Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Given the following information about Loan A from-City Bank, what is the present value of a 15 year mortgage at 8% from City Bank? Loan
Given the following information about Loan A from-City Bank, what is the present value of a 15 year mortgage at 8% from City Bank? Loan A Term: 30 year Interest rate: 8% PV of this loan: $100,000 A. $100,000 B. $120,000 C. $80,000 D. $95,000 Given the following information, estimate the payment on the loan? Loan amount: $200,000 Payment factor. 8.44% Term: 30 years A. $1, 234 B. $1, 564 C. $1, 688 D. $2, 125 Given the following information, what is the monthly payment assuming this is an interest-only mortgage? Loan amount: $56,000 Term: 15 years Interest Rate: 7.5% A. $245.00 B. $350.00 C. $306.00 D. $420.00 What is the balance remaining at the end of 10 years on the following loan? Loan amount: $170,000 Term: 30 years Interest Rate: 5.5% Payment: $965.24 A. $95, 967 B.$1 02, 421 C. $131, 678 D. $140, 320
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