded yearly, then in what amount are the payments? Answer:
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- Jessica purchases a house for $323,000 and takes a mortgage for the full amount. Her mortgage charges 6.75% per year and interest is compounded monthly. She will repay the loan over 25 years with equal monthly payments. a) What is her monthly payment amount? b) How much of the 8th payment would be applied toward interest? c) How much would be the payoff amount if the mortgage is to be paid at the end of year 2 (i.e., before the 24th payment is made)?Anna is buying a house selling for $235,000. To obtain the mortgage, Anna is required to make a 15% down payment. Anna obtains a 25-year mortgage with an interest rate of 5%. a) Determine the amount of the required down payment. b) Determine the amount of the mortgage. c) Determine the monthly payment for principal and interest Number of Years Rate_% 10 15 20 25 303.0 $9.65067 $6.90582 $5.54598 $4.74211 $4.216043.5 9.88859 7.14883 5.79960 5.00624 4.490454.0 10.12451 7.39688 6.05980 5.27837 4.774154.5 10.36384 7.64993 6.32649 5.55832 5.066855.0 10.60655 7.90794 6.59956 5.84590 5.368225.5 10.85263 8.17083 6.87887 6.14087 5.677896.0 11.10205 8.43857 7.16431 6.44301 5.995516.5 11.35480 8.71107 7.45573 6.75207 6.320687.0 11.61085 8.98828 7.75299 7.06779 6.653027.5 11.87018 9.27012 8.05593 7.38991 6.992158.0 12.13276 9.55652 8.36440 7.71816 7.337658.5 12.39857 9.84740 8.67823 8.05227 7.689139.0 12.66758 10.14267 8.99726 8.39196 8.046239.5…James received a 15 year loan of $230,000 to purchase a house. The interest rate on the loan was 2.10% compounded semi- annually. a. What is the size of the monthly loan payment? b. What is the balance of the loan at the end of year 2? Round to the nearest cent c. By how much will the amortization period shorten if James makes an extra payment of $30,000 at the end of year 2?
- Rachel and Eddy are buying a home for $875,000 by obtaining a 5-year closed mortgage for $700,000. Amortization = 25 years; interest = 3.75% compounded semi-annually; payments = $3,587.89 per month. How much of the first payment is interest?Abigail received a 15 year loan of $280,000 to purchase a house. The interest rate on the loan was 5.80% compounded semi-annually. a. What is the size of the monthly loan payment? b. What is the balance of the loan at the end of year 2? c. By how much will the amortization period shorten if Abigail makes an extra payment of $30,000 at the end of year 2?Curtis buys a piece of commercial property for $230,000. He is offered a 20-year loan by the bank, at an interest rate of 9% per year. The loan requires annual payments to be made. What is the annual loan paymen Curtis must make assuming the first payment will be due one year from the date of purchase? O A. $40,313.10 O B. $30,234.83 O C. $35,273.97 O D. $25,195.69 O Time Remaining: 00:29:43 Next dtv 11 DD F11 F9 F10 F8 F7 F5 esc F4 F2 F3 F1 & @ 2# $ % 8 1 3. 4 { P < CO
- Andy takes out a 15-year mortgage of 125000 dollars to purchase a home. If the interest rate is 6.9 percent convertible monthly, how much is his monthly payment? Answer = dollars.Maryanne purchases a house for $380,000 and takes a mortage for the full amount. Her mortgage charges 3% per year and interest is compounded monthly. She will repay the loan over 30 years with equal monthly payments. a) What is her monthly payment amount? b) How much of the 6th payment would be applied toward interest? c) How much of the 6th payment would be applied toward principal? Please show work or excel formuals used13) Max buys a $2,000,000 house and makes a $500,000 down payment. The mortgage is for 30 years at 4% compounded monthly. The first payment will be made one month after the purchase of the house. a) How much are Max’s monthly payments? b) How much of the 300th payment goes to principal and how much goes to interest?
- The Olsens purchase a house by taking out a 25-year, $570,000 mortgage with an interest rate of 4.7%. Determine the Olsens’ monthly payment for principal and interest and how much of the first payment on the mortgage is applied to the principal.Larry Davis borrows $87,000 at 11 percent interest toward the purchase of a home. His mortgage is for 25 years. a. If Larry decides to make annual payments, how much will they be? (Enter your answer as a positive number rounded to 2 decimal places.) Annual payments b. How much interest will he pay over the life of the loan? (Do not round intermediate calculations. Round your final answer to 2 decimal places.) Total interestWill has a 30-year mortgage on a $100,000 loan for his house in Florida. The interest rate on the loan is 6% per year (nominal interest), payable monthly at 0.5% per month. Solve, a. What is Will’s monthly payment? b. If Will doubles his payment from Part (a), when will the loan be completely repaid?