Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Oct 04, 2024

A fully amortizing 30-year fixed rate mortgage with contract rate of 4% was taken with original loan amount $500,000. After some time, it now has

A fully amortizing 30-year fixed rate mortgage with contract rate of 4% was taken with original loan amount $500,000. After some time, it now has a balance of $219,518.

a) What is the monthly payment on this mortgage?

b) How many more monthly payments will need before it is fully paid off

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

Step: 3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Business Of Personal Finance

Authors: Joseph Calandro Jr, John Hoffmire

1st Edition

1032104562, 978-1032104560

More Books

Students also viewed these Finance questions

Question

★★★★★

If a Japanese car costs 1,500,000 yen, a similar American car costs $30,000, and a dollar can buy 100 yen, what are the nominal and real exchange rates?

Answered: 1 week ago

Question

★★★★★

Craft Pro Machining produces machine tools for the construction Industry. The following details about overhead costs were taken from its company records. Indirect Materials Indirect Labor $ 410,000...

Answered: 1 week ago

Question

★★★★★

3. List and describe the steps in the methodology of simulation.

Answered: 1 week ago

Question

★★★★★

You are analyzing various programs to reduce water pollution from food processing plants. In consultation with your staff, you have developed the following matrix of effects (where PV = Present...

Answered: 1 week ago

Question

★★★★★

A fully amortizing 30-year fixed rate mortgage with contract rate of 4% was taken with original loan amount $500,000. After some time, it now has a balance of $219,518. a) What is the monthly payment...

Answered: 1 week ago

Question

★★★★★

The following changes took place last year in Pavolik Companys balance sheet accounts: Asset and Contra-Asset Accounts Liabilities and Equity Accounts Cash $ 30 D Accounts payable $ 92 I Accounts...

Answered: 1 week ago

Question

★★★★★

The purpose of risk analysis related to managing change is to comprehend the nature of risk and its characteristics. Evaluate three methods for conducting risk analysis.

Answered: 1 week ago

Question

★★★★★

You are carrying out an internship or a consultancy task for a company that is considering setting up business in a specific country. Before taking a decision, the company needs to have an overview...

Answered: 1 week ago

Question

★★★★★

Implement these four classes using Python. Below is a brief description of those classes: 1. Location Answered: 1 week ago

Answered: 1 week ago

Question

★★★★★

What is the information you have to confirm with the guest when they arrive to check-in? 2. Why is it important to get the signature of the guest during registration? 3. Make a check list of all...

Answered: 1 week ago

Question

★★★★★

pick an operational problem that is detracting from you, or your system's performance and then apply DMAIC Kaizen principles in collaboration The idea is to take something and apply "Green Belt"...

Answered: 1 week ago

Previous Question Next Question