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can someone please help me Use the mortgage calculator at http://www dinkytown net/javalMortgageLoan html to answer the following questions. Make sure the report amortization is
can someone please help me
Use the mortgage calculator at http://www dinkytown net/javalMortgageLoan html to answer the following questions. Make sure the report amortization is set to "annually". Situation: You have taken out a 30 year mortgage for $200,000. The mortgage is a 5/1 ARM. 1. The initial interest rate is 6.75%. What is your monthly payment? 2. Click on "View Report" (above the calculator) and seroll down to answer the following questions. After five years... How much total interest have you paid for the 5 years? How much total have you paid on the principal for the 5 years? What is your Principal Balance? is7, 751, 13 (round balance to the nearest dollar) 3. Starting with the sixth year, the interest rate on your loan increases by 1.5 percentage points. Find the new monthly payment (remember that the balance and the time left on the loan have changed). 4. How much more do you have to pay in one year after the rate increase compared to before the rate increase? 5. At the end of 6 years, what is your Principal Balance? Round to the nearest dollar. (Think carefully about this question!) 6. At the end of the sixth year (the start of the seventh year), the interest rate on your loan increases again by 1 percentage point. Find the new monthly payment (remember that the balance and the time left on the loan have changed). 7. How much more do you have to pay in one year after this new increase compared to how much you were paying initially (when you first took out the loan)? Use the mortgage calculator at http://www dinkytown net/javalMortgageLoan html to answer the following questions. Make sure the report amortization is set to "annually". Situation: You have taken out a 30 year mortgage for $200,000. The mortgage is a 5/1 ARM. 1. The initial interest rate is 6.75%. What is your monthly payment? 2. Click on "View Report" (above the calculator) and seroll down to answer the following questions. After five years... How much total interest have you paid for the 5 years? How much total have you paid on the principal for the 5 years? What is your Principal Balance? is7, 751, 13 (round balance to the nearest dollar) 3. Starting with the sixth year, the interest rate on your loan increases by 1.5 percentage points. Find the new monthly payment (remember that the balance and the time left on the loan have changed). 4. How much more do you have to pay in one year after the rate increase compared to before the rate increase? 5. At the end of 6 years, what is your Principal Balance? Round to the nearest dollar. (Think carefully about this question!) 6. At the end of the sixth year (the start of the seventh year), the interest rate on your loan increases again by 1 percentage point. Find the new monthly payment (remember that the balance and the time left on the loan have changed). 7. How much more do you have to pay in one year after this new increase compared to how much you were paying initially (when you first took out the loan) Step by Step Solution
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