FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Assume that you take a 30-year mortgage for 800,000 at 9% p.a. It is to be repaid monthly. (a) What is the monthly repayment amount?

Assume that you take a 30-year mortgage for 800,000 at 9% p.a. It is to be repaid monthly.

(a) What is the monthly repayment amount? Assume the interest is compounded monthly

(b) How long does it take to pay off 40% of the principal (i.e. to have $480,000 outstanding)?

(c) What is the balance outstanding after four years?

(d) Four years after the mortgage starts, you are able to pay $400 more into your mortgage, what impact would this have on the remaining terms of your mortgage?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

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

Step: 2

blur-text-image

Step: 3

blur-text-image

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

Business Forecasting

Business Forecasting

Authors: John E. Hanke, Dean Wichern

9th edition

132301202, 978-0132301206

More Books

Students also viewed these Finance questions

Question

Executive Memorandum (EM) Guidelines Prepare an executive summary of the papers that is only one page long.The assignment should be typed in Word, font size 11 double spaced, with minimum margins of...

Answered: 1 week ago

Question

BLC Inc. is a medium-sized manufacturing company based in the UK. The company operates mainly in the London area and is based in Peterborough. At a recent board meeting, the company decided to expand...

Answered: 1 week ago

Question

1. What is the issue being put forward in front of the tribunal? (1 marks) 2. Identify the employee and the true employer or former employer. (4 marks) Employee Name:...

Answered: 1 week ago

Question

★★★★★
On September 30, 2021, Antagonia Real Estate Limited's general ledger showed the following balances: Accounts payable Accounts receivable Advertising expenses Cash Common shares Income tax expense...

Answered: 1 week ago

Question

★★★★★
Determine the couple M that must be applied to member ABC to maintain the equilibrium of the linkage. S0 N D le 40 N 0.3 m 0.3 m 0.3 m

Answered: 1 week ago

Question

★★★★★
What other criticisms do you think may be made against the classical universal approach to the design of organisational structure?

Answered: 1 week ago

Question

★★★★★
explain the criteria for effective interventions in general and effective positive interventions in particular;

Answered: 1 week ago

Question

★★★★★
Briefly describe some of the similarities and differences between U.S. GAAP and iGAAP with respect to the accounting for pensions.

Answered: 1 week ago

Question

★★★★★
To write a C++ program to find average of three integers using functions Objectives: To get familiar with functions in C++ Task 1: Study the working of user-defined functions in C++ Task 2: To write...

Answered: 1 week ago

Question

★★★★★
A company makes sunglasses. Three out of every ten sunglasses are faulty and returned for repair. Suppose the company makes $100 on every good pair of sunglasses but they lose $25 for every faulty...

Answered: 1 week ago

Question

★★★★★
11. Given the following Venn diagram, the number shown represent the number of items in each section. For example, there are 18 items in A only. Find n(S) a. b. Find P(C) C. Find n(AB)' 8 d. B Find...

Answered: 1 week ago

Question

★★★★★
For Exercises 19-26, refer to the functions r, p, and q. Find the indicated function and write the domain in interval notation. (See Example 3) r(x) = -3x 19. (r - p)(x) p(x) = x + 3x q(x) = 1-x 20....

Answered: 1 week ago

Question

★★★★★
We tend to think of work center scheduling and the Theory of Constraints in a manufacturing environment. Bottlenecks exist in every process. Think about the checkout line at Walmart, getting served...

Answered: 1 week ago

Question

★★★★★
A steel tank is to be positioned in an excavation, where a = 20 and P = 445 lb as shown in the figure. P1 30 Using trigonometry, determine the magnitude of the force P such that the resultant R of...

Answered: 1 week ago

Question

★★★★★
Describe one e-commerce business in the retail or services industry that is considered an industry leader. Develop a detailed list of the organization's offerings and how these offerings compare to...

Answered: 1 week ago

Question

★★★★★
With the following information: 90 day U.S. interest rate = 1.5% 90-day Philippine interest rate = 3% 90-day forward rate of Philippine peso = $0.020 Spot rate of Philippine peso = $0.025 Assume your...

Answered: 1 week ago

Question

★★★★★
Which provision could best be justified as encouraging small business? a. Ordinary loss allowed on $ 1244 stuck. b. Percentage depletion. c. Domestic production activates deductions. d. Interest...

Answered: 1 week ago

Question

★★★★★
=+LG 1 P831 ETHICS PROBLEM Risk is a major concern of almost all investors. When shareholders invest their money in a firm, they expect managers to take risks with those funds. What ethical limits...

Answered: 1 week ago

Question

★★★★★
=+e. Compare your findings in parts a and b with those in part d. What conclusion can you draw about the impact of a decline in investor risk aversion on the required returns of risky assets?

Answered: 1 week ago

Question

★★★★★
=+a. Calculate the average return for each individual stock.

Answered: 1 week ago

Previous Question Next Question