Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. finance
  3. could someone help me please how to solve them wit

Could someone help me please how to solve them with the normal formulas and not...

50.1K

Verified Solution

Question

Finance

image

Could someone help me please how to solve them with the normal formulas and not the excel formulas?

3. You are considering taking out a 20 year xed rate mortgage on a $640,000 house. Current mortgage rates are 3.5% (nominal rate, compounded monthly). What is the remaining principal after two years (i.e., immediately after the 24th payment)? What are the total interest payments in the first two years? After exactly two years (i.e., immediately after the 24th payment), you decide to use a $150,000 bonus you received at work to reduce the principal outstanding on your mortgage. You continue making the same monthly pay-ment that was calculated in part (a). When will the loan be fully paid off

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Biology
1.2K views

Which of the following statements regarding the transition from traditional hunter-gatherer toagricultural societies is FALSE?Novel...

Physics
1.2K views

Required information Light of 650 0 nm is incident on two slits A maximum is...

Physics
1.2K views

A truck blowing horn of frequency 500 Hz travels towards a vertical mountain and driver...

Basic Math
1.2K views

MY Perform the given set operation Let U 1 2 3 4 5 6 7...

Statistics
1.2K views

dule 5 fidence ewo K Question 22 6 2 3 Part 1 of 3 Use...

Algebra
1.2K views

At a school concert the total value of tickets sold was 4916 Student tickets sold...

Algebra
1.2K views

Solve the equations and check your solution It is possible to have NO SOLUTION 3...

Accounting
1.2K views

The following costs were incurred in May: Direct materials $ 39,900 ...

Accounting
1.2K views

On September 1, ABC advertising agency (a Corporation) receives $1,200 from its client XYZ Corporation...

Accounting
1.2K views

Pop's Recycling Company In April 1991, the owner and manager of Pop's Recycling Company, J....

Finance
1.2K views

Over a two year time horizon an investor experiences the following net cash flows: Year...

Finance
1.2K views

8. If a stock has a beta of 1.50. How do you explain it? 9....