John wants to buy a home priced at $180,000. The transaction will cost John another $3,500, that

Fantastic news! We've Found the answer you've been seeking!

Question:

John wants to buy a home priced at $180,000. The transaction will cost John another $3,500, that can financed along with the mortgage. Now, he has $10,000 available for down payment. The bank is offering mortgages at 4.3% effective annual interest, (the interest will be compounded monthly). He agreed to pay the loan in monthly installments for 30 years.

Right after the 30th payment, John wins the lottery and wishes to pay off the remainder of the loan in a lump sum amount. What is the payment size? (10 pts)

For the first six months of payments, determine how the payments are distributed between interests and principal (amortization table). (15 pts)

Posted Date: May 15, 2024 01:30 PM

See More Questions

Compose an inference essay that predicts the future of the economy of the Philippines for the next six years. Rubric: Inferencing 1. Begin with evidence 2. Compose an inference essay that predicts...
1 What are the main components of personal financial planning? Solve What is the purpose of a financial plan? Solve Identify some common actions taken to achieve financial goals. How does a job...
I am going to type the excerpt from my textbook in its entirety. There are 2 questions at the end, but I am looking for further information/understanding regarding the 2nd question. Multivitamins and...
PacTec Luggage Shop is a small retail establishment located in a large shopping mall. This shop has implemented the following procedures regarding inventory items: a. Since the display area of the...
According to Chebyshevs Rule, at least a. _____ % of the values in a data set will fall within 1.5 standard deviations of the mean. b. _____ % of the values in a data set will fall within 2.5...
An AR(2) process is defined by the difference equation x(n) = x(n 1) 0.6x(n 2) + (n) Where {(n)} is a white noise process with variance 2 . Use the Yule-Walker equations to solve for the values...
Melody Corporation is a manufacturing company that produces a single product known as "Jupiter." Melody uses the first-in, first-out (FIFO) process costing method for both financial statement and...
Methanol is added to a storage tank at a rate of 1200 kg/h and is simultaneously withdrawn at a rate mw (t) (kg/h) that increases linearly with time. At t = 0 the tank contains 750 kg of the liquid...
Which command can be used to print using a specially formatted string? A. printf B. echo C. print D. here
Good Health, an NFPO, conducts two types of programs: education and research. It does not use fund accounting. During 2013, the following transactions and events took place. Prepare journal entries...
Schedule of Cash Collections of Accounts Receivable Office World Inc. has "cash and carry" customers and credit customers. Office World estimates that 25% of monthly sales are to cash customers,...
What is the language accepted by the npda below? 2) (2 points) Write the sequence of moves done by the npda for the input sequence w= abbcdc. Is the string w accepted? a, z, 1z a, 1, 1 b, 1, 2 b, 2,...
4. An object is punted at 25.0 m/s [40.0 N of E] on G's home planet. What is the range (x distance) of the object on level ground? (Use g = 18.0 m/s) 5. An elastic loaded balloon launcher fires...
You want to buy a small hotel as part of your investment portfolio. You found a hotel in a great location at price of $2,000,000 and signed a mortgage note with a local bank to borrow the whole...
The cylindrical plug A of mass m4 in Fig.Q1 is released from rest at B and slides down the rough circular guide with coefficient of kinetic friction k 1. The plug strikes the block C and become...
Using examples from the UK, discuss the ways in which a persons socio-economic class and his/her social situation can have an impact of his/her health.
If there is an unrealized holding gain on available-for-sale investments, it is reported as?
Read the full decision of the U.S. Supreme Court in Quill Corp. v. North Dakota, 504 U.S. 298, 112 S.Ct. 1904 (1992). A. Does the Courts decision imply that there is a different nexus standard for...
What are the advantages and disadvantages of a property tax?
Assume that an office building typically yields a net income of $$1.5$ million per year. The county has assessed the building at $$20$ million, based on the price of comparable buildings sold in...

John wants to buy a home priced at $180,000. The transaction will cost John another $3,500, that

Question:

Expert Answer:

Answer To calculate the payment size for the mortgage we can use the formula for a fixedrate mortgag... View the full answer

Students also viewed these finance questions