question archive All of the following are popular prepayment methods in prepaying a mortgage except; a) Making a lump - sum payment
All of the following are popular prepayment methods in prepaying a mortgage except; a) Making a lump - sum payment
Subject:AccountingPrice: Bought3
All of the following are popular prepayment methods in prepaying a mortgage except; a) Making a lump - sum payment. b) Increasing the periodic payment amount. c) Increasing the frequency payments. d) Increasing the amortization period. Select one: d ba FMTH 22231 [A203] Business Mathematics II 5 Q3. A 25-yezt, $340,000 motopage 1.50% compounded by Q2. Scott purchased a house for $400,000. He made a down payment of 25% of the value of the house and received a mortgage for the rest of the amount at 5.50% compounded semi-annually for 20 years. The interest rate was fixed for a 5-year term. 16 marks] a. Calculate the size of the monthly payments. b. Calculate the principal balance at the end of the 5-year term. c. Calculate the size of the monthly payments if after the first 5-year term the mortgage was renewed for another 5-year term at 5.25% compounded semi-annually? [2 marks) (2 mars (2 marks] HD-10cue 098 2223 I [A203] Business Mathemati 2021F_MTH 2223_1 / Quizzes and Tests / Quiz 3 A $310,000 mortgage at 4.00% compounded semi-annually was settled with monthly payments of $2,800.What is the amortization period for the mortgage? a) 11 years and 5 months b) 11 years and 6 months c) 11 years and 7 months d) 11 years and 8 months Select one: a. b b. Which of the following type of mortgages that allows borrowers to prepay any amount at any time, close the entire mortgage, or transfer from one lender to another without being charged an additional fee or penalty? a) Fixed rate mortgages b) Variable rate mortgages c) Open mortgage d) Closed mortgage on Select one: o a. ? b. ? oc. d d. b o FE pe here to search 25 of 36 10°C Clou Mortgages are loans on that is used to secure the dicht a) a business b) and only c) a house only, not including the land d) real property 0 Turks and less has It is the length of time for which the mortgage agreement will be hn effect? b) Amortization period b) Mortgage tem c) Fbxed rate d) Lump- sur payment MTH 2223 (A203] Business Mathematics i Mikes and fiesta Mortgages are one on that is used to cune the drbt. na kuisine b) and only cy a house only, not including the land d) real property BAHAMAS MARIE 0 33
