1) Alar borrowed 36,000 to buy "Season Gold tickets for he much-improved Toronto Maple Leafs". His Mom want him to repay the loan back with equal quarterly payments over 10 years, with 12% interest compounded quarterly. (14.1) a) Find the size of those equal payments b) Draw a Partial Amortization Table which will have i) The First 2 payments (ii) Payment #20 iii) The last 2 payments
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- To help purchase his new car, Alonzo is taking out a $23,000 amortized loan for 6 years at 6.1 % annual interest. His monthly payment for this loan is $382.26. Fill in all the blanks in the amortization schedule for the loan. Assume that each month is of a year. Round your answers to the nearest cent. 12 Payment number Principal payment Interest New loan balance payment %24 %24 35 S66.99 $315.27 $12.863,69 36The problem describes a debt to be amortized. A man buys a house for $390,000. He makes a $150,000 down payment and amortizes the rest of the debt with semiannual payments over the next 9 years. The interest rate on the debt is 10%, compounded semiannually. (Round your answers to the nearest cent.) (a) Find the size of each payment.$ (b) Find the total amount paid over the life of the loan (including the down payment).$ (c) Find the total interest paid over the life of the loan.Riley takes out a loan L of 3000 dollars to buy a car at an effective annual rate of interest of 6%. He repays the loan by making level annual payments at the end of each year for 10 years, using the amortization method. Find the amount of principal repaid in the 3rd payment. Posible Annwers 180.00 | 227.60 | 231.62 242.95 255.74
- 5. Jay and Kei just acquired a new Honda Civic for 1,2 15,000 under the dealership's purchase financing of 18% compounded annually for five years. Construct an amortization schedule. a. What are their monthly car payments? b. In the first year, what total amount of interest will they pay? c. In the fourth year, by how much will the principal be reduced?Using MS Excel A couple purchased a house and lot and signed a mortgage contract with a bank for P8,000,000 to be paid in equal monthly payments over 25 years with interest at 5.25%. Find the monthly payment and construct an amortization table. (Show the first 6 payments only)H4. Fred and Ethel are going to take out a business loan on which they will make annual payments of $7,500 for six years. At that point in time they will also pay off the remaining balance which will be $37,155. Their interest rate is 7.6% compounded semiannually. What is the amount that Fred and Ethel borrowed? Please show proper step by step calculation
- To help purchase his new minivan, Eric is taking out a $17,000 amortized loan for 6 years at 5.9% annual interest. His monthly payment for this loan is $280.94. Fill in all the blanks in the amortization schedule for the loan. Assume that each month is of a year. Round your answers to the nearest cent. 12 Payment number 1 2 1 40 41 Interest payment $0 $0 $41.98 Principal payment $0 $0 $238.96 $0 New loan balance $0 $16,604.31 $8299.52 $Answer the given problem. Problem: Mrs Talla obtained a loan of P200,000. She has to repay the loan by equal payments at the end of every six months for 5 years at 2% interest compounded semi-annually. Find the periodic payment. (Prepare an amortization schedule) The given picture is only a sample of amortization schedule please refer to it. Thank you.To help purchase his new minivan, Miguel is taking out a $23,000 amortized loan for 6 years at 6.1% annual interest. His monthly payment for this loan is $382.26. 1 Fill in all the blanks in the amortization schedule for the loan. Assume that each month is of a year. Round your answers to the nearest cent. 12 FULL HD Payment number 1 49°F Sunny 2 Esc ⠀ Explanation 1 35 36 1080 F1 Z² Interest payment 2 $ F2 0 SO $ Check $66.99 $0 ((1)) : F3 #3 Principal payment $0 $0 $315.27 $0 F4 $ 4 F5 New loan balance $1 $22,467.97 : $12,863.69 $0 F6 % 5 € ▬▬ ^ 6 I X F7 a S WL F acer F8 & 27 7 7 3 W 2022 McGraw Hill LLC. All Rights Reserved. Terms of Use | Privacy Center | Accessibility F9 D * 8 8 F10 X 9 9 PDF/ W& Est F11 F12 NumLk Prt Sc Pause Br + // 181 Aa Insert Delete La E 12:57 PM 11/15/2022 Back
- 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:To help purchase his new minivan, Ahmad is taking out a s26,000 amortized loan for 6 years at 5.2% annual interest. His monthly payment for this loan is $421.14. Fill in all the blanks in the amortization schedule for the loan. Assume 1 that each month is of a year. Round your answers to the nearest cent. 12 New loan Payment number Interest Principal payment payment balance 1 2 $25,381.72 25 $78.93 $342.21 $17,873.52 26Direction : Read , analyze , and solve the following worded problem involving annuities . Show your complete solutions. I already provided the answer I just need the SOLUTION. Harry borrowed an amount of money from Donna . He agrees to pay the principal plus the interest by paying 38 937.76 Php each year for three years . How much money did he borrow if the interest is 8% compounded quarterly ? Answer: Harry borrowed 100 000.00 Php