ON MAY 15, 2006, YOU OBTAINED AN $82000, 15 YEAR HOME LAON AT 5.1% COMPONDED MON

Question

ON MAY  15, 2006, YOU OBTAINED AN $82000, 15 YEAR HOME LAON AT 5.1% COMPONDED MONTHLY, WITH THE FIRST MONTHLY PAYMENT  DUE ON JUNE 15,2006. THE SIZE OF THE MONTHLY PAYMENT IS $652.73.

A.      FIND THE BALANCE DUE ON THE LOAN ON DECEMBER 15,2011?

B.      HOW MUCH INTEREST WILL BE PAID ON THE LOAN DURING 2012?

C.      IF YOU REFINANCE THE LOAN ON DECEMBER 15,2011 AT 7.2% INTEREST, WHAT WILL BE THE SIZE OF THE NEW PAYMENT IF THE TERM OF THE LOANS REMAINS THE SAME?

D.      IF REFINANCED THE LOAN ON DECEMBER 15, 2011 AT 7.2% INTEREST, WHAT WILL BE THE TERM OF THE LOAN IF THE PAYMENT SIZE REMAINS THE SAME?

E.       IF THE ORIGINAL PAYMENT IS ROUNDED TO $700( AND THERE IS NO CHANGE IN THE ORGINAL INTEREST RATE), 162 FULL PAYMENTS WILL BE NEEDED. WHAT WILL BE THE SIZE OF THE 162nd PAYMENT IF IT IS INCREASED FROM $700 TO PAYOFF THE BALANCE?

Explanation / Answer

A. $58475.67

B. $2867.26

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