A Navy pilot has a 25-year mortgage at an annual interest rate of 4.625 %. After making payments of $2, 392.54 for 4 years, the pilot would like to pay off the loan so as to purchase a new home. Calculate the loan payoff (in dollars). The answer is not 405, 126.98

You are considering purchasing a new home. You will need to borrow $280,000 to purchase the home. A mortgage company offers you a 20-year fixed rate mortgage (240 months) at 9% APR (0.75% month). If you borrow the money from this mortgage company, your monthly mortgage payment will be closest to: A. $2,015 B. $3,527 C. $4,030 D. $2,519

You are assiting a newly hired employee. You begin explaning the process of utilizing excel to finance properties. Consider the following. A realator has a house on sale for $640,000. If possible you  believe you can finance the home for $300,000 for 20 years at a 3% interest rate. What would the monthly principle and interest payment be for the acquird loan? Calculate using the PV funtion in excel. How would you caluclate this in Excel using the PV function? Rate: Nper: Pmt: FV: Type:

You purchase a plot of land worth $56,000 to create a community garden, by securing a 20-year loan charging 8.79% APR, compounded monthly, and requiring monthly payments of $405. Round all answers to the nearest dollar. a. Assuming that you put some money down, what was your original loan amount? Original Loan Amount: $ b. What is the outstanding balance on your loan after making 5 years of рayments? Outstanding Balance After 5 Years: $ c. How much equity do you have in the garden after 5 years? Equity After 5 Years: $

A home purchaser need to borrow $500,000 to finance their new home. The buyer believes they will live in the house for approximately 4 years. The buyer is offered two mortgage options. The first loan is at a rate of 3% with the payment of $103 in points. The second loan is at a rate of 2.75% with the payment of $6095 in points. Both loans are 30 year fully amortizing loans with monthly payments. What is the payment on the second loan? Group of answer choices $2041.21 $1897.32 $1185.36 $2753.78

You want to buy a bus. Cost is $180,000 with 10% down and the rest in 7 equal annual payments which include interest at 6%. The payments begin in one year. How much are the payments? Amortize the loan. Record the Journal Enteries.

Find the APR (rounded to the nearest tenth of a percent) for the loan described below. Purchase a living room set for $3,100 at 12% add-on interest for 3 years. Need Help? Read It

You purchase a house in East Lansing, MI. You calculate the amount financed to be $203,315. You obtain a 15-year mortgage with an interest rate of 3.8% and have calculated a monthly payment of $1,062. For the following, round your answer to the nearest cent. The payment on the principle in the first month is $450.41 $403.56 $418.17 $643.83 $489.31 OOOO

ou are borrowing $21,800 to buy a car. The terms of the loan call for monthly payments for five years at 8.25 percent interest. What is the amount of each payment? Group of answer choices $401.12 $391.40 $387.71 $439.76 $444.64

there is a house on sale for $800,000. You believe you can finance the home for $500,000 for 20 years at a 2% interest rate. What would the monthly principle and interest payment be for the acquird loan? Calculate using the PV funtion in excel.