A $120,000 mortgage was amortized over 10 years by monthly repayments. The interest rate on the mortgage was fixed at 4.30% compounded semi-annually for the entire period. a. Calculate the size of the payments rounded up to the next $100. $1,300.00 Round up to the next 100 b. Using the payment from part a., calculate the size of the final payment. $0.00 X Round to the nearest cent

A $120,000 mortgage was amortized over 10 years by monthly repayments. The interest rate on the mortgage was fixed at 4.30% compounded semi-annually for the entire period. a. Calculate the size of the payments rounded up to the next $100. $1,300.00 Round up to the next 100 b. Using the payment from part a., calculate the size of the final payment. $0.00 X Round to the nearest cent

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)

7th Edition

ISBN:9780357033609

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter7: Using Consumer Loans

Section: Chapter Questions

Problem 6FPE

See similar textbooks

Similar questions

A $180,000 mortgage was amortized over 20 years by monthly repayments. The interest rate on the mortgage was fixed at 4.20% compounded semi-annually for the entire period. a. Calculate the size of the payments rounded up to the next $100. Round up to the next 100 b. Using the payment from part a., calculate the size of the final payment. Round to the nearest cent
A $150,000 mortgage was amortized over 20 years by monthly repayments. The interest rate on the mortgage was fixed at 5.40% compounded semi-annually for the entire period. a. Calculate the size of the payments rounded up to the next $100. b. Using the payment from part a., calculate the size of the final payment
A $110,000 mortgage was amortized over 20 years by monthly repayments. The interest rate on the mortgage was fixed at 5.60% compounded semi-annually for the entire period. Full solutions should be shown on separate sheets of paper. Submit your solutions. Question 5 of 6 a. Calculate the size of the payments rounded up to the next $100. Round up to the next 100 b. Using the payment from part a., calculate the size of the final payment. Round to the nearest cent ← >
The balance on a mortgage was $48,200 and an interest rate of 4.50% compounded semi-annually was charged for the remaining 5-year term. Monthly payments were made to settle the mortgage. a. Calculate the size of the monthly payments. b. If the monthly payments were set at $998, how long would it take to pay off the mortgage? c. If the monthly payments were set at $998, calculate the size of the final payment.
A $305,000 mortgage at 5.00% compounded semi-annually was settled with monthly payments of $2,300. a. What is the amortization period for the mortgage? b. How much will the amortization period be shortened by if bi-weekly payments of $1,200 are made instead of the monthly payments?
6. A $130,000 mortgage was amortized over 10 years by monthly repayments. The interest rate on the mortgage was fixed at 5.60% compounded semi-annually for the entire period. a. Calculate the size of the payments rounded up to the next $100. b. Using the payment from part a., calculate the size of the final payment. Kindly keep all the decimals for all the procedures, DO NOT ROUND
The balance on a mortgage was $45,000 and an interest rate of 4.50% compounded semi-annually was charged for the remaining 5-year term. Monthly payments were made to settle the mortgage. a. Calculate the size of the monthly payments. Round up to the next whole number b. If the monthly payments were set at $939, how long would it take to pay off the mortgage? o years o months Express the answer in years and months, rounded to the next payment period c. If the monthly payments were set at $939, calculate the size of the final payment.
A mortgage of P 80 000 is to be paid by annual payment over a period of 10 years. If the interest rate is 15.8% effective. a) calculate the annual payment; b) construct an amortization schedule; c) find the total payment made; d) find the total interest paid
The balance on a mortgage was $43,200 and an interest rate of 5.50% compounded semi-annually was charged for the remaining 3-year term. Monthly payments were made to settle the mortgage. a. Calculate the size of the monthly payments. SO Round up to the next whole number b. If the monthly payments were set at $1,454, how long would it take to pay off the mortgage? 0 years 0 months Express the answer in years and months, rounded to the next payment period c. If the monthly payments were set at $1,454, calculate the size of the final payment. $0.00 Round to the nearest cent
A $96,000 mortgage is to be repaid over a fifteen-year period by monthly payments rounded up to the next-higher $100. Interest is 7.7% compounded semi-annually. (a) Determine the number of rounded payments required to repay the mortgage. (b) Determine the size of the last payment. (c) Calculate the amount of interest saved by rounding the payment up to the next higher $100 versus rounding the payment to the nearest cent.
The balance on a mortgage was $42,600 and an interest rate of 4.25% compounded semi-annually was charged for the remaining 3-year term. Monthly payments were made to settle the mortgage. a. Calculate the size of the monthly payments. Round up to the next whole number b. If the monthly payments were set at $1,412, how long would it take to pay off the mortgage? Express the answer in years and months, rounded to the next payment period (C). If the monthly payments were set at $1,412, calculate the size of the final payment.
A mortgage for a condominium had a principal balance of $45,300 that had to be amortized over the remaining period of 7 years. The interest rate was fixed at 3.32% compounded semi-annually and payments were made monthly. a. Calculate the size of the payments, rounded up to the next whole number. O $605 O $1,004 O $599 O $612 b. If the monthly payments were set at $705, by how much would the time period of the mortgage shorten? O 1 years and 1 months O 2 years and 2 months O 6 years and 6 months O 7 years and 8 months c. If the monthly payments were set at $705, calculate the size of the final payment. O $1,264.41 O $144.45 O $560.95 O $52,283.71