Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

THIS IS ALL ONE QUESTION PLEASE ANSWER EVERY PART. thank you for answering. You have just purchased a home and taken out a $550,000 mortgage.

THIS IS ALL ONE QUESTION PLEASE ANSWER EVERY PART. thank you for answering. image text in transcribed
image text in transcribed
You have just purchased a home and taken out a $550,000 mortgage. The mortgage has a 30 -year term with monthly payments and an APR of 5.28% a. How much will you pay in interest, and how much will you pay in principal, during the first year? b. How much will you pay in interest, and how much will you pay in principal, during the 20th year (i.e., between 19 and 20 years from now)? a. How much will you pay in interest, and how much will you pay in principal, during the first year? The principal payment will be \$ (Round to the nearest cent.) The interest payment will be \$ (Round to the nearest cent.) b. How much will you pay in interest, and how much will you pay in principal, during the twentieth year (i.e., between 19 and 20 years from now)? The principal payment is $ (Round to the nearest cent.) The interest payment is \$ (Round to the nearest cent.) You have an outstanding student loan with required payments of $500 per month for the next four years. The interest rate on the loan is 9% APR (monthly). You are considering making an extra payment of $200 today (that is, you will pay an extra $200 that you are no required to pay). If you are required to continue to make payments of $500 per month until the loan is paid off, what is the amount of your final payment? What effective rate of return (expressed as an APR with monthly compounding) have you earned on the $200 ? If you are required to continue to make payments of $500 per month until the loan is paid off, what is the amount of your final payment? The amount of your final payment is \$ (Round to the nearest cent.) What rate of return (expressed as an APR with monthly compounding) have you earned on the $200 ? Effective rate is %. (Round to the nearest integer.)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Personal Finance Terms Financial Education Is Your Best Investment

Authors: Thomas Herold

1st Edition

1090822871, 978-1090822871

More Books

Students also viewed these Finance questions

Question

Find the value of z0.20.

Answered: 1 week ago

Question

9. Explain the relationship between identity and communication.

Answered: 1 week ago

Question

a. How do you think these stereotypes developed?

Answered: 1 week ago

Question

a. How many different groups were represented?

Answered: 1 week ago