Calculate the original loan size of a fixed-payment mortgage if the monthly payment is $1,581.59, the annual
Question:
Calculate the original loan size of a fixed-payment mortgage if the monthly payment is $1,581.59, the annual interest is 5.0%, and the original loan term is 15 years.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 70% (10 reviews)
Rounding to the nearest whole dollar th...View the full answer
Answered By
Joseph Mwaura
I have been teaching college students in various subjects for 9 years now. Besides, I have been tutoring online with several tutoring companies from 2010 to date. The 9 years of experience as a tutor has enabled me to develop multiple tutoring skills and see thousands of students excel in their education and in life after school which gives me much pleasure. I have assisted students in essay writing and in doing academic research and this has helped me be well versed with the various writing styles such as APA, MLA, Chicago/ Turabian, Harvard. I am always ready to handle work at any hour and in any way as students specify. In my tutoring journey, excellence has always been my guiding standard.
4.00+
1+ Reviews
10+ Question Solved
Related Book For
Real Estate Principles A Value Approach
ISBN: 978-0077836368
5th edition
Authors: David C Ling, Wayne Archer
Question Posted:
Students also viewed these Business questions
-
Consider a 20-year loan with a monthly payment of $1,897.95 and an annual interest rate of 4.5 percent. What was the original loan size?
-
The company holds a 6-year loan of $230 000, at 7.5% compounded annually. Payments are made quarterly. After 15 months, the terms of the loan are renegotiated at 5.5%, compounded monthly with monthly...
-
Calculate and print out the balance due, principal payment, and interest payment for each period of a used-car loan. The nominal interest is 12% per year compounded monthly. Payments are made monthly...
-
A company is implementing Dynamics 365 Supply Chain Management. The company plans to implement the solution in a phased approach across several incremental projects. The project manager needs a...
-
The following table gives the projected population, in thousands, of Americans over 100 years of age. (a) Create an exponential function that models the projected population y, in thousands, as a...
-
Assume that Norway and Sweden trade with each other, with Norway exporting fish to Sweden, and Sweden exporting Volvos (automobiles) to Norway. Illustrate the gains from trade between the two...
-
A window manufacturer has a commitment to lean production. What is not a benefit from adopting a lean production philosophy? a. More space available for production b. Ability to continue production...
-
You are performing an experiment to measure the specific internal energy of a gas relative to a reference state of 25?C and 1 atm (at which conditions U is arbitrarily set equal to 0). The gas is...
-
The _________ provides a portion of the system call interface for UNIX and Linux.
-
As a preliminary to requesting budget estimates of sales, costs, and expenses for the fiscal year beginning January 1, 20Y9, the following tentative trial balance as of December 31, 20Y8, is prepared...
-
For a loan of $100,000, at 4 percent annual interest for 30 years, find the balance at the end of 4 years and 15 years assuming monhly payments.
-
Suppose you are going to receive $10,000 per year for five years. The appropriate interest/discount rate is 11 percent. a. What is the present value of the payments if they are in the form of an...
-
Find the area of the shaded region in Figure 18 enclosed by the circle r = 12 and a petal of the curve r = cos 3. Compute the area of both the petal and the region inside the petal and outside the...
-
Ampere's law without Maxwell's correction reads = o. a) (1 pt) Show mathematically and explain in words why this law cannot be physical. b) (4 pts) Verify Maxwell's correction to Ampere's law.
-
During the firing of the noonday cannon, a cannonball is shot from the top of Signal Hill toward the water in the Narrows below. The cannonball leaves Signal Hill from a height of 131 m with an...
-
Consider the following elementary reaction: H(g) +2NO(g) NO(g) +HO(g) - 1 Suppose we let k stand for the rate constant of this reaction, and k_ stand for the rate constant of the reverse reaction....
-
Problem 2. A monopolist faces a customer who is one of two possible types, with equal probability, described by the utility functions: U(x,T) : = f* P;(y)dy T, i {1,2} 1 P(x):= 1- x, P(x) = 1 - The...
-
Keeley and Roy are concerned about their financial future and meeting their goals. They are 38 years old with twin girls, Abigail and Laryssa age 8. Keeley is a public relations account executive...
-
Compute the norms (5), (6), (7). Compute a corresponding unit vector (vector of norm 1) with respect to the l -norm. [0 0 0 1 0]
-
Find the equation of the plane passing through the points P 5,4,3 ,Q 4,3,1 and R 1,5,4
-
A price level adjusted mortgage (PLAM) is made with the following terms: Amount = $95,000 Initial interest rate = 4 percent Term = 30 years Points = 6 percent Payments to be reset at the beginning of...
-
How do inflationary expectations influence interest rates on mortgage loans?
-
A basic ARM is made for $200,000 at an initial interest rate of 6 percent for 30 years with an annual reset date. The borrower believes that the interest rate at the beginning of year (BOY) 2 will...
-
Saskatewan Can Company manufactures recyclable soft-drink cans. A unit of production is a case of 12 dozen cans. The following standards have been set by the production-engineering staff and the...
-
Assume that you hold 100 Vodacom shares which you intend to sell in a month's time. To protect yourself from future price risks, you then decided to construct a covered call strategy using a call...
-
The four people below have the following investments. Invested Amount Interest Rate Compounding Jerry Elaine $ 11,900 12% Quarterly 14,900 10 Semiannually 21,900 6 Annually 17,900 8 Annually George...
Study smarter with the SolutionInn App