Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Looking for someone to solve #3 question. If you can, show your work pls 3. The given table are mortgage rates at BECU on May
Looking for someone to solve #3 question. If you can, show your work pls
3. The given table are mortgage rates at BECU on May 7h, 2014 for a good credit score. Source: BECU.org N-- 1%= Products Interest Rate a) What would the monthly payments be for a 30-year home mortgage of $240,000? 15 Year Fixed Conforming PMT- FV- PY- 250% 30 Year Fixed Conforming 4 125% b) How much total interest would be paid over the 30 years? PMT: END BEGIN 1%= What would the monthly payments be for a 15-year home mortgage of S240,000? c) PMT= d) How much total Interest would be paid over the 15 years? PMT: END BEGIN e) Discuss (write about) reasons for taking each. PMT- FV Assume you take the 30-year mortgage and after 15 years of payments, you receive an inheritance and choose to pay off the balance of the mortgage What would the payoff amount be? (Find the Payoff remaining after you make your last monthly payment, with no further interest on it.) f) C/Y PMT: END BEGIN Assume you can't afford the 15-year mortgage payments, but you would like to make payments of S1500 monthly on the 30-year mortgage g) a. How many payments will you make? 1%- How many years and months is that? PMT- FV- PMT- b. What is the amount of the last payment? (Remember, the last payment earns interest.) PMT: END BEGIN PMT: END BEGIN c. How much is saved in interest by making the larger monthly payments? (You're comparing with part b.) (This will be multi-step! Show your calculations) h) Fill in the Amortization table for the first 4 payments of the 30-year mortgage. Portion to Principal Pavment Payment Amount Interest Portion Remaining Principal 2 12Step 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