Posted: August 26th, 2021
Student’s Name
Instructor’s Name
Course
Date
Mortgage Calculations
Question 22
Given the following details;
Valuation amount= $125,000.000
Down Payment= 15% x 125,000= 18,750
Annual interest rate= 5.9%
Number of years= 25 years
Mortgage amount= 148,750
The principal amount can be obtained as follows;
Where: P= principal amount
r= interest rate
n= compounding periods
t= term period
Therefore;
Question 24
Given the following details;
Valuation amount= $250,000.00
Down payment= 40% x 250,000= 100,000
Annual interest rate= 5%
Number of years= 30 years
Mortgage amount= 150,000
The monthly payment can be obtained using the formula below;
Where: P= principal amount
r= interest rate
n= compounding periods
t= term period
Therefore;
Question 25
Given the following;
Valuation amount= $165,000
Down payment= 17% x 165000= 28,050
Annual interest rate= 7%
Number of years= 15
Closing cost= 3300 Down payment is 28,050
Mortgage amount= 140,250
Using the formula below, the monthly payment can be obtained as follow;
Where: P= principal amount
r= interest rate
n= compounding periods
t= term period
Question 26
Given the following;
Valuation amount= $410,000
Down payment= 17% x 410,000= 340,300
Annual interest rate= 7.72%
Number of years= 15
Where: P= principal amount
r= interest rate
n= compounding periods
t= term period
Monthly payment is the therefore;
Question 27
Valuation amount= $469,500
Down payment= 9% x 469,500= 42255
Annual interest rate= 30%
Number of years= 30
Mortgage amount= $ 427,245
Monthly payment = $2037.96
3-months amortization schedule
Table 1: 3 Months Amortization Schedule
Year | Loan balance | Interest | Payment on Principal |
469,500 | |||
1 | 469,500-42255= 427245 | 2,037.96 | 427,245-2,037.96= 425,207.04 |
2 | 425,207.04 | 2,037.96 | 425,207.04-2,037.96=423,168.08 |
3 | 423,168.08 | 2,037.96 | 423,168.08-2,037.96=421,131.12 |
Place an order in 3 easy steps. Takes less than 5 mins.