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Hi I know my 1-5 are correct, but they added context for the last three problems. Please only provide solutions to those three - thank
Hi I know my 1-5 are correct, but they added context for the last three problems. Please only provide solutions to those three - thank you!
Question 1 (1 point) Saved Assume the current date is January 1, 2020. The original 30-year mortgage was taken out on January 1, 2014, so 72 regular payments have already been made. The original loan balance was $200,000. The interest rate on the original mortgage is 4.5%. What is the monthly payment on the original mortgage? 1102.88 1045.61 1013.37 1079.43 Question 2 (1 point) Saved Assume the current date is January 1, 2020. The original 30-year mortgage was taken out on January 1, 2014, so 72 regular payments have already been made. The original loan balance was $200,000. The interest rate on the original mortgage is 4.5%. What is the current balance on the original mortgage? 169,812.03 178,276.97 181,449.67 173,211.82 Question 3 (1 point) Saved Assume the current date is January 1, 2020. The original 30-year mortgage was taken out on January 1, 2014, so 72 regular payments have already been made. The original loan balance was $200,000. The interest rate on the original mortgage is 4.5%. As of January 1, 2025, after another 60 payments have been made, what will be the balance on the original mortgage? 161,503.68 O 159,218.35 153,639.07 155,123.04 Question 4 (1 point) Saved Assume the current date is January 1, 2020. If the remaining balance on the original mortgage is refinanced using a 30-year, 4% mortgage, then the new monthly payments are 879.46 851.12 831.05 905.67 Question 5 (1 point) Saved Assume the current date is January 1, 2020. If the remaining balance on the original mortgage is refinanced using a 30-year, 4% mortgage, then the balance on the new mortgage on January 1, 2025, after 60 payments have been made, is 157,903.57 161,247.09 165,381.02 154,183.97 Assume the current date is January 1, 2020. Using a 4% discount rate, the difference in the present value of the January 1, 2025 principal amounts remaining between the new mortgage and the original mortgage is 4602.75 4815.98 5033.52 4481.36 5217.84 5437.01 Assume the current date is January 1, 2020. Using a 4% discount rate, the difference in the present value of the next 60 payments between the original mortgage and the new mortgage is 9005.46 9146.70 8624.78 8810.17 9548.03 9381.62 Question 8 (1 point) Assume the current date is January 1, 2020. So, if you are certain that you will sell your house on January 1, 2025, then the math suggests that you should refinance your mortgage if the refinance closing costs are less than 12952.14 13862.98 13843.69 3928.86 3776.65 3883.57 3944.61Step by Step Solution
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