What is the amount of the last payment

Assignment Help Financial Management

Reference no: EM132023080

You have just taken out a mortgage of for 30 years, with monthly payments at 6% interest. The same day you close on the mortgage you receive a $25,000 gift from your parents to be applied to the mortgage principal.

What amount of time will be required to pay off the mortgage if you continue to make the original monthly payments? What is the amount of the last payment?

(Assume any residual partial payment amount is added to the last payment.)

Reference no: EM132023080

Questions Cloud

What can little do to prevent big from succeeding : Big has now tendered an offer to all of Little's shareholders to pay them U.S. $10 a share for their stock.

Title vii of the civil rights act : What are the classes of employees protected by the Title VII of the Civil Rights Act?

Determine the return on investment : Transaction costs are $20 on Both ends. When the stock increases to $72.3 month later, calculate the return on investment.

Strengths and weaknesses of the supply chain logistics : What are some of the strengths and weaknesses of the supply chain logistics / materials management concepts and how can I better understand them?

What is the amount of the last payment : What amount of time will be required to pay off the mortgage if you continue to make the original monthly payments? What is the amount of the last payment?

What is the best known index of that price weighted variety : Tahiji is a small island in the south Pacific where the stock exchange has only two listed stocks.

Competitive strategy choices in strategic compensation : When looking at competitive strategy choices in strategic compensation what's a company that uses a lowest cost strategy and one that uses a differentiation

Calculate the precise irr for both projects : Calculate the precise IRR for both projects. Please show all the calculations . Cost of the capital at 12%.

What are the monthly payments : You take out a 30-year $300,000 mortgage loan with an APR of 9 percent and monthly payments. What are the monthly payments?

User Account

All Pages