Calculate your monthly payments on the mortgage

Assignment Help Financial Management

Reference no: EM131453915

You plan to purchase a $150,000 house using a 15-year mortgage obtained from your local credit union. The mortgage rate offered to you is 5.5 percent. You will make a down payment of 15 percent of the purchase price.

a. Calculate your monthly payments on the mortgage.

b. Calculate the amount of interest, and separately, prinicpal paid in the 25th payment.

Amount of Interest=

Amount of principal=

c. Calculate the amount of interest and separately, principal paid in the 100th payment.

Amount of interst=

Amount of principal=

d. Calculate the amount of interest paid over the life of this mortgage

Amount of interest paid=

Reference no: EM131453915

Questions Cloud

Discuss why you chose to include the questions you did : Discuss why you chose to include the questions you did. Explain how each question will contribute to determining whether the applicant is a positive person.

Personal computers recycled when they purchase new systems : Monhegan Computers is considering whether to begin offering customers the option to have their old personal computers recycled when they purchase new systems.

Write an email which would be sent to your regular clients : Write an email which would be sent to your regular clients up-selling these new packages. Remember include details such as prices, group discounts

What characteristics result in toxic leadership : What characteristics result in toxic leadership? What are possible repercussions of toxic leadership? Provide a personal experience example of toxic leadership.

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

Identify the model and describe the components of the model : In your essay, be sure to Identify the model and describe the components of the model and their relationship to each other.

Termed an ordinary annuity : Annuity payments are assumed to come at the end of each payment period (termed an ordinary annuity).

Use these random numbers to simulate the stock price : Stock price simulation: A stock ' s price is lognormally distributed with mean µ = 15% and s = 50%. The current stock price is S0 = 35.

Use data table on a blank cell to model round game : Martha is playing a coin-toss game in which she tosses two coins. The probability of heads on the second coin is correlated with correlation ? = 0.6.

User Account

All Pages