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If you can help me with these problems it would help me a lot. Thank you Homework 3 Mortgage Calculation Exercise Objective: Due date: Submit:
If you can help me with these problems it would help me a lot. Thank you
Homework 3 Mortgage Calculation Exercise Objective: Due date: Submit: To learn mortgage calculations in financial calculator. Monday, Mar. 28 by 09:00 PM. Late submission is not allowed. Submit on D2L. Upload completed files under Homework 3 in Dropbox. Solve the followings using a financial calculator. Submit the answers in Excel. Show calculator inputs (ie. N, PV, etc.) to get partial credit. 1. Find the monthly payment on this loan: $350,000, 30 years, 3.45% 2. Find the balance of this loan at the end of six years: $350,000, 30 years,3.45% 3. On a level-payment loan with 12 years (144 months) remaining, with a $1,200 monthly payment and at a 4.5% interest rate, the remaining balance is? 4. Find the original loan size of FRM if the monthly payment is $1,561.90, the annual interest rate is 3.45% and the original loan term is 30 years. 5. For a loan of $300,000, at 4% interest for 30 years, find the loan balance at the end of year 4 and after 171 months. 6. A loan has following terms a. Annual interest rate: 3.5% b. Loan term: 30 years c. Loan amount: $160,000 d. Payment: monthly e. Total points and costs: $6,000 Find the APR(annual percentage rate). 7. Assume following loan Loan amount: $300,000 Interest rate: 4% (annual) Term: 15 years, monthly payment a. What is the monthly payment? b. What will be the balance of the loan at the end of year 8Step by Step Solution
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