Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Victoria took out a fully amortizing 30 year mortgage with the initial balance of $125737. This mortgage has a fixed interest rate at 1%. How

Victoria took out a fully amortizing 30 year mortgage with the initial balance of $125737. This mortgage has a fixed interest rate at 1%. How much of Victoria's first payment was attributable to principal? Write the answer as a number rounded to two decimals (e.g. if you get $50,66666, write 50.67).

Nastya takes our a 10-year, fixed rate, fully amortizing loan for $732236 with 4.1% interest and annual payments. What will be her annual payments? Round your answer to the nearest cent (e.g. if your answer is $1,000.567, enter 1000.57).

Peifan is taking an Interest Only loan to purchase a $541827 property with 0.9 LTV. The loan is issued for 15 years with monthly payments and has a fixed interest rate at 2%. Under this mortgage contract, what will be Peifan's payment in the first month of the loan? State your answer as a number rounded to the nearest cent (e.g. if your answer is $1,000.568, write 1000.57).

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

Step: 3

blur-text-image

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

Finance Growth And Inequality

Authors: Louis-Philippe Rochon, Virginie Monvoisin

1st Edition

1788973682, 978-1788973687

More Books

Students also viewed these Finance questions

Question

What is disclosure?

Answered: 1 week ago

Question

What is a verb?

Answered: 1 week ago