You purchase the townhome listed above at realtor and borrow 95% of the listed price from Broadway Bank at an APR of 6% with monthly payments (your down payment is 5% of listed price). The maturity of your mortgage equals 30 years with monthly payments. a. Draw a time line that depicts the cash flows from the mortgage payments- com

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You purchase a townhome for 335k and borrow 95% of the listed price from Broadway Bank at an APR of 6% with monthly payments (your down payment is 5% of listed price). The maturity of your mortgage equals 30 years with monthly payments.  Draw a time line that depicts the cash flows from the mortgage payments- compute the payment and show your inputs and work.

$1,908.07 ( monthly payments ) will be made i.e. This depicts the cash flow from the mortgage payment

Explanation:

Cost of townhome = 335k

APR ( I )  = 6%

percentage of  cost of townhome borrowed = 95%

Down payment of cost of townhome = 5%

maturity period = 30 years = 360 months

Determine time line that depicts cash flows

First step : calculate value of loan

value of loan = ( 95% )* (335,000)  = $318,250

final step : calculate value of monthly payments

Applying TVM calculation

PMT = [PV = 318,250, FV = 0, N = 360, I = 0.06/12] ( excel function )

PMT = $1,908.07 ( monthly payments )

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