A loan with the following terms is being made:Fixed rate, constant monthly payment. Closing date February 9th.Five percent interest rate. Prepaid interest due at closing.$160,000 mortgage loan amount.$2,400 loan discount points to be paid by the buyer or borrower to the lender.25-year term, monthly payments, fully amortizing.Required:Calculate the APR for federal truth-in-lending purposes.Note: (Do not round intermediate calculations. Round your final answer to two decimal places.)APR%

A loan establishes a financial understanding in which a lender provides an agreed sum of funds to a…

Answered: A loan with the following terms is…

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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Detwiler Orchard issues a $558,020, 10%, 15-year mortgage note to obtain needed financing for a new lab. The terms call for semiannual payments of $36,300 each.Prepare the entries to record the mortgage loan and the first installment payment. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places e.g. 8,970.) Account Titles and Explanation Debit Credit (To record mortgage loan)
A lender offers a 1-year loan at what he calls 8 percent interest but requires the interest to be paid at the beginning rather than at the end of the year , as the usual practlce is to what interest ratc computed in the conventional manner does this interest charge correspond?
Please explain proper steps by Step and Do Not Give Solution In Image Format ? And Fast Answering Please ?
You have just been hired as a loan officer at a national bank. Your first assignment is to calculate the amount of the periodic payment (in $) required to amortize (pay off) the following loan being considered by the bank (use Table 12-2). (Round your answer to the nearest cent.) LoanPayment PaymentPeriod Term ofLoan (years) NominalRate (%) Present Value(Amount of Loan) $ every month 1 3 4 6 $40,000
Based on the following information, determine the maximum loan amount available as of July 31, 2021. T The plan allows for two outstanding loans at a time. The participant took a loan of $45,000 on March 1, 2021. The participant's outstanding loan balance is $0 as of July 31, 2021. The participant's vested account balance is $150,000 . Answers: $0, $5,000, $50,000, or $75,000?
Ab. 123.
The debt is amortized by the periodic payment shown. Compute (a) the number of payments required to amortize the debt, (b) the outstanding principal at the time indicated. Outstanding Principal After: 6th payment Conversion Payment Interval Interest Rate Period Debt PrincipalDebt Payment $14.000 $893 3 months 9% quarterly (a) The number of payments required to amortize the debt is (Round the final answer up to the nearest whole number. Round all intermediate values to six decimal places as needed.) (b) The outstanding principal is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed)
Please do not answer this question in excel thank you in advance. A loan of $13,000 at 5.65% annually requires $2,938 interest. For how long is the money borrowed?
Excel Questions 13-16. Complete the amortization table provided in the Excel document posted in IvyLearn in the homework area by setting the appropriate values for a $100,000, 30-year mortgage at 6% interest and using Excel's autofill (drag) feature to fill in the cells to the end of the mortgage period. Use this to answer the following: How many months will it take to pay at least half of the principal?
The debt is amortized by the periodic payment shown. Compute (a) the number of payments required to amortize the debt; (b) the outstanding principal at the time indicated. Payment Interval Conversion Debt PrincipalDebt Payment $14,000 Outstanding Principal After: 7th payment Interest Rate Period $875 1 month 12% monthly (a) The number of payments required to amortize the debt is. (Round the final answer up to the nearest whole number. Round all intermediate values to six decimal places as needed.) (b) The outstanding principal is $. (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
Calculate the monthly payments for each of the following $119,600 mortgage loans. Assume no prepayments. a. 30-year fixed at 7.25 percent b. 15-year fixed at 6.25 percent c. 20-year fixed at 6.75 percent Note: Round intermediate computations to at least five (5) decimal places. Click on the table icon to view the Monthly Installment Loan Payment Factor (MILPF) table: a. The monthly payment, PMT, on the 30-year loan is $ (Round to the nearest cent.)
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