Calculate your monthly payments on mortgage

Assignment Help Financial Management

Reference no: EM131976714

You plan to purchase an $110,000 house using a 30-year mortgage obtained from your local bank. The mortgage rate offered to you is 4.75 percent. You will make a down payment of 10 percent of the purchase price.

a. Calculate your monthly payments on this mortgage. (Do not round intermediate calculations. Round your answer to 2 decimal places. (e.g., 32.16))

Monthly payment $

b. Calculate the amount of interest and, separately, principal paid in the 240th payment. (Do not round intermediate calculations. Round your answers to 2 decimal places. (e.g., 32.16))

Amount of interest $

Amount of principal $

c. Calculate the amount of interest and, separately, principal paid in the 270th payment. (Do not round intermediate calculations. Round your answers to 2 decimal places. (e.g., 32.16))

Amount of interest $

Amount of principal $

d. Calculate the amount of interest paid over the life of this mortgage. (Do not round intermediate calculations. Round your answer to 2 decimal places. (e.g., 32.16))

Amount of interest paid $

Reference no: EM131976714

Questions Cloud

Prepare a literature review and evidence review : create a business research proposal aimed at a business-related problem or opportunity and you must prepare a Literature Review and Evidence Review

Total concentration of acetic acid : If the total concentration of acetic acid ([CH3COOH] + [CH3COO- ]) in a river is 3 x 10-3 moles per liter and the pH of the river water is 4.8

Accelerate relevant chemical reactions because the enzymes : Food enzymes can significantly accelerate relevant chemical reactions because the enzymes can: (circle the correct answer)

Complete a draft of the application or cover letter : Position: Executive Administrative Assistant at Sinclair Community College. Requires high school diploma or equivalent and some college.

Calculate your monthly payments on mortgage : Calculate your monthly payments on this mortgage. Calculate the amount of interest paid over the life of this mortgage.

Complete balanced overall redox reaction : This tin solution is then titrated with a solution of KMnO4. What is the complete balanced overall redox reaction.

Provides equal corresponding responses : Since FID is a universal detector, it provides equal corresponding responses (sensitivities) to all the detected chemicals . True or false

Identify four potential roles of human resources : Identify four potential roles of human resources representatives within an organization.

Effective annual interest rate on the uranus mortgage : What will Michael’s monthly payments be on the new mortgage? What is the effective annual interest rate (EAIR) on the Uranus mortgage?

User Account

All Pages