What is the outstanding balance on your mortgage

Assignment Help Financial Management

Reference no: EM131529179

You have just negotiated a 5 year mortgage on $400,000 amortized over 25 years at a rate of 2% per year compounded semi annually.

a. What are the monthly payments?

b. Assume after 5 years the bak reviews the terms of your mortgage with the same interest rate. What is the outstanding balance on your mortgage after 5 years of payments?

c. How much interest has been paid over the first 5 years?

d. Now you decide to increse your monthly payments by $100 ( you have alreaday completed 5 years of payments as above) How many more payments will be required to pay off the loan?

e. Assume instead at the end of the 5 years contract your mortgagae rate changes to 4%. what is your new montly payment?

Reference no: EM131529179

Questions Cloud

Examine effective oral and written communication skills : Examine effective oral and written communication skills needed for these professionals to be successful

What is embedded sql : What is a stored procedure, and why is it particularly useful? Give an example.

Uses the proceeds to repurchase shares : What will the value be if the company borrows $148,000 and uses the proceeds to repurchase shares?

What is a correlated subquery : What are the three types of results that a subquery can return?

What is the outstanding balance on your mortgage : What are the monthly payments? What is the outstanding balance on your mortgage after 5 years of payments?

Explain how the two composers were similar : Composer Essay: Music Appreciation- Explain how the two composers were similar and how they were different. This is not a biography of the composers.

What is the difference between union and union all : The relational set operators UNION, INTERSECT, and EXCEPT (MINUS) work properly only when the relations are union-compatible. What does union-compatible mean.

Expected to be no debt-available cash at investment horizon : There is expected to be no debt or available cash at the investment horizon.

Discuss the hardships whites in antebellum mississippi faced : A Documentary History, your assignment is to write a 500-750 word essay that discusses the hardships whites in antebellum Mississippi faced.

User Account

All Pages