1. If a fully amortizing 30-year fixed rate mortgage was originally taken for $400,000 with a rate of 4%,but now has a b
Posted: Sun May 29, 2022 6:02 pm
1. If a fully amortizing 30-year fixed rate mortgage was
originally taken for $400,000 with a rate of 4%,but now has a
balance of $207,328.77,how many more monthly payments will it take
before it will be paid off?
2. You borrowed $355,000 to purchase a house.The fixed rate
mortgage has a term of 15 years and requires monthly payments.The
rate on the loan is 7%.The loan features a prepayment penalty set
at 2%of the outstanding balance at the time of prepayment.What is
the dollar amount of the prepayment penalty if the loan is repaid
after 55 payments?
3. You borrowed $316,000 to purchase a house.The fixed rate
mortgage has a term of 15 years and requires monthly payments.The
rate on the loan is 4%.What is the total amount of interest paid
during the first 16 months of payments?
4. 16. You borrowed $107,000 using a 10 year,fixed rate
mortgage with monthly payments.The ending balance is $24,000 higher
than the original amount borrowed (i.e.this is a negative
amortization situation).The rate on the loan is 6%.What is the
monthly payment on the mortgage?
originally taken for $400,000 with a rate of 4%,but now has a
balance of $207,328.77,how many more monthly payments will it take
before it will be paid off?
2. You borrowed $355,000 to purchase a house.The fixed rate
mortgage has a term of 15 years and requires monthly payments.The
rate on the loan is 7%.The loan features a prepayment penalty set
at 2%of the outstanding balance at the time of prepayment.What is
the dollar amount of the prepayment penalty if the loan is repaid
after 55 payments?
3. You borrowed $316,000 to purchase a house.The fixed rate
mortgage has a term of 15 years and requires monthly payments.The
rate on the loan is 4%.What is the total amount of interest paid
during the first 16 months of payments?
4. 16. You borrowed $107,000 using a 10 year,fixed rate
mortgage with monthly payments.The ending balance is $24,000 higher
than the original amount borrowed (i.e.this is a negative
amortization situation).The rate on the loan is 6%.What is the
monthly payment on the mortgage?