What is balance of mortgage loan after two year of payments

Assignment Help Financial Management

Reference no: EM131821529

You just found the house of your dreams. The price of the house is $300,000. You have been qualified to get a mortagage loan with AAA Bank. The mortgage loan is for 30 years at an annual interest rate of 24%.

Part (A):

How much are your monthly payments for the loan?

Part (B):

What is the balance of the mortgage loan after 2 year(s) of payments?

Part (C):

After 2 years of payments, you want to add extra money to the monthly payments so that you will be able to pay off the mortgage loan in 10 years. How much do you have to add to your previously computed monthly payments in order to accomplish this?

Reference no: EM131821529

Questions Cloud

Calculate the stock price that will trigger margin call : Calculate the stock price that will trigger a margin call at the end of one year?

What is yield to call : You own a bond that pays $64 in interest annually. The face value is $1,000 and the current market price is $1,062.50. What is the yield to call?

Bonds and their valuation-bond valuation : Potter Industries has a bond issue outstanding with an annual coupon of 6% and a 10-year maturity. what is the value of the bond?

Liabilities and equity that appears on firm balance sheet : What is the company's total debt? What is the amount of total liabilities and equity that appears on the firm's balance sheet?

What is balance of mortgage loan after two year of payments : You just found the house of your dreams. How much are your monthly payments for the loan? What is the balance of the mortgage loan after 2 year(s) of payments

Begins to draw interest itself only at the end of quarter : but interest is credited to the account and begins to draw interest itself only at the end of a quarter.

Hence have serious practical limitations : It is important to acknowledge that growth or dividend pricing Models are essentially abstractions of reality and hence have serious practical limitations.

Annual salary in order to be able to make down payment : You would like to set aside money from your annual salary in order to be able to make a down payment on a home in five years.

Firm receives the proceeds from the sale of its securities : A financial market is. In the __ market, the firm receives the proceeds from the sale of its securities.

User Account

All Pages