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You are thinking of purchasing a house that costs $245,000. You have $13,000 in cash that you can use as a down payment but you need to borrow the rest of the purchase price. The bank is offering a 30 year mortgage that requires monthly payments and has an annual interest rate of 4.35% per year. What will your monthly payments be if you sign up for this mortgage? Draw the amortization schedule on a monthly basis using Excel. Calculate the total amount of interest paid throughout the life of the loan. Create a graph depicting the changes in the portions of interest and principal for each monthly payment throughout the life of the loan.
Suppose the interest rate decreases to 3.65% per year and the length of repayment decreases to 15 years. What will the new monthly payment be? Draw a new amortization schedule in a seperate Excel sheet. Calculate the total amount of interest paid throughout the life of the loan. How much do you save if you go with the 15 year mortgage versus the 30 year mortgage example above?
In 1980 Massey-Ferguson Ltd, a multinational producer of farm machinery, industrial machinery, and diesel engines, lost $225 million, or $12.79 per share. This capped a three year period during which the firm lost almost half a billion dollars. Calcu..
If the current price of the bonds is $6,500, what is the yield that Trevor would earn by selling the bonds today?
You are analyzing the after-tax cost of debt for a firm. You know that the firm’s 12-year maturity, 9.10 percent semi-annual coupon bonds are selling at a price of $767.17. These bonds are the only debt outstanding for the firm. What is the after-tax..
What were Wallace’s long-term debt and total liabilities in 2015? How much new long-term debt financing will be needed in 2016?
Miyagi Data, Inc., sells earnings forecasts for Japanese securities. Its credit terms are 1/30, net 40. Based on experience, 65 percent of all customers will take the discount. What is the average collection period? If the company sells 1,350 forecas..
Karon owns a home worth $245,000. Howard Mortgage is offering a reverse mortgage with a 15-year term, a maximum loan balance equal to 60 percent of the home’s current value and a 7.25 percent interest rate. If Karon takes out no money at origination,..
A bank wants to lock in the 3-month interest rate starting on June 20, 2017. Currently, 6/2017 Eurodollar futures price is 94.51 and 9/2017 Eurodollar futures price is 97.55. What is the lock in 3-month interest rate between 6/2017 and 9/2017? (margi..
A $10,000 bond has twelve years to maturity and a coupon rate of 5.35% (semi-annual). Rates on current bonds of similar risk are 4.88%.
A company sold a $1 million issue of bonds with a 15 year life, paying 4 percent interest per year. The bonds were sold at par value. If the company paid a selling fee $50,000 and has an annual expense of $70,256 for mailing and record keeping, what ..
Assume that the U.S. interest rate is 7% while the interest rate on the euro is 11%. If euros are borrowed by a U.S. firm, they would have to _______ against the dollar by about _______ in order to have the same effective financing rate (break-even) ..
What is included within the definition of ‘adjusted taxable income’
How much interest is paid in the fifth year? If the mortgage is paid off after 7 years what will the effective yield be?
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