You want to take a $172260 mortgage at j2 = 11.59 % and can afford topay up to $5030 per quartely. What repayment period in the whole years should you request ? What will be your payment year to repay mortgage in calculatednumber of years ?

You want to take a $172260 mortgage at j2 = 11.59 % and can afford topay up to $5030 per quartely. What repayment period in the whole years should you request ? What will be your payment year to repay mortgage in calculatednumber of years ?

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)

7th Edition

ISBN:9780357033609

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter5: Making Automobile And Housing Decisions

Section: Chapter Questions

Problem 10FPE

See similar textbooks

Related questions

Q: You are purchasing a house and you are considering getting a fixed-rate mortgage (FRM) for $750,000.…

A: Required monthly payments for the mortgage is calculated using excel PMT function Required monthly…

Q: You plan to borrow $49,400 at a 7.3% annual interest rate. The terms require you to amortize the…

A: Yearly installments= $49400* R* (1+R)^n/((1+R)^N-1) = 49400* 7.3%* (1+7.3%)^7/((1+7.3%)^7-1) = 9262

Q: You can afford to pay $750 per month for mortgage payments. How large a loan can you afford if the…

A: A mortgage is one kind of secured loan. When the borrower is unable to repay the principal or…

Q: Assuming the mortgage is a 20-year adjustable rate mortgage, use the given information to find the…

A: Annuity A series of equal payments at equal interval over a specified period of time is considered…

Q: Consider a 15 year, fixed rate mortgage for $150,000 at a nominal rate of 8%. The loan comes with a…

A: A fixed interest rate loan is where your Interest Rate is locked in (i.e. fixed) for a certain…

Q: Your bank offers the Bradys a 30 year mortgage with a rate of 5%. At that rate, the monthly payments…

A: Loan amount = $ 1000 Monthly payment = $ 5.37 Period = 30 Years Number of payments = 30*12 = 360

Q: fixed-rate mortgage

A: Introduction: Fixed rate mortgages are home loans that carries a fixed rate of interest for the…

Q: Suppose you purchase a house using a 30-year fixed rate mortgage. The APR on the loan is 3.2% and…

A: The current price of the house is computed by computing the present worth of the house. The formula…

Q: A 30-year mortgage requires payments of $5,455.84 at the end of each month. If interest is 3.23%…

A: Data given: PMT= $5455.84 Interest = 3.23% (compounded semi-annually) n=30 year nper=30*2 = 60…

Q: After puting 20% on a $110,000 home and having a 30 year mortgage with an interest rate of 4.75%,…

Q: an mortgage is $500000. it is to be paid off in exactly 25 years with end of month payment of $2400.…

A: Borrowings are the liability that is used to finance the requirement of the funds. The borrower…

Q: Suppose one estimates that they can afford to repay £1200 a month for 25 years on a mortgage.…

A: Here, Monthly Payment is £1,200 Interest Rate (r) is 4.3% Compounding Period (m) is Monthly Time…

Q: You buy a house for $1,200,000 using a 30-year mortgage. The annual interest rate is 3%. Payments…

A: Using excel PV function

Q: What is the monthly house payment on a 10 year $225,000 mortgage at 7.5% annual interest?

A: Given details are : Amount of loan (Present value) = $225000 Time period = 10 years Interest rate =…

Q: lan has a mortgage of $458,000 to be repaid by end of month payments with an interest rate at 4.16%…

A: A mortgage loan is a case of amortization loan, such loan is paid back in an equal periodic…

Q: A mortgage of $161000 is to be repaid by making payments of $1191 at the end of each month. if…

A: We need to use NPER formula in excel to calculate term of mortgage. The formula is…

Q: A 25 year mortgage requires payments of $3443.75 at the end of each month. If interest 5.84%…

A: Monthly Payment is the payment that is to be paid monthly for a specific period of time to repay the…

Q: You plan to borrow $47,800 at an 8.5% annual interest rate. The terms require you to amortize the…

A: Loan amount (PV) = $ 47800 Interest rate (r) = 8.5% Number of annual payments (n) = 7

Q: What is the total interest paid on a 30 year mortgage for $235000 if it is charged 6.9% interest,…

