Reference no: EM133053207
Questions -
Q1) A 30-year, $450,000 mortgage at 4.10% compounded annually is repaid with monthly payments.
a. What is the size of the monthly payments?
b. Find the balance of the mortgage at the end of 8 years?
c. By how much did the amortization period shorten by if the monthly payments are increased by $300 at the end of year eight?
Q2) Shawn purchased a house for $350,000. She made a down payment of 20% of the value of the house and received a mortgage for the rest of the amount at 5.50% compounded semi-annually for 20 years. The interest rate was fixed for a 5-year term.
a. Calculate the size of the monthly payments.
b. Calculate the principal balance at the end of the 5-year term.
c. Calculate the size of the monthly payments if after the first 5-year term the mortgage was renewed for another 5-year term at 5.25% compounded semi-annually?
Q3) A $290,000 house in Hamilton was purchased with a down payment of 20.00% of its value and a 20 year mortgage was taken for the balance. The negotiated fixed interest rate was 6.50% compounded semi-annually for a five-year term, with repayments made at the end of every month.
a. Calculate the size of the monthly payments.
b. Complete the partial mortgage schedule for the five-year term, rounding the answers to the nearest cent.
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