 |
|
| Browse | Ask | Answer | Search | Join/Login |
|
|
||||
|
Doubling up a mortgage (finance homework)
A $200,000 mortgage amortized over 25 years with monthly payments at an interest rate of 6% compounded semi-annually. Suppose you made a double up payment every six months (in other words you make a payment that is double every six months) and at the end of each year you make a lump sum payment of $3,000. How long would it now take to pay off the mortgage (calculate the number of years). How much interest would be saved (when compared to the original mortgage).
I would like to know how to calculate this out, preferably using a financial calculator as that is what I am using, or just good ol' explanations. Thanks! |
||||
Check out some similar questions!
Jetson Spacecraft Corp. shows the following information on its 2009 income statement: sales = $196,000; costs = $104,000; other expenses = $6,800; depreciation expense = $9,100; interest expense = $14,800; taxes = $21,455; dividends = $10,400. In addition, you're told that the firm issued $5,700 in...
The Everly Equipment Company purchased a machine 5 years ago at a cost of $100,000. The machine had an expected life of 10 years at the time of purchase, and it is being depreciated by the straight-line method by $10,000 per year. If the machine is not replaced, it can be sold for $10,000 at the...
4.6 DuPont and Roe A firm has a profit margin of 2% and an equity multiplier of 2.0. Its sales are $100 million, and it has total assets of $50 million. What is its ROE? 4.8 BASIC EARNING POWER Duval Manufacturing recently reported the following information: Net income $600,000...
Personal Finance Concepts Assignment Name: Unit 2 Individual Project 2 Deliverable Length: 1-2 pages Details: Nancy Tai has recently opened a revolving charge account with MasterCard. Her credit limit is $1000, but she has not charged that much since opening the account. Nancy hasn't had the...
General Electric: (GE) Last trade 16.16 (10/08/2009) CALL OPTIONS PUT OPTIONS Strike Last Vol Open Int Strike Last Vol Open Int 11 5.19 32 13,269 11 0.09 83 76232 12 4.35 36 28,695 12 0.14 90 46863 13 3.4 74 27,751...
View more questions Search
| Question Tools | Search this Question |
Add your answer here.
|
