Reference no: EM13336590

. Edie wants to borrow $475,000 to purchase a new condominium in New York. What are her monthly payments for a fully amortizing 30-year fixed rate mortgage with a 4.5% contract rate?

. Paul wants to borrow $475,000 to purchase a new condominium in New York. If she borrows this amount using a fully amortizing 30-year fixed rate mortgage with a 4.5% contract rate, how much of her first payment goes towards repaying the amount borrowed?

. Andy wants to borrow $475,000 to purchase a new condominium in New York. If she borrows this amount using a fully amortizing 30-year fixed rate mortgage with a 4.5% contract rate, how much of her thirteenth payment goes towards repaying the amount borrowed?

. Deborah wants to borrow $475,000 to purchase a new condominium in New York. What are her monthly payments for a partially amortizing 30-year fixed rate mortgage with a 4.5% contract rate which requires a balloon payment of $250,000 at maturity?

. Note: The information presented here applies to questions 9 and 10. : Bob is about to purchase a new condominium in Long Island City and needs to borrow $625,000. If the loan is a 15-year, fully amortizing mortgage offering a 3.75% contract rate, what will the remaining balance of the loan be after making payments for three years (36 months)?

. Bob is about to purchase a new condominium in Long Island City and needs to borrow $625,000. If the loan is a 15-year, fully amortizing mortgage offering a 3.75% contract rate, what is the total amount of interest paid if he pays off his loan at the end of three years (36 months)?

. Note: The information presented here applies to questions 11 and 12. You and your lovely and/or handsome spouse have decided to purchase a new home with a loan for $260,000. The mortgage you chose offers a contract rate of 4.5%, a maturity of 30 years, and requires the payment of 3 points. If you plan on moving into a different house after four years, what is the effective cost of borrowing?

. Suppose that you find a mortgage offer the same basic terms and for the same amount, but offers a 5.25% rate and a $1500 rebate at closing. What is the effective cost of borrowing for this loan assuming that you are planning to move into a new house after four years?