anonymous
  • anonymous
Help? Please and thank youu.[: Sofia has a 5.2% fixed rate 30-year mortgage in the amount of $350,000. The total cost of principal and interest is about $691,880. Which of the following is closest to Sofia’s monthly payment?
Mathematics
At vero eos et accusamus et iusto odio dignissimos ducimus qui blanditiis praesentium voluptatum deleniti atque corrupti quos dolores et quas molestias excepturi sint occaecati cupiditate non provident, similique sunt in culpa qui officia deserunt mollitia animi, id est laborum et dolorum fuga. Et harum quidem rerum facilis est et expedita distinctio. Nam libero tempore, cum soluta nobis est eligendi optio cumque nihil impedit quo minus id quod maxime placeat facere possimus, omnis voluptas assumenda est, omnis dolor repellendus. Itaque earum rerum hic tenetur a sapiente delectus, ut aut reiciendis voluptatibus maiores alias consequatur aut perferendis doloribus asperiores repellat.

Get our expert's

answer on brainly

SEE EXPERT ANSWER

Get your free account and access expert answers to this
and thousands of other questions.

anonymous
  • anonymous
Help? Please and thank youu.[: Sofia has a 5.2% fixed rate 30-year mortgage in the amount of $350,000. The total cost of principal and interest is about $691,880. Which of the following is closest to Sofia’s monthly payment?
Mathematics
katieb
  • katieb
I got my questions answered at brainly.com in under 10 minutes. Go to brainly.com now for free help!
At vero eos et accusamus et iusto odio dignissimos ducimus qui blanditiis praesentium voluptatum deleniti atque corrupti quos dolores et quas molestias excepturi sint occaecati cupiditate non provident, similique sunt in culpa qui officia deserunt mollitia animi, id est laborum et dolorum fuga. Et harum quidem rerum facilis est et expedita distinctio. Nam libero tempore, cum soluta nobis est eligendi optio cumque nihil impedit quo minus id quod maxime placeat facere possimus, omnis voluptas assumenda est, omnis dolor repellendus. Itaque earum rerum hic tenetur a sapiente delectus, ut aut reiciendis voluptatibus maiores alias consequatur aut perferendis doloribus asperiores repellat.

Get this expert

answer on brainly

SEE EXPERT ANSWER

Get your free account and access expert answers to this
and thousands of other questions

jim_thompson5910
  • jim_thompson5910
There are 12 months in a year, so there are 12*30 = 360 months in 30 years So Sofia is making 360 equal payments (maybe the last payment will be slightly smaller than the rest)
jim_thompson5910
  • jim_thompson5910
so if she pays a total of $691,880 (ignoring the down payment), then we can say monthly payment = (Total Cost)/(Number of Payments)
jim_thompson5910
  • jim_thompson5910
tell me what you get for the monthly payment

Looking for something else?

Not the answer you are looking for? Search for more explanations.

More answers

anonymous
  • anonymous
I got 1921.88
jim_thompson5910
  • jim_thompson5910
same here, well I got 1,921.88888888889 and that rounds to 1,921.89 but that's close enough
anonymous
  • anonymous
Okay thank you! Mind helping with a few more?(:
jim_thompson5910
  • jim_thompson5910
sure
jim_thompson5910
  • jim_thompson5910
what's the question
anonymous
  • anonymous
Bob has a 30-year adjustable rate mortgage that has a rate of 2.8% for the first 3 years. The amount of the mortgage is $109,000. What is the monthly payment during this initial period?
jim_thompson5910
  • jim_thompson5910
There's a formula to calculate monthly payments, but it's easier to use a calculator
jim_thompson5910
  • jim_thompson5910
which one do you want to use?
anonymous
  • anonymous
Either.
jim_thompson5910
  • jim_thompson5910
ok let's use the calculator here's a good one http://www.bankrate.com/calculators/mortgages/mortgage-calculator.aspx if you type in 109000 in the first box, 30 in the box below that, then 2.8 in the box below that...then hit enter...you'll get your answer tell me what it gives you
jim_thompson5910
  • jim_thompson5910
oh when i mean "hit enter" i meant "hit calculate"
anonymous
  • anonymous
$447.87?
jim_thompson5910
  • jim_thompson5910
i'm getting the same
anonymous
  • anonymous
Okay. Emily obtains a $1,250,000 balloon mortgage for an investment property. The mortgage has terms of 30/5 at an interest rate of 3.5%. The monthly payment is $5,613.06. How much is the remaining balance after 5 years rounded to the nearest dollar?
jim_thompson5910
  • jim_thompson5910
let me look up what the 30/5 means real quick, one sec
jim_thompson5910
  • jim_thompson5910
hmm i think what the 30/5 means is that you pay the mortgage just as if it was a 30 year mortgage but at the end of 5 years, you would make a lump sum payment to pay off the remaining balance or refinance into some other type of mortgage that's what I'm reading here anyway http://www.mortgageqna.com/mortgage-loan-types/5-year-balloon-mortgage-different-from-a-5-1-arm.html
jim_thompson5910
  • jim_thompson5910
again, there's a formula to do this, but it's kinda a pain so that's why amortization calculators with amortization tables are very handy
jim_thompson5910
  • jim_thompson5910
remember that calculator link I sent you?
anonymous
  • anonymous
yea
jim_thompson5910
  • jim_thompson5910
ok now type 1250000 in the first box 30 in the box below that and 3.5 in the box below that then hit "Show/Recalculate Amortization Table"
jim_thompson5910
  • jim_thompson5910
what that does is show you how much you've paid off for a given month and how much you have left on your balance at any given period of time
anonymous
  • anonymous
Alright, I got that part done.
jim_thompson5910
  • jim_thompson5910
if you scroll to Feb 2018, which is exactly 5 years from now, you'll see the remaining balance is 1,148,801.82 so this is how much left you still have to pay off
jim_thompson5910
  • jim_thompson5910
oh sry, i meant to say 1,121,213.41
jim_thompson5910
  • jim_thompson5910
and you would round this to the nearest dollar (like they instruct) to get 1,121,213
anonymous
  • anonymous
Alright thank you.
jim_thompson5910
  • jim_thompson5910
np

Looking for something else?

Not the answer you are looking for? Search for more explanations.