Question: What is the initial loan amount for a 2 5 year fixed rate amortising mortgage with monthly repayments of $ 1 0 3 2 .

What is the initial loan amount for a 25 year fixed rate amortising mortgage with monthly repayments of $1032.32, and a monthly interest rate of 6% p.a. nominal? a. $154,782.87 b. $156,859.36 c. $158,352.58 d. $160,223.15 e. None of the above

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!

Q:

2) You want to buy a house for $400,000 with 10% down payment. You take two mortgages to over the $360,000 needed to buy the house. They are: Loan 1: Loan amount $160,000, fully amortizing 30- year...

Q:

2) You want to buy a house for $400,000 with 10% down payment. You take two mortgages to over the $360,000 needed to buy the house. They are: Loan 1: Loan amount $160,000, fully amortizing 30- year...

Q:

pls answer ques. 3 & 4...work is required to be shown on excel if possible. Thank you Project Assignment No. 1 PROBLEM 2- Maria is interested in financing the purchase of a property for sale for...

Q:

Mortgage Finance The property consists of two hundred eighty (280) acres in the fan-shaped development pattern of Drummond, Idaho. Financing information: Fixed Rate Mortgage Property appraisal is...

Q:

Case Information: Mary Jones is in the market for a new home. She will need a $300,000 mortgage in order to purchase her dream house. Mary is meeting with a loan officer at her bank to discuss some...

Q:

Case Information: Mary Jones is in the market for a new home. She will need a $300,000 mortgage in order to purchase her dream house. Mary is meeting with a loan officer at her bank to discuss some...

Q:

Case Information: Mary Jones is in the market for a new home. She will need a $300,000 mortgage in order to purchase her dream house. Mary is meeting with a loan officer at her bank to discuss some...

Q:

Case Information: Mary Jones is in the market for a new home. She will need a $300,000 mortgage in order to purchase her dream house. Mary is meeting with a loan officer at her bank to discuss some...

Q:

please show steps Question 1 30 pts Ozmar earns gross annual salary of $80,000, Marzo earns a gross annual salary of $85,000 and the taxable earnings on their savings combined is $2,000 per year....

Q:

Case Information: Mary Jones is in the market for a new home. She will need a $300,000 mortgage in order to purchase her dream house. Mary is meeting with a loan officer at her bank to discuss some...

Q:

How might economic uncertainty resulting from business cycles affect long-term economic growth?

Q:

You are looking to buy a $500,000 house and you need to get a good deal on a mortgage. You are considering a 15 year 2.50%, zero points, $2,400 property tax and $800 Insurance per year rate. You will...

Q:

The December cash records and additonal data for the bank reconciliation of Buffy follow: Vew the cash receipts record. Vew the cash payments record, Vew the additional information. Buffy eash...

Q:

Q What is the function of anti-pumping in the circuit breaker?