A: Given: Mortgage Tenure: 30 years Mortgage Amount: $235000 Interest Rate: 6.9%, compounded monthly

Q: Calculate the original loan size of a fixed-payment mortgage if the monthly payment is $1,146.78,…

A: The question can be solved as follows:

Q: You secure a 20 -year FRM with an APR of 5.75 % on a mortgage loan of $ 190, 000 . Rounded to the…

A: An agreement through which a lender lends the money to the borrower, and has the right to take the…

Q: Determine the periodic payments PMT on the given loan or mortgage. (Round your answer to the nearest…

A: Mortgage is long-term amortized loan which is taken by individuals, corporates to but fixed assets.…

Q: If a person takes a mortgage OMR 82,000 for 25 years, with a rate of interest 4% compounded…

A: The number of periods of mortgage is the number of times the payments are made to pay the loan…

Q: If Clare takes out a mortgage for 22 years at an interest rate of 3% and her monthly repayments are…

A: Given: Time Period (t) = 22 years Rate of interest (r) = 3% = 0.03 Payment per month (PMT) = $984…

Q: Suppose you make monthly mortgage payments of $1,345 and have 11 years left on the mortgage (next…

A: The present value is the value of the sum received at time 0 or the current period. It is the value…

Q: A lender requires that monthly mortgage payments be no more than 30% of gross monthly incomewith a…

A: Mortgage payment is a monthly payment that is made on an outstanding loan. Mortgage payment has 4…

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: Suppose you have a $175,0000 30-year mortgage with a 4.5% interest rate on the loan. a. Find the…

A: The mortgage is a type of loan taken by providing a collateral asset to secure the loan. This kind…

Q: What mortgage would result in a higher payment? Mortgage A $985 a month for 30 years or Mortgage B…

Q: You are getting a mortgage. Your home is worth $237,324, and you will make a $63,651 down payment.…

A: Cost of home= $ 237324 Down payment done= $ 63651 Loan= $ 237324- $ 63651 =$ 173673

Q: Consider a 30-year, fixed-rate mortgage for $50,000 at a nominal rate of 8%. If the borrower wants…

A: In this question we need to calculate the remaining balance on the mortgage after the 10th payment…

Q: An mortgage of $200000 is amortized at 30 years, with an interest rate of 3.5% compounded…

A: Loan amount (PV) = $200,000 Interest rate = 3.5% Monthly interest rate (r) = [[1+(0.0350/2)]2]1/12-1…

Q: Calculate the monthly mortgage payments under the following conditions: $325,000 mortgage, 3.125%…

A: Here, Mortgage Amount is $325,000 Interest Rate is 3.125% Time Duration is 30 years

Q: How much you will pay for a 30-years mortgage if the annual payment es $11,147 at a 3.99% annual…

A: Annual compound interest rate is that rate at which interest is charged on annual basis by compound…

Q: You wish to borrow $500,000.00 for a home mortgage. The quoted interest is 11% compounded monthly…

A: The present value is the value of the sum received at time 0 or the current period. It is the value…

Q: ing a 28% lender's affordability ratio, estimated monthly property taxes and insurance of P250, a…

A: Lender's affordability ratio is how much one can afford for the monthly mortgage payment for…

Q: There are two common choices for the term of a home mortgage: 15 years or 30 years. Suppose you need…

A: Principal Amount= $90,000 APR (Interest rate)= 6.75% Time period= 30 years= 360 months Monthly…

Q: Consider a Sh. 124,000, 7.00%, 30-year, constant payment mortgage (CPM) with monthly payments.…

A: In constant payment mortgage (CPM), the payment is constant throughout the life of the loan. PMTt =…

Q: Use the formula or a calculator application to find the monthly payment on a home mortgage of…

A: Using PMT function in excel.

Q: What is the monthly payment for a $103500 thirty-year mortgage at 5% APR?

A: Given, Mortgage amount = $103500 APR = 5%

Q: WHAT WOULD BE THE TOTAL INTEREST PAID ON THE LIFE OF A 30 YEAR FIXED MORTGAGE WITH 20% DOWN AT A…

A: Note: Assuming payment is made every month. Given:Value of House = $70,000Down-payment = 20% =…

Q: How much money do you have to borrow if you have a monthly mortgage payment of $1,533.60, and…

A: Borrowings are the liability that is used to finance the requirement of the funds. The borrower…

Q: If you have a $125,000 mortgage with a $700.00 monthly payment, payable over 30 years, what interest…

A: Calculation of Interest Rate:The interest rate is 5.38%.Excel Spreadsheet:

Q: Suppose that you get a 15-year mortgage for $100,000 at 6.75%. What is your monthly payment? (Fill…

A: Given: Years = 15 Loan amount = $100,000 Interest rate = 6.75%

Question

You want to take a $172260 mortgage at j2 = 11.59 % and can afford topay up to $5030 per quartely.

What repayment period in the whole years should you request ?

What will be your payment year to repay mortgage in calculatednumber of years ?

You want to take a $172260 mortgage at j, = 11.59 % and can afford to
pay up to $5030 per quartely.
What repayment period in the whole years should you request ?
What will be your payment year to repay mortgage in calculated
number of years ?

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1 As per the question

VIEW

Step 2 Solution

VIEW

Step 3 Answer

VIEW

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, finance and related others by exploring similar questions and additional content below.

Similar questions

(a) Find the monthly mortgage payment on a $170000 15-year mortgage if the interest rate on the loan is 3.81%. (b) How much will you pay in interest over the life of the loan if you pay the minimum monthly payment each month?
A mortgage has the following terms: Amount: $750,000 Rate: 6.25% Amortization (Years): 30 Term (Years): 20 Please determine the following: What is the Monthly Payment? In preparing an Income Statement, what is the Interest Expense for years 1 – 5? What is the Principal Balance at the end of year 6? What is the value of the loan at the expiration? If rates remain constant (flat), what would the benefit be to refinance this loan after year 10? do all the questions 1-5 and show the formulas in excel and show how you got it
A borrower wants to know the monthly mortgage payment (P&I) for a minimum down FHA loan on a $206273 home purchase with 6.0% APR and a 30 year term. What is the principle and interest payment? round answer to nearest dollar.
You want to get a commercial real estate mortgage of $6875599. You are offered a monthly payment loan with 5.75% interest and a 25 year amortization schedule with a balloon payment at the end of 7 years. What will be your monthly mortgage payment? State your answer as a number rounded to two decimal points
Use an amortization table (Use Spreadsheet application such as Excel) that determines the monthly mortgage payment based on interest rate of 35% and a principal of GHS1000,000 with a 15-year maturity and then for a 30-year maturity. Is the monthly payment for the 15-year maturity twice the amount for the 30-year maturity or less than twice the amount? Explain.
What is the monthly payment (beginning) of a 30 year, 4.8%, $200,000 mortgage?
You want to get a commercial real estate mortgage of $6055209. You are offered a monthly payment loan with 5.75% interest and a 25 year amortization schedule with a balloon payment at the end of 7 years. What will be your monthly mortgage payment? State your answer as a number rounded to two decimal points (e.g. if the answer is $2345.123, write 2345.12)
Suppose you purchase a home and obtain a 15-year fixed-rate loan of $195,000 at an annual interest rate of 6.0%. a) What is your monthly payment? N: months I %: P.V: $ PMT: $ F.V: 0 P/Y: 12 C/Y: 12 b) Of the first month's mortgage payment, how much is interest? HINT: I=Prt Interest: I=$ c) Of the first month's mortgage payment, how much is applied to the principal? HINT: PMT - Interest Amount Applied to Principal: $ d) How much is your outstanding balance after the first month’s payment? HINT: Principal - Amount Applied to Principal Outstanding Balance after first payment: $
How much you will pay for a 30-years mortgage if the annual payment es $11,147 at a 3.99% annual compounded interest?
What mortgage would result in a higher payment? Mortgage A $985 a month for 30 years or Mortgage B $780 a month for 5 years and $1,056 a month for 25 years?
Suppose you have a 20 year mortgage for $493,194 with monthly payments of $29895. What is the total amount of interest you paid for your mortgage?
Calculate the monthly mortgage payments under the following conditions: $325,000 mortgage, 3.125% interest, 30 years. How much interest will you pay for the first month? How much principal will you pay? What is your new loan balance? How much TOTAL do you pay for that mortgage?