Question: A 30-year mortgage for $145,000 is issued at a 6% A nominal interest rate. (a) What is the monthly payment? (b) How long does it

A 30-year mortgage for $145,000 is issued at a 6% A nominal interest rate.

(a) What is the monthly payment?

(b) How long does it take to payoff the mortgage, if $1000 per month is paid?

(c) How long does it take to payoff the mortgage, if 20% extra is paid each month?

Step by Step Solution

★★★★★

3.38 Rating (167 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock

a 86249 b The mortgage would be paid off after the 256 payment ... View full answer

blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Document Format (1 attachment)

Word file Icon

7-B-E-M (815).docx

120 KBs Word File

Students Have Also Explored These Related Economics Questions!

Q:

At 8 percent interest, how long does it take to double your money? To quadruple it?

Q:

At 6.5 percent interest, how long does it take to double your money? To quadruple it?

Q:

At 4.7 percent interest, how long does it take to double your money? To quadruple it?

Q:

I did 1-6, I dont know if it is right, but can I please get help on 7-10 thank you! 1. James & Mary own a home and wanted to renovate using a hore equity loan or line of credit After talking to the...

Q:

1. Please modify the python 3 code below. Please make sure the code works below. 2. Please show all outputs and share code updates. (Please shere code) 3. Write ans share the code for parts 2(b) and...

Q:

1. Please modify the python 3 code below. Please make sure the code works below. 2. Please show all outputs and share code updates. 3. Write ans share the code for parts 2(b) and 2(c) for the code...

Q:

give step by step instructions with the following "You are interested in purchasing a home. You will take out a mortgage of $310,000 to pay for the home and pay 4.5% interest. What will your monthly...

Q:

PLEASE USE EXCEL FOR THE CALCULATIONS BELOW When Jane and Patrick Baker were "house hunting" five years ago, the fixed rate on a 30- year mortgage was 6% APR (Nominal Interest Rate) with monthly...

Q:

A 25-year mortgage for $745,500 is issued at a 3.2% nominal interest rate. a) Assuming monthly compounding of interest, what is the monthly payment, rounded to nearest dollar? Use the full equation...

Q:

4. The Fix family bought a house for $210,000. They paid $42,000 down and took out a 30-year mortgage for the balance at 3.75%. (8 pts. each question 2 pts.) a) Find the monthly payment. b) How much...

Q:

Create the following indexes. If it is necessary to name the index in your DBMS, use the indicated name. a. Create an index named PartIndex1 on the PartNum field in the OrderLine table. b. Create an...

Q:

The following data apply to items (a) and (b). Mr. Sparks, the owner of School Supplies, Inc., wants to maintain control over accounts receivable. He understands that accounts receivable turnover...

Q:

Find the directional derivative of the function at the given point in the direction of the vector v . h ( r , s , t ) = ln ( 3 r + 6 s + 9 t ) , ( 1 , 1 , 1 ) , v = 1 2 i + 3 6 j + 1 8 k Duh ( 1 , 1...

Q:

Assume that the demand for Internet advertising is declining at the same time that the number of Internet sites accepting advertising is increasing. From this information, a student argues that that...

Q:

Assume that the demand for ethanol, a corn-based alternative fuel, decreases. As a result, ethanol producers petition the Environmental Protection Agency (EPA) to raise the allowable amount of...

Q:

Without using trigonometric tables, evaluate the following: cos 20 + cos270 sec 50 - cot? 40 +2cosec258 -2cot 58 tan 32 -4tan 13 tan 37 tan 45 tan 53 tan 77. [CBSE

Q:

CaCl2 dissolved in 2.5 litre of water such that its osmotic pressure is 0.75 atm at 27 C?

Q:

(a) Solve the following differential equation : 6x2 = 12 dy dx2 -3+2y 0 xp

Q:

CA6.3 (LO 3) Writing (Bad-Debt Reporting Issues) Clark Pierce conducts a wholesale merchandising business that sells approximately 5,000 items per month with a total monthly average sales value of...

Q:

Assume that temp force has a beta coefficient of 1.2, that the risk-free rate (the yield on T-bonds) is 7 percent, and that the market risk premium is 5 percent. What is the required rate of return...

Q:

What is the firms expected dividend stream over the next 3 years? MINI CASE Sam Struthers and Shawna Tibbs are senior vice presidents of the Mutual of Seattle. They are co-directors of the companys...

Q:

What is the firms current stock price? MINI CASE Sam Struthers and Shawna Tibbs are senior vice presidents of the Mutual of Seattle. They are co-directors of the companys pension fund management...

Q:

Read the following and answer the questions. To study perception, a researcher selects a sample of participants ( n = 12) and asks them to hold pairs of objects differing in weight, but not in size,...

Q:

Anita's, a fast-food chain specializing in hot dogs and garlic fries, keeps track of the proportion of its customers who decide to eat in the restaurant (as opposed to ordering the food "to go"), so...

Q:

ype in the hello world program shown on the board, compile it and get it to run. write the program using C . / / - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -...