2. A property is bought 7 years ago for $350,000 putting 10% down and financing the...
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2. A property is bought 7 years ago for $350,000 putting 10% down and financing the rest for 30 years with a fixed rate loan of 5% a year. What is the monthly payment on the loan? $1,690.99 The property has appreciated at a rate of 0.2% a month. What is the amount of equity today? $136,931.56 What percent of the equity today is due to the increase in the value of the property? 46.7% Due to the low down payment, PMI of 1.2% a year is charged based on the initial amount borrowed. What is the monthly PMI amount (in dollars) charged by the lender? $315.00 Create a new tab with the following based on the original information. An extra $10,000 is paid along with the 12th payment. How many months will it take until there is 20% equity in the property? How much is owed on the loan at that time? 2. A property is bought 7 years ago for $350,000 putting 10% down and financing the rest for 30 years with a fixed rate loan of 5% a year. What is the monthly payment on the loan? $1,690.99 The property has appreciated at a rate of 0.2% a month. What is the amount of equity today? $136,931.56 What percent of the equity today is due to the increase in the value of the property? 46.7% Due to the low down payment, PMI of 1.2% a year is charged based on the initial amount borrowed. What is the monthly PMI amount (in dollars) charged by the lender? $315.00 Create a new tab with the following based on the original information. An extra $10,000 is paid along with the 12th payment. How many months will it take until there is 20% equity in the property? How much is owed on the loan at that time?
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2Value of property 350000 Down payment35000010 35000 Loan amount 315000 Monthly payment on the above loan amt of 315000 can be found by using the form... View the full answer
Related Book For
College Accounting
ISBN: 978-1111528126
11th edition
Authors: Tracie Nobles, Cathy Scott, Douglas McQuaig, Patricia Bille
Posted Date:
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