How to calculate monthly payment

Reference no: EM13176699

1. A individual is borrowing 175,000 for a 15 year loan at 4.17% per year compounded monthly. Calculate his monthly payment.

2. For the loan described under Q1, what would be the amount owed to the bank if the individual decides to sell the house immediately after the 71st payment?
3. For the same loan described under Q1, the individual decides that instead of selling the house after the 71st payment, to keep it and shorten the pay off period by increasing the montly payment by $150 each month. What is the number of months required tp pay off the balance?

Reference no: EM13176699

Questions Cloud

Prepare a trial balance as at 28 february 2013 : Prepare an adjusted trial balance as at 28 February 2013 and all journals should be prepared using Microsoft Excel, or similar spreadsheet software.

State how long is the third half-life of the reaction : A products, the general rate law is: rate = k[A]2. How long is the third half-life of the reaction if [A]0 is 0.080 M and the first half-life is 22 minutes?

Compute the molar concentration : Calculate the molar concentration of H3PO4 in this solution: Calculate the number of grams of this solution required to hold 87.5 g H3PO4:

State hydrochloric acid is added to a solution : Consider the reaction that occurs when a solution containing hydrochloric acid (HCl) is added to a solution containing the weak base methylamine (CH3NH2).

How to calculate monthly payment : For the same loan described under Q1, the individual decides that instead of selling the house after the 71st payment, to keep it and shorten the pay off period by increasing the montly payment by $150 each month. What is the number of months re..

How many grams of hno3 are produced : If the percent yield of 3NO2 + H2O yields 2HNO3 + NO is 75.0 percent and 45.0 grams of NO2 are consumed in the reaction, how many grams of HNO3 are produced?

Which of the following involve an increase in the entropy : Which of the following involve an increase in the entropy of the system?

Explain complete neutralization in a titration : A certain toilet cleaner uses NaHSO4 as its active ingredient. In an analysis, 0.500 g of the cleaner was dissolved in 30.0 mL of distilled water and required 57.4 mL of 0.00535 M NaOH for complete neutralization in a titration.

What is the rate constant for the reverse reaction : What is the rate constant for the reverse reaction at the same temperature?

User Account

All Pages