You are thinking about getting a 30 -year $800,000 mortgage loan at 41/8% interest. Find the approximate total amount of interest you would have paid over the 30 years.
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- Suppose you take out a $117,000, 20-year mortgage loan to buy a condo. The interest rate on the loan is 5%. To keep things simple, we will assume you make payments on the loan annually at the end of each year. a. What is your annual payment on the loan? b. Construct a mortgage amortization. c. What fraction of your initial loan payment is interest? d. What fraction of your initial loan payment is amortization? e. What is the total of the loan amount paid off after 10 years (halfway through the life of the loan)? f. If the inflation rate is 3%, what is the real value of the first (year-end) payment? g. If the inflation rate is 3%, what is the real value of the last (year-end) payment? h. Now assume the inflation rate is 6% and the real interest rate on the loan is unchanged. What must be the new nominal interest rate? i-1. Recompute the amortization table. i-2. What is the real value of the first (year-end) payment in this high-inflation scenario? j. What is the real value of the last…If you have a $125,000 mortgage with a $700.00 monthly payment, payable over 30 years, what interest rate are you paying?You can afford a $1100 per month mortgage payment. You've found a 30 year loan at 8% interest. a) How big of a loan can you afford? $ b) How much total money will you pay the loan company? c) How much of that money is interest?
- Suppose you have good credit and can get a 30 year mortgage for $100,000 at 5%. What is your monthly payment?You can afford a $1350 per month mortgage payment. You've found a 30 year loan at 8% interest.a) How big of a loan can you afford?$b) How much total money will you pay the loan company?$c) How much of that money is interest?You have a 30-Year mortgage loan for $300,000 with an interest rate of 6% If you want to pay off the loan after 10 years, what is the outstanding balance on this loan? Please show work in excell Thank you
- If you are a mortgage lender, what is the most you are willing to lend a borrower today in the following situation: The borrower has promised to pay you $10,500 at the end of each year for 30 years and you want to earn a 5% annual rate of return. Amount the lender is willing to lend:Suppose you take a 30-year fixed-rate mortgage loan for $600,000 with a mortgage rate of 6%. How much do you still owe on the loan after 15 years?Suppose you have a $175,000 30-year mortgage with a 4.5% interest rate on the loan. a. Find the monthly payment.
- You can afford a $1,250.00 per month mortgage payment. You can get a loan at 7% interest for 30 years.A. What is the largest loan can you afford? I can afford a loan of at most $________. B. How much total money will you pay the loan company? The total of all my payments will be $_______. C. How much of that money is interest? The amount of my total payments will be $_______.You can afford an $800 per month mortgage payment. You found a 30-year loan at 6% interest. How big of a loan can you afford? How much will you pay the loan company? How much of that money is interest?You take out a 30-year $150,000 mortgage loan with an APR of 12% and monthly payments. In 11 years, you decide to sell your house and pay off the mortgage. What is the principal balance on the loan? Use Excel