Financial Accounting Mortgage Options Homework Help Online
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1.You are working with a pool of 1,000 mortgages. Each mortgage is for $100,000 and has a stated annual interest rate (nominal) of 6.00%. The mortgages are all 30-year fixed rate fully amortizing. Mortgage servicing fees are currently 0.25% annually. Complete the following table
|Interest||Principal||Expected Prepayment||Servicing Fees||Ending Balance|
2.Oxford Corp. is considering refunding a $30,000,000, annual payment, 12 percent coupon, 30-year bond issue that was issued five years ago. It has been amortizing $2 million of flotation costs on these bonds over their 30-year life. The company could sell a new issue of 25-year bonds at an annual interest rate of 10 percent in today’s market. A call premium of 12 percent would be required to retire the old bonds, and flotation costs on the new issue would amount to $2 million. Oxford’s marginal tax rate is 30 percent. The new bonds would be issued when the old bonds are called.
What is the required after-tax refunding investment outlay, i.e., the cash outlay at the time of the refunding?
3.Hrabik Corporation issued $600,000, 9%, 10-year bonds on January 1, 2011, for $562,613. This price resulted in an effective-interest rate of 10% on the bonds. Interest is payable semiannually on July 1 and January 1. Hrabik uses the effective-interest method to amortize bond premium or discount.
Prepare the journal entries to record the following. (Round to the nearest dollar.)
a) The issuance of the bonds.
b) The payment of interest and the discount amortization on July 1, 2011, assuming that interest was not accrued on June 30.
c) The accrual of interest and the discount amortization on December 31, 2011.
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4. Rusty Nail owns his house free and clear, and it’s worth $400,000. To finance his retirement, he acquires a reverse annuity mortgage (RAM) from his bank. The RAM provides a fixed monthly payment over 15 years on 70% of the value of his home at 5%. The payments are made at the beginning of the month. How much does Rusty get each month?
5. Two mortgage options are available: a 15-year fixed-rate loan at 6% with no discount points, and a 15-year fixed-rate loan at 5.75% with 1 discount point. Assuming you will not pay off the loan early, which alternative is best for you? Assume a $100,000 mortgage.
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