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- Pat Lavoie bought a home for $180,000 with a down payment of $10,000. Her rate of interest is 6% for 30 years. (Round your answer to the nearest cent.) a. Calculate her monthly payment. b. By how much will her loan principal decrease after she makes her first monthly payment? c. Calculate her balance of mortgage at the end of the month.1. Mary Smith took a car loan of $20,000 to make 60 equal monthly payments. The interest compounds monthly. (a) Calculate the monthly payment for Mary, if the nominal interest is 9% per year.(b) (How much interest would Mary pay for taking the loan? (c) Immediately after making the 20th payment, if she wants to pay off the car loan, how much does she need to pay?Heather has $13,000 to put down on a new car priced at $25,000. The bank offers an annual interest rate of 5.5% compounded quarterly for 2 years.(a) How much money does Heather need to borrow?Heather needs to borrow $ ____ .(b) What are her payments?Heather's payments are $ _____ per quarter.(c) Make an amortization table for her payments. End of Period Interest Charged Payment Payment towards Principal Outstanding Principal 0 -- -- -- 1 2 3 4 5 6 7 8 (d) How much interest did she pay in the two years?Heather paid $ ____ in interest.
- Kristen purchased a car for $43,000; she paid $2150 as a down payment and financed the balance amount at 2.7% compounded monthly for 6 years. a) What is the size of payment made at the end of every month to settle the loan? $ b) What was the amount of interest charged for the entire loan? c) If Kristen pays an additional $50 per month, how many periods will it take to payoff the load? $4 d) If Kristen pays an additional $50 per month, how much interest will be saved? $19. Stacy makes monthly payments of $450 to pay off her student loan. Due to unem- ployment, she defaulted on her last two payments. If she wants to get out of arrears, what amount should she pay for her next payment? Assume the defaulted payments are compounded monthly at a rate of 4%. 20 Cetro0 1.6150014. Nadia takes out a loan of $150,000 to purchase an apartment. The loan is being charged a yearly interest rate of 2.5% applied monthly. Nadia is paying off the loan by making monthly payments of $500.00. (a) How much of Nadia's first payment goes towards paying interest and how much of it goes towards reducing the initial $150,000 loan amount? Show how you found your answers (b) Did Nadia reduce the loan amount she owed more in the first payment or the second payment? Justify.
- Nona purchased a new car earlier today for $24,000. She financed the entire amount with a five-year loan that has a 6 percent interest rate (compounded monthly). a. Compute the monthly payments for the loan. Do not round intermediate calculations. Round your answer to the nearest cent. Enter your answer as a positive value. $ b. How much will Nona owe on the loan after she makes payments for 2 years (i.e., after 24 payments)? Do not round intermediate calculations. Round your answer to the nearest cent. Enter your answer as a positive value. $Valerie refinanced her home loan. The new loan of $103,000.00 has an interest rate of 5.9% compounded monthly. She is planning to pay off the loan in 21 years, what will her monthly payment be? (Round all answers to 2 decimal places.) The monthly payment would be $. Assuming Valerie paid all of the payments on time and did not prepay on the loan. What is the total amount Valerie paid and the total interest? The total amount Valerie paid was $ and the total interest wasPaige refinanced her home loan. The new loan of $85,000.00 has an interest rate of 3.7% compounded monthly. She is planning to pay off the loan in 19 years, what will her monthly payment be? (Round all answers to 2 decimal places.) The monthly payment would be $. Assuming Paige paid all of the payments on time and did not prepay on the loan. What is the total amount Paige paid and the total interest? The total amount Paige paid was $ and the total interest was
- A recent college graduate buys a new car by borrowing $18,000 at 7.2%, compounded monthly, for 4 years. She decides to pay $458 instead of the monthly payment required by the loan. (a) What is the monthly payment required by the loan? (Round your answer to the nearest cent.)$ How much extra did she pay per month? (Round your answer to the nearest cent.)$ (b) How many $458 payments will she make to pay off the loan? (Round your answer up to the next whole number.) payments(c) How much does she pay in total over the life of the loan by paying $458 per month rather than the required payment?$ If instead of paying $458 per month she only paid the required payment every month, how much would she have paid in total over the life of the loan? (Round your answer to the nearest cent.)$ How much will she save by paying $458 per month rather than the required payment? (Round your answer to the nearest cent.)$Ms. Tamper bought a house for $180,000. She put 20% down and obtained a mortgage loan for the balance at 4 1/4% for 30 years. a. Find the monthly payment. b. Find the total interest paid.A recent college graduate buys a new car by borrowing $18,000 at 7.2%, compounded monthly, for 5 years. She decides to pay $374 instead of the monthly payment required by the loan. (a) What is the monthly payment required by the loan? (Round your answer to the nearest cent.) $ How much extra did she pay per month? (Round your answer to the nearest cent.) $ (b) How many $374 payments will she make to pay off the loan? (Round your answer up to the next whole number.) рayments (c) How much does she pay in total over the life of the loan by paying $374 per month rather than the required payment? $ If instead of paying $374 per month she only paid the required payment every month, how much would she have paid in total over the life of the loan? (Round your answer to the nearest cent.) $ How much will she save by paying $374 per month rather than the required payment? (Round your answer to the nearest cent.) $ Need Help? Read It