(Answered) How do you calculate this question you plan to buy a 240000

Finance

How do you Calculate this question? You plan to buy a $240,000 house with a 30 year mortgage with a 4.8% nominal annual rate (=A.P.R.) Payments are monthly, interest is monthly compounded, and you did not make a down payment. Assume you make all payments on time, at the end of the month. Answer the following questions.

a) How much is each monthly payment? [2 decimal places]

b) How much interest will you pay with (=in) your 75th payment? [2 decimal places]

c) Now assume you have made payments such that you only owe $150,000 on the mortgage. You decide to increase your payments by $100 per month. How many payments will it take to pay off your mortgage?

View complete question

Basic Finance, Finance

Category:- Basic Finance
Reference No.:- M92851064
Price:- $10

Verified Expert

Priced at $20 Now at $10, Verified Solution

Have any Question?Write your Review or question?

Related Questions in Basic Finance

A closed-end fund starts the year with a net asset value of

A closed-end fund starts the year with a net asset value of $25. By year-end, NAV equals $26.40. At the beginning of the year, the fund is selling at a 3% premium to NAV. By the end of the year, the fund is selling at a ...

You want to borrow 65000 from your local bank to buy a new

You want to borrow $65,000 from your local bank to buy a new sailboat. You can afford to make monthly payments of $1,320, but no more. Assuming monthly compounding, what is the highest APR you can afford on a 60-month lo ...

What are the steps in the typical marketing research

What are the steps in the typical marketing research design/process? Name and define each step.

You are are evaluating a project that costs 1140000 has a

You are are evaluating a project that costs $1,140,000, has a ten-year life, and has no salvage value. Assume that depreciation is straight-line to zero over the life of the project. Sales are projected at 54,000 units p ...

Question - laurie vaden is a nurse practitioner with her

Question - Laurie Vaden is a nurse practitioner with her own practice. She has developed contracts with several large employers to perform routine physical, fitness for duty exams, and initial screening of on-the-job inj ...

Question - we bought a stock for 4585 four years ago and we

Question - We bought a stock for $45.85 four years ago and we can sell it for $59.13 today. The stock does not pay dividends. What annual rate of return have we earned?

Project failure rates can be high and one contributing

Project failure rates can be high and one contributing factor can be the failure to plan. Seewhy projects fail, and find one resource that outlines how planning projects contributed to project failure. whatsyour perspect ...

It is january 1 2018 and you have just won the lottery

It is January 1, 2018 and you have just won the lottery which pays you $1,000 per month for 50 years. It begins paying out on January 31st, 2025, which is after a seven year wait. Assuming an interest rate of 6% (annual ...

Question - the current zero-coupon yield curve for

Question - The current zero-coupon yield curve for risk-free bonds is as follows: Maturity(Years) 1 2 3 4 5 YTM 4.96% 5.48% 5.73% 5.97% 6.07% What is the risk-free interest rate for a five-year maturity?

What is inventory and why is it important for your business

What is inventory and why is it important for your business, investors or potential lenders?

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Basic Finance Expert