Amortized payment, Financial Accounting

Amortized Payment

You purchase a house that costs $800,000 with an 8%, 30-year mortgage. You make a 20% down payment to avoid PMI insurance.

(i) What is your monthly payment?

(ii) Amortize the first and second payments.

(iii) Suppose after 7 years you refinance at 7% the remaining balance at a cost of $15,000, for 30 years. What is your new monthly payment? Assume refinancing cost is rolled back into the mortgage.

Posted Date: 3/2/2013 2:32:35 AM | Location : United States







Related Discussions:- Amortized payment, Assignment Help, Ask Question on Amortized payment, Get Answer, Expert's Help, Amortized payment Discussions

Write discussion on Amortized payment
Your posts are moderated
Related Questions
i have project on "cengagebrain" for framework class. its pretty long

The opening entries 1. Assets of the estate or trust In both cases the various assets of the estate or trust are debited to appropriate accounts and credited to the Estate Ca

Settlement Method - Method of ACCOUNTING for SECURITIES whereby transactions are recorded on the date securities settle by delivery or receipt of securities and receipt or payment

Calculate the present value and determine the npv, Financial Management. Assume today is 3 December 2009. Helen is 30 years old and has a Bachelor of Business. She is currently em

INCOME ACCOUNT (a) Classification : Income will be classified under appropriate headings: Rents; Interest on Government securities; Dividends; Interest on

Conny Duffy started working for Dexter Company on Thursday and 9 hours on Frida. Her annual salary is $80,000 and she is exempt white-collar employee. Determine her gross pay for h

Personal representatives powers Personal representation shall have the following powers: 1) To enforce for the deceased's estate by suit or otherwise all causes of action that

Ask question Sean Corp. issued a $60,000, 10 year bond at the face rate of 8% annually on 1/1/X0. The market rate was 10%. How much cash will the bond investors receive at the end

Natalie cashes in her U.S savings Bonds and receives % 520, which she deposits in her personal bank account. Journalize it

Illustrations of Changes in accounting estimates B Ltd., bought an item of plant at a total cost of £100,000. The estimated useful life commencing from 1st January 2000 was 10