A couple has decided to purchase a $90000 house using a down payment of $18000. They can amortize the balance at 11% over 20 years. a) What is their monthly payment? Answer= $ b) What is the total interest paid? Answer $ c) What is the equity after 5 years? Answer=$ d) What is the equity after 15 years? Answer $
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- Samuel Ames owes 20,000 to a friend. He wants to know how much he would have to pay if he paid the debt in 3 annual installments at the end of each year, which would include interest at 14%. Draw a time line for the problem. Indicate what table to use. Look up the table value and place it in a brief formula. Solve.A couple has decided to purchase a $160000 house using a down payment of $11000. They can amortize the balance at 6% over 25 years. a) What is their monthly payment? Payment = $ b) What is the total interest paid? Total interest paid = $ c) What is the equity after 5 years? Equity after 5 years = $ d) What is the equity after 20 years? Equity after 20 years = $A family buys a house worth $326,000. They pay a $75,000 deposit and take a mortgage for the balance at J12=9% p.a. to be amortized over 30 years with monthly payments. Find the value of the mortgage on their house? Find the value of the monthly payment? Find the loan outstanding after making 20 payments? Find the principal repaid in the 21st payment?
- A couple buys a $180000 home, making a down payment of 20%. The couple finances the purchase with a 15 year mortgage at an annual rate of 3.8%. Find the monthly payment. If the couple decides to increase the monthly payment to $1100, find the number of payments.A couple has decided to purchase a $180000 house using a down payment of $20000. They can amortize the balance at 7% over 20 years. a) What is their monthly payment? Answer = $ 1240.48 b) What is the total interest paid? Answer = $ 137714.79 %3D c) What is the equity after 5 years? Answer = $ 208983.88 d) What is the equity after 15 years? Answer = $Mr. and Mrs. Smith have just purchased a $600,000 house and have made a down payment of $120,000.They can amortize the balance at 4% compounded monthly for 30 years.1. Using Excel, calculate monthly payments.2. Using Excel, calculate equity they have in their house (that is, what is the sum of the down paymentand amount paid on the loan) after 20 years?3. Using Excel, populate the following amortization table:PaymentNumberMonthly Payment RemainingPrincipalInterest for themonthAmount of monthlypayment going towards theprincipal160180240
- 2. Mr. and Mrs. Smith have just purchased a $600,000 house and have made a down payment of $120,000. They can amortize the balance at 4% for 30 years. a. Using Excel (FORMULA) , calculate monthly payments. b. Using Excel (FORMULA), calculate equity they have in their house (that is, what is the sum of the down payment and amount paid on the loan) after 20 years? c. Using Excel (FORMULA), populate the following amortization table:If Maria wants to be a millionaire ($1,000,000) by the time she retires (45 years from now), how much does she need to put into an investment that is paying 8% interest compounded semi-annually? A) $29,308.90 B) $171,198.41 C) $31,327.88 D) $176,996.84A couple thinking about retirement decide to put aside $2,400 each year in a savings plan that earns 7% interest. In 10 years they will receive a gift of $26,000 that also can be invested. a. How much money will they have accumulated 30 years from now? (Do not round intermediate calculations. Round your answer to 2 decimal places.) b. If their goal is to retire with $740,000 of savings, how much extra do they need to save every year?
- A couple buys a $190000 home, making a down payment of 17%. The couple finances the purchase with a 15 year mortgage at an annual rate of 3.88%. Find the monthly payment.$1157 ( This is what I came up with) I cant figure out how many payments if they increase it to 1200? If the couple decides to increase the monthly payment to $1200, find the number of payments.Mia Sato purchased a new condominium for $225,000. The bank required a $40,000 down payment. Assume a rate of 6% on a 30-year mortgage. What is Mia’s monthly payment? What is Mia's total interest cost if she pays each payment as scheduled for 30 years? Explanation of how to determine the solution to the problem and the correct answer, please.Julie and Rex Parker plan to buy a $310,000 home, paying 20% downpayment and financing the balance at 4% for 30 years. The taxes are $6000 per year, with annual insurance costing $650 per year. Find the monthly payment (including taxes and insurance). Use the real estate amortization table to find the monthly payment. Loan Payoff Table Number of Months APR 18 24 30 36 42 48 54 60 APR 8% .05914 .04523 .03688 .03134 .02738 .02441 .02211 .02028 8% 9% .05960 .04568 .03735 .03180 .02785 .02489 .02259 .02076 9% 10% .06006 .04615 .03781 .03227 .02832 .02536 .02307 .02125 10% 11% .06052 .04661 .03828 .03274 .02879 .02585 .02356 .02174 11% 12% .06098 .04707 .03875 .03321 .02928 .02633 .02406 .02225 12% 13% .06145 .04754 .03922 .03369 .02976 .02683 .02456 .02275 13% 14% .06192 .04801 .03970 .03418 .03025 .02733 .02507 .02327 14% 15% .06238 .04849 .04018 .03467 .03075 .02783 .02558 .02379 15% 16% .06286 .04896 .04066 .03516 .03125 .02834 .02610 .02432 16% 17% .06333 .04944 .04115 .03565 .03176…
