You have just purchased and have obtained a 30 - year , $200000 mortgage with an

Question

You have just purchased and have obtained a 30-year, $200000 mortgage with an interest rate of 10 percent. Required: a. What is your annual payment? b. ... for 30 year fixed-rate mortgages. You still have the old 10 percent mortgage you signed four years ago and you plan to live in the house for another five years. ...
You have just purchased and have obtained a 30-year, $200000 mortgage with an interest rate of 10 percent. Required: a. What is your annual payment? b. ... for 30 year fixed-rate mortgages. You still have the old 10 percent mortgage you signed four years ago and you plan to live in the house for another five years. ...

Explanation / Answer

Present Value of Mortgage $200,000.00 Interest Rate 10% Annual Payment ? Here we have to calculate $21,215.85 annual Payments whose present value is 200000 Using the PMT function in Excel, where, i=10% NPER = 30 PV = -200,000 We get , PMT= $ 21,215.85 Hence , the annual payments would be $ 21,215.85 The B part of the question is incomplete.Hence it could not be answered. Present Value of Mortgage $200,000.00 Interest Rate 10% Annual Payment ? Here we have to calculate $21,215.85 annual Payments whose present value is 200000 Using the PMT function in Excel, where, i=10% NPER = 30 PV = -200,000 We get , PMT= $ 21,215.85 Hence , the annual payments would be $ 21,215.85 The B part of the question is incomplete.Hence it could not be answered.

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