Amortized payment, Financial Accounting

Assignment Help:

Amortized Payment

You purchase a house that costs $800,000 with an 8%, 30-year mortgage. You make a 20% down payment to avoid PMI insurance.

(i) What is your monthly payment?

(ii) Amortize the first and second payments.

(iii) Suppose after 7 years you refinance at 7% the remaining balance at a cost of $15,000, for 30 years. What is your new monthly payment? Assume refinancing cost is rolled back into the mortgage.


Related Discussions:- Amortized payment

What amount did spear receive from the bond issurance?, On July 1, 2010, Sp...

On July 1, 2010, Spear Co. issued 1,000 of its 10%, $1,000 bonds at 99 plus accrued interest. The bonds are dated April 1, 2010 and mature on April 1, 2020. Interest is payable sem

P6-2b, #questioSavage Distribution markets CDs of the performing artist Lit...

#questioSavage Distribution markets CDs of the performing artist Little Sister. At the beginning of October, Savage had in beginning inventory 1,200 Sister’s CDs with a unit cost o

Help, Ask question Sean Corp. issued a $60,000, 10 year bond at the face ra...

Ask question Sean Corp. issued a $60,000, 10 year bond at the face rate of 8% annually on 1/1/X0. The market rate was 10%. How much cash will the bond investors receive at the end

Explain irs, The IRS is conducting a transfer pricing examination of USAco,...

The IRS is conducting a transfer pricing examination of USAco, a wholly-owned U.S. subsidiary of FORco. USAco purchases widgets from FORco for resale in the United States. The IRS

605, I am working on the comprehensive probelm and I can not figure out the...

I am working on the comprehensive probelm and I can not figure out the trial balance. Where am I going wrong?

Forecast income statements, The forecast income statements are as follows: ...

The forecast income statements are as follows: WORKINGS Sales = 50000 × 1·12 = $56000000 Variable cost of sales = 30000 × 1·12 × 0·85 = $28560000 Fixed cost of sa

Availability of fresh issue of equity, Q. Availability of fresh issue of eq...

Q. Availability of fresh issue of equity? A fresh issue of equity finance mayn't be readily available to a listed company or may be available on terms that are unacceptable wit

Student, Open "Hoyle CPA: Earnings Per Share." Under "Free Questions" selec...

Open "Hoyle CPA: Earnings Per Share." Under "Free Questions" select "Financial Accounting & Reporting."

Evaluate equivalent annual cost, Q. Evaluate Equivalent annual cost? Th...

Q. Evaluate Equivalent annual cost? There are a number of techniques to answering this question and two are presented. The first difficulty is in deciding which broad approach

Determine the carrying amount, An item of plant was purchased for $100,000 ...

An item of plant was purchased for $100,000 on 1 January 2009. At that time its estimated residual value was $5,000. At 31 December 2009 prices, the residual value was estimated at

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd