Alicia received a 30 year loan of $280,000 to purchase a house. The interest rate on the loan was 2.30% compounded semi-annually. using calculator method
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Alicia received a 30 year loan of $280,000 to purchase a house. The interest rate on the loan was 2.30% compounded semi-annually. using calculator method
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- Leona Jefferson purchased a home and obtained a 25 year loan of 436,250$ at an annual interest rate of 7.5%. Find the amount of interest paid on the loan over the 25 years. Round answer to the nearest cent.Leona Jefferson purchased a home and obtained a 20-year loan of $436,750 at an annual interest rate of 7.5%. Find the amount of interest paid on the loan over the 20 years. (Round your answer to the nearest cent.)Devin received a 15 year loan of $305,000 to purchase a house. The interest rate on the loan was 4.10% compounded semi-annually. a. What is the size of the monthly loan payment? Round to the nearest cent b. What is the balance of the loan at the end of year 4? Round to the nearest cent
- c. By how much will the amortization period shorten if Shawn made an extra payment of $54,000 at the end of the year 3? years E months Express the answer in years and months, rounded to the next monthJason received a 30 year loan of $290,000 to purchase a house. The interest rate on the loan was 2.80% compounded semi-annually. a. What is the size of the monthly loan payment? Round to the nearest cent b. What is the balance of the loan at the end of year 3?Leona purchased a home and obtained a 25 year loan of 437,750$ at an annual interest rate of 6.5%. Find the amount of interest paid on the loan over the 25 years. Round answer to nearest cent.
- Abigail received a 15 year loan of $280,000 to purchase a house. The interest rate on the loan was 5.80% compounded semi-annually. a. What is the size of the monthly loan payment? b. What is the balance of the loan at the end of year 2? c. By how much will the amortization period shorten if Abigail makes an extra payment of $30,000 at the end of year 2?Ms. Tamper bought a house for $180,000. She put 20% down and obtained a mortgage loan for the balance at 4 1/4% for 30 years. a. Find the monthly payment. b. Find the total interest paid.Find the monthly payment for the loan indicated. yo purchase a home, a family borrowed $97,000 at an annual interest rate of 6.3% for 20 years. $____
- Nick received a loan of $5000 from a bank to purchase a bike. He obtained the loan at an interest rate of 5% compounded quarterly for 1 year. Calculate the size of his end-of-quarter payments and construct an amortization schedule for her loan.Rose, recently purchased a new automobile for $25,000. She made a $5,000 down payment and financed the balance over 48 months using a loan with a 12 percent annual nominal rate of interest. What are her monthly payments?Jim and Joan Miller are borrowing $120,000 at 6.5% per annum compounded monthly for 30 years (360 months) to purchase a home. Their monthly payment is determined to be $758.48. A recursive formula for their balance after each monthly payment has been made. A determination of Jim and Joan's balance after the first payment. Don't forget the interest affecting their payment create a table showing their balance after each monthly payment. Determine when the balance will be below $75,000. Determine when the balance will be paid off. Determine the interest expense when the loan is paid.(find the total paid, and subtract 120,000 from it).
