A fully amortizing mortgage is made for $80,000 for 25 years. Total monthly payments will be $900
Question:
A fully amortizing mortgage is made for $80,000 for 25 years. Total monthly payments will be $900 per month. What is the interest rate on the loan?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 72% (11 reviews)
The interest rate on the loan is 1296 n 25x12 or 300 ...View the full answer
Answered By
Carly Cimino
As a tutor, my focus is to help communicate and break down difficult concepts in a way that allows students greater accessibility and comprehension to their course material. I love helping others develop a sense of personal confidence and curiosity, and I'm looking forward to the chance to interact and work with you professionally and better your academic grades.
4.30+
12+ Reviews
21+ Question Solved
Related Book For
Real Estate Finance and Investments
ISBN: 978-0073377339
14th edition
Authors: William Brueggeman, Jeffrey Fisher
Question Posted:
Students also viewed these Business questions
-
A fully amortizing mortgage is made for $100,000 at 6.5 percent interest. If the monthly payments are $1,000 per month, when will the loan be repaid?
-
A partially amortizing mortgage is made for $60,000 for a term of 10 years. The borrower and lender agree that a balance of $20,000 will remain and be repaid as a lump sum at that time. a. If the...
-
A fully amortizing mortgage loan is made for $80,000 at 6 percent interest for 25 years. Payments are to be made monthly. Calculate: a. Monthly payments. b. Interest and principal payments during...
-
An electric field is E = 300 N/C i for x > 0 and E = 300 N/C i for x < 0. A cylinder of length 20 cm and radius 4 cm has its center at the origin and its axis along the x axis such that one end is at...
-
Refer to the schedule of cost of goods manufactured prepared in problem 2.39. Problem 2.39 data Required: 1. How much of the manufacturing costs incurred during the current year remain in work in...
-
Journalize the following transactions for Rogler Manufacturing. (a) Incurred direct labor costs of $24,000 for 3,000 hours. The standard labor cost was $25,200. (b) Assigned 3,000 direct labor hours...
-
Describe the position of women in patrilineal and matrilineal families and the difference between a matrilineal society and a matriarchal society.
-
Skylar and Walter Black have been married for 25 years. They live at 883 Scrub Brush Street, Apt. 52B, Las Vegas, NV 89125. Skylar is a stay-at-home parent and Walt is a high school teacher. His W-2...
-
Imagine you have been assigned the task to build the backend database for a Mobile App that will help the drivers in the Chicago downtown area to find parking spaces for their vehicles. Different...
-
After reading the companion article ( Viewing Brands in Multiple Dimensions ) and reviewing the companion video (What Consumers Want), provide an executive briefing note regarding the significance to...
-
What is meant by the nominal rate on a mortgage loan?
-
What is the accrual rate and payment rate on a mortgage loan?
-
Select an organisation with which you are familiar, and outline some of the main changes that gave taken place in its business environment in recent years. Discuss.
-
Alyssa grew up in a single parent family. Her father was killed in an accident when she was eight years old. Mary, her mother is the sole bread winner of the family. Alyssa is 17 years old and she...
-
On its December 31, 2024 balance sheet, Crane Company appropriately reported a $10,000 debit balance in its Fair Value Adjustment account. There was no change during 2025 in the composition of...
-
Use the given die class for the problems below: public class Die { //attributes private int faceValue; // declare an attribute //operations //default constructor public Die() { //faceValue = 2;...
-
In the image below the national brand is shown in the top left, and three store brand equivalents are shown in the other three corners. 1. ) Given the standard described in the Conopco case, which...
-
How might critical theory approach the concept of social control, critiquing the underlying power structures and questioning the legitimacy of societal mechanisms that restrict individual freedom and...
-
Mr. Clark Besson is undergoing extensive chemotherapy treatment for cancer. His oncologist recommended that he ingest marijuana to relieve the painful side effects. However, possession or use of...
-
Three successive resonance frequencies in an organ pipe are 1310, 1834, and 2358 Hz. (a) Is the pipe closed at one end or open at both ends? (b) What is the fundamental frequency? (c) What is the...
-
A fully amortizing mortgage loan is made for $100,000 at 6 percent interest for 30 years. Determine payments for each of the periods ad below if interest is accured: a. Monthly. b. Quarterly. c....
-
What are loan closing costs? How can they be categorized? Which of the categories influence borrowing costs and why?
-
What is the effective borrowing cost (rate)?
-
The United States, Austrailia, Canada, and the United Kingdom cluster high on individualism but low on power distance on Hofstede\'s cutlutral graph. What does this mean to someone looking to market...
-
Mini-garden project Week one of the mini-garden project involved Sacha and her fellow pre-schoolers planting sunflower seeds into the outdoor garden bed. Each child in the activity has been assigned...
-
A) Translate the following C into RV641 assembly. Be sure to follow the calling (Refer to slide22 of lec6_postZoom.pdf) and comment each line of your assembly. Remember that long long is 64 bits in...
Study smarter with the SolutionInn App