A lender requires PMI that is 0.8% of the loan amount of $460,000. How much (in dollars) will this add to the borrower's monthly payments? (Enter a number. Round your answer to the nearest cent.)
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- A lender requires PMI that is 0.7% of the loan amount of $490,000. How much (in dollars) will this add to the borrower's monthly payment? (See Example 4 in this section. Round your answer to the nearest cent.)A lender requires PMI that is 0.8% of the loan amount of $470,000. How much (in dollars) will this add to the borrower's monthly payments? (Round your answer to the nearest cent.)lender requires PMI that is 0.7% of the loan amount of $560,000. How much (in dollars) will this add to the borrower's monthly payment? (See Example 4 in this section. Enter a number. Round your answer to the nearest cent.)
- A lender requires PMI that is 0.8% of the loan amount of $490,000. How much (in dollars) will this add to thee borrower's monthly payments? (Round your answer to the nearest cent.)A lender requires PMI that is 0.8% of the loan amount of $590,000. How much (in dollars) will this add to the borrower’s monthly payment? Round your answer to the nearest cent.If you borrow $9000 at an annual percentage rate (APR) of r (as a decimal) from a bank, and if you wish to pay off the loan in 3 years, then your monthly payment M (in dollars) can be calculated using: M = 9000 (er/12-1) / 1 - e-3r 1) Describe what M (0.035) would represent in terms of the loan, APR, and time. 2) If you are only able to afford a max monthly payment of $300, describe how you could use the above formula to figure out what the highest interest rate the bank could offer you and you would still be able to afford the monthly payments. In addition, determine the maximum interest rate that you could afford.
- If you borrow $1,000 at 8.5% simple interest and the loan requires a lump sum payment of $1,213.16, what is the term of the loan? (Round your answer to the nearest whole number.)t = daysIf you borrow $8,637 and are required to pay back the loan in five equal annual installments of $2,700, what is the interest rate associated with the loan? Use Appendix D or a financial calculator to solve this problem. (Round your answer to the nearest whole percent.) Interest rate %Assume you take out a car loan of $8,600 that calls for 48 monthly payments of $300 each. a. What is the APR of the loan? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places. Use a financial calculator or Excel.) b. What is the effective annual interest rate on the loan? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.)
- a) Find their regular monthly payment. (Round your answer to the nearest cent.) b) Find the unpaid balance when they begin paying the $1100. (Round your answer to the nearest cent.) c) How many payments of $1100 will it take to pay off the loan? Give the answer correct to two decimal places.Suppose you borrow $15,000 and then repay the loan by making 12 monthly payments of $1,297.92 each. What rate will you be quoted on the loan? NO EXCELSomeone is borrowing from a five-six ( Bumbay ) money lender. How much will be charged if you want to loan ₱ 5,000.00, payable in one year? Determine the interest rate per period and the annual interest rate. Is it a good loan term? Why or why not?