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Mortgages
A mortgage is a formal agreement in which a bank or other financial institution lends cash at interest in return for assuming the title to the debtor's property, on the condition that the obligation is paid in full.
Mortgage
The term "mortgage" is a type of loan that a borrower takes to maintain his house or any form of assets and he agrees to return the amount in a particular period of time to the lender usually in a series of regular equally monthly, quarterly, or half-yearly payments.
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- A $2,500 loan is offered for 27 months at 5.2% compounded annually. What is the maturity value? Refer to the "?"s in the table and enter the appropriate values in the blanks below. N ? I/Y 5.2 A/ (Round dollar values to two decimal places.) PV ? A PMT N N = PV = FV = PY/CY= How much interest ($) is charged on the loan? 0 FV ? PY/CY ?Assume that you borrow 20million JPY from some bank repay 80,000 JPY monthly under the plan of total equally payment. Case 1: If the annual interest rate is 3.0%, the repay exit is (1) months = (2) years and (3) month later. Case 2: If the annual interest rate is 3.6%, the repay exit is (4) months = (4) months (5) years and (6) month later.Prescott Bank offers you a five-year loan for $69,000 at an annual interest rate of 8.5 percent. What will your annual loan payment be? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Annual loan payment < Prev 14 of 23 Next GH BN M
- Accounting A 3/1 ARM is made for $250,000 at 7 percent with a 30-year maturity. Fixed payments are to be made monthly for three years, after which the interest rate will reset. fınd the loan balance after three years then use that answer to help you with the next part. assuming the PAYMENT CAP of 15%, what would new payments be beginning in year 4 if the interest rate rose to 10%? Hint: unrestricted payment vs. capped payment.Suppose a bank offers to lend you $10,000 for 1 year on a loan contract that calls for you to make interest payments of $350.00 at the end of each quarter and then pay off the principal amount at the end of the year. What is the effective annual rate on the loan? 14.75% 13.28% 12.39% 11.21% 15.34%Data Back-Up Systems has obtained a $29,000, 90-day bank loan at an annual interest rate of 15%, payable at maturity. (Note: Assume a 365-day year.) a. How much interest (in dollars) will the firm pay on the 90-day loan? b. Find the 90-day rate on the loan. c. Annualize your result in part b to find the effective annual rate for this loan, assuming that it is rolled over every 90 days throughout the year under the same terms and circumstances. Answers a. The amount of interest on the loan is $___. (Round to the nearest cent.) b. The effective 90-day rate is___%. (Round to two decimal places.) c. The effective annual rate is___%. (Round to two decimal places.)
- A 5-year loan is to be repaid by month-end repayments of 7,000 starting in one month at an interest rate of 1.2% p.a. compounded monthly. Or, it can be repaid by year-end repayments of $X staring in one year. Calculate the yearly repayments $X. Correct your answer to the nearest cent without any units. (Do not use "$" or "," in your answer. e.g. 12345.67)A loan is offered with monthly payments and a 14.50 percent APR. What’s the loan’s effective annual rate (EAR)? (Do not round intermediate calculations and round your final answer to 2 decimal places.) EAR =___.__%You are considering an investment account with one of the advertised commercial deposits from SyncFuture Bank. SynFuture's CD pays 8% APR, compounded semiannually. What is the investment's effective annual rate (rEAR)? (Round the answer to four decimal points.)
- If you borrow $4,600 at $850 interest for one year, what is your effective interest rate for the following payment plans? (Input your answers as a percent rounded to 2 decimal places.) X Answer is complete but not entirely correct. a. b. Annual payment Semiannual payments C. Quarterly payments d. Monthly payments Effective Rate of Interest 18.48 % 19.33 X % 19.80 X % 20.13 X %A bank offers a fixed term deposit investment account with an interest rate of 6.5% per annum compounding quarterly how do I work out what the equivalent effective interest rate isData Back-Up Systems has obtained a $10,000, 90-day bank loan at an annual interest rate of 15%, payable at maturity. (Note: Assume a 365-day year.) 1.How much interest (in dollars) will the firm pay on the 90-day loan? Format: 111.11 2.Find the 90-day rate on the loan. Format: 1.11% 3.Annualize your result in part b to find the effective annual rate for this loan, assuming that it is rolled over every 90 days throughout the year under the same terms and circumstances. Format: 11.11%