An individual borrowed$78,000at an APR of3%,which will be paid off with monthly payments of$404for22years. a. Identify the amount borrowed, the annual interest rate, the number of payments per year, the loan term, and the payment amount.

HERE GIVEN MONTHLY PAYMENT IS MADE FOR 22 YEARS IT MEANS 12 PAYMENTS PER YEAR. AND OTHER DETAILS ARE…

Answered: An individual borrowed $78,000 at an…

Math

Probability

An individual borrowed $78,000 at an APR of 3%, which will be paid off with monthly payments of $404 for 22 years.

A First Course in Probability (10th Edition)

10th Edition

ISBN:9780134753119

Author:Sheldon Ross

Publisher:Sheldon Ross

Chapter1: Combinatorial Analysis

Section: Chapter Questions

Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...

See similar textbooks

Related questions

Q: Determine the interest to be paid from a loan of $2900 borrowed at 4.5% compounded annually for 10…

Q: Consider a student loan of $12,500 at a fixed APR of 6% for 25 years. a. Calculate the monthly…

A: (a) Obtain the monthly payment as follows.

Q: Nina and Michael have been approved for a $300,000 30-year mortgage with an APR of 5.25%. How much…

A: Thanks for the question :)And your upvote will be really appreciable ;)

Q: What is the monthly payment on a 15-year mortgage of $200,000 at 6% interest? What is the total…

A: Let A be the monthly payment. r = interest rate per period = interest rate per month = 6% / 12 =…

Q: Your friend is going to borrow $150,000 using a 30 year mortgage with a 4.25% APR. Which of the…

A: Monthly mortage payment formula for borrowing amount (M), years of mortage (t) and rate of interest…

Q: The annual interest rate on a credit card is 16.99%. If a payment of $100.00 is made each month,…

Q: Consider a home mortgage of $200,000 at a fixed APR of 4.5% for 25 years. a. Calculate the…

A: Given :Principle = 200000APR = 4.5%Time = 25 years

Q: Find the total proceeds (in $) from the sale of 20 bonds with a coupon rate of 6.25 and a current…

Q: Consider a student loan of $15,000 at a fixed APR of 6% for 15 years. a. Calculate the monthly…

A: 1) a) Amount borrowed = $67,000, Annual Interest rate = 4%, the number of payments per year is 12…

Q: Calculate

Q: What is the monthly mortgage constant on a 20-year mortgage loan of $75,000 requiring payments of…

A: Note;- These are multiple questions according to guideline we can do maximum 1 question so i am…

Q: Find the simple interest paid on a $470 loan at 6.9% annual interest for 3 months

A: Given:The principal amount (P) is $470.The rate of interest (R) is 6.9% per year.The number of terms…

Q: Consider a student loan of $12 comma 50012,500 at a fixed APR of 66% for 55 years. a.…

A: Given: A student loan of $12,500 at a fied APR of 6% for 5 years.The principal amount P=12,500,…

Q: Use the formula or a calculator application to find the monthly payment on a home mortgage of…

A: From the given data loan amount (P.V.) = $295,298rate of interest = 4.908 % = Monthly interest…

Q: Gina buys her first house for $250,000 at 5% APR with a 30-year mortgage.a. Find her monthly…

A: a) It is given that, Gina buys house for $250000 at 5% APR with a 30-year mortgage. Here Principal…

Q: Consider a home mortgage of $200 comma 000200,000 at a fixed APR of 4.54.5% for 2525 years.…

A: Given: A home mortgage of $200000 at a fixed APR of 4.5% for 25% yearsHere Proincipal amount P…

Q: The monthly interest rate on this loan is 0.5%. The amount of the first month’s payment ($1918.56)…

A: Monthly interest rate = 0.5 % yearly interest rate = 005*12 =6 %Loan amount = 320,000 $monthly…

Q: Consider an investment of $1,500 for four years at 3.75% simple interest. a. Find the amount of…

Q: Find APR (rounded to the nearest tenth of a percent) for the loan. Purchase a living room set for…

A: We know, APR = 2Nr/N-1

Q: For a loan of $24,000 at a fixed APR of 8% for 15 years, find the monthly payment.

Q: Consider a home mortgage of $175,000 at a fixed APR of 9% for 20 years. a. Calculate the monthly…

A: Given problem Given that Consider a home mortgage of $175,000 at a fixed APR of 9% for 20 years…

Q: Compute the monthly payments for each add-on interest loan. The amount of the loan is $1300. The…

A: Addon interest also known as simple interest formula is given by the equation; A=P1+rt100 Where A is…

Q: Solve for Compound Interest and Amount.......6 month.....Principal $15,000........Rate…

A: The given principal amount at the rate for months compounded semi-annually.The objective is to…

Q: A loan is repaid with payment of $7209 at the end of each quarter for 11 years. If interest on the…

Q: Compute the monthly payments for the add on interest loan. The amount of the loan is $9,963.00. The…

A: The interest for a loan of principal amount P for an interest rate of r% for t years is given by;…

Q: $1,250

A: Please refer to the image below

Q: Toby takes a one year loan from the bank for $50,000. The bank charges a nominal interest rate of…

A: Given,

Question

An individual borrowed

$78,000

at an APR of

3%,

which will be paid off with monthly payments of

$404

for

years.

a. Identify the amount borrowed, the annual interest rate, the number of payments per year, the loan term, and the payment amount.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps with 1 images

SEE SOLUTION Check out a sample Q&A here

Similar questions

For the given corporate bond, whose annual simple interest rate is provided, find the semiannual simple interest payment and the total interest earned over the life of the bond. Assume 365 days in a year. $4600 Company A, 30-year bond, 5.188% The semiannual interest on the corporate bond is $ (Round to the nearest cent as needed.)
find the monthly mortgage loan payment for a $174,000 loan at 2.2% for 30 years.
Use PMT = . Round to the nearest dollar. Suppose that you borrow $10,000 for four years at 7% toward the purchase of a car. Find the monthly payments and the total interest for the loan. A.$281; $13,488 B.$239; $1472 C.$624; $19,952 D.$239; $11,472
Determine the monthly payment if you take out a loan for $160,000 with an annual interest rate of 4.25% and the term of the loan is 20 years.
find the monthly