AS115,000 mortgage loan has a 20-year amortization. a. Calculate the monthly payment at interest rates of...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
AS115,000 mortgage loan has a 20-year amortization. a. Calculate the monthly payment at interest rates of 7%, 9%, and 11% compounded semiannually. (Do not round intermediate calculations and round your final answers to 2 decimal places.) Interest rate Monthly payment 7% $ 9% 11% b. By what percentage does the monthly payment on the 11% mortgage exceed the monthly payment on the 7% mortgage? (Do not round intermediate calculations and round your final answer to 2 decimal places.) Percent difference c. Calculate the total interest paid over the entire 20-year amortization period at each of the three interest rates. (Assume the final payment equals the others) (Do not round intermediate calculations and round your final answers to the nearest whole dollar amount.) Interest rate Total interest paid 7% 9% 11% %24 %24 %24 母 6 AS115,000 mortgage loan has a 20-year amortization. a. Calculate the monthly payment at interest rates of 7%, 9%, and 11% compounded semiannually. (Do not round intermediate calculations and round your final answers to 2 decimal places.) Interest rate Monthly payment 7% $ 9% 11% b. By what percentage does the monthly payment on the 11% mortgage exceed the monthly payment on the 7% mortgage? (Do not round intermediate calculations and round your final answer to 2 decimal places.) Percent difference c. Calculate the total interest paid over the entire 20-year amortization period at each of the three interest rates. (Assume the final payment equals the others) (Do not round intermediate calculations and round your final answers to the nearest whole dollar amount.) Interest rate Total interest paid 7% 9% 11% %24 %24 %24 母 6
Expert Answer:
Answer rating: 100% (QA)
Amount A115000 Time t20 years nt2012240 months aMonthly payments Take r 7 9 and 11 i1r2 16 ... View the full answer
Related Book For
Business Math
ISBN: 978-0133011203
10th edition
Authors: Cheryl Cleaves, Margie Hobbs, Jeffrey Noble
Posted Date:
Students also viewed these finance questions
-
By what percentage does a dilute aqueous solution expand when heated from 15 to 25C? If a 0.500 0 M solution is prepared at 15C, what would its molarity be at 25C?
-
By what percentage does the weight of an object change when it is moved from the equator at sea level, where the effective value of g is 9.784 N/kg, to the North Pole where g = 9.832 N/kg?
-
By what percentage does the frequency of oscillation change if k surf = 5 N/m? (a) 0.1%; (b) 0.2%; (c) 0.5%; (d) 1.0%. One technique for making images of surfaces at the nanometer scale, including...
-
Shemekia applied to a college that uses multiple regression to select students. This college only considers students whose predicted firstyear GPA is 3.0 or higher. Shemekias predicted GPA was 2.9...
-
Complete the proofs of Theorems 14.15 and 14.16.
-
a. Write an application containing an array of 15 String values (that are not originally in alphabetical order), and display them in ascending order. Save the file as StringSort.java. b. Write an...
-
Washington Tennis & Education Foundation, Inc. (WTEF) is a nonprofit organization operating in the District of Columbia that provides athletic and academic programs for children from low-income...
-
Development of Version 2.0 of a particular accounting software product is being considered by Jose Nogueras technology firm in Baton Rouge. The activities necessary for the completion of this project...
-
Mr. Amar is 30 year old, newly married and a successful actor in the Indian film industry. Right from his struggling days, Amar always saved a part of his income and invested in safe instruments like...
-
Comparative adjusted trial balances for the motor pool of Douwe County at June 30, 2014, and June 30, 2015, are as follows: Required Prepare fund financial statements for the motor pool for the year...
-
which do you think is the more important tool in estate planning? Is it better to have a will or a trust in place when you die? Why? What advantages does each offer over the other?
-
Name one reference group that has influenced your recent purchase. *During my vacation in Korea, I meet my best friend who influenced me to buy one of cosmetic's brand names 3CE ......etc Elaborate...
-
Sean and Evan are seling rol's of wrapping paper to raise maney for new foothal uniforms. Evan has sold seven more than one-half the number of rolls that sean has. Ir they have sold a total of 121...
-
The database system should be designed to support the business goals and objectives of the organization. An important part of ensuring that this occurs involves the level of initial and ongoing...
-
Harlan Enterprises manufactures smartphones. Currently, Harlan has $14,000 in raw materials and $25,000 in finished goods in its warehouse. It also has $18,600 in work-in-process goods on its...
-
A firm has a payable of C$ 4,000,000.00. They hedge this exposure with a forward participation contract with a guaranteed rate of $1.5500/C$ and a participation rate of 25%. If at the time of payment...
-
1. This question refers to the following recurrence relation. 1, T(n) = { } } (n - n = 0 3T (n-1)+2n, n 1 (a) [2 marks] Assume that n is much larger than 1. Use the recurrence relation to write T(n)...
-
Shreemaya Hotel in !adore was facing a problem of low demand for its rooms due to off season. The Managing Director (MD) of the hotel, Mrs. Sakina was very worried. She called upon the Marketing...
-
Use the sum-of-the-years'-digits depreciation method to make a depreciation schedule (first three years) for a forklift that cost $28,000, has an expected useful life often years, and has a residual...
-
Use the formula or a calculator application to find the monthly payment on a home mortgage of $327,790 at 5.402% interest for 35 years?
-
Use the table in Exercise 10 to calculate the cost of ending inventory and the cost of goods sold using the weighted-average method.
-
Draw a block diagram for the feedback control of a liquid-level system, which consists of a valve with a control knob (0\%-100\%) and a liquid-level sensor. Clearly label essential components and...
-
A control system is represented using the block diagram shown in Figure 10.59. Sketch the root locus with respect to the proportional control gain K. Determine all the values of \(K\) for which the...
-
Roughly sketch the root locus with respect to \(K\) for the equation of \(1+K L(s)=0\) and the following choices for \(L(s)\). Make sure to give the asymptotes, arrival or departure angles, and...
Study smarter with the SolutionInn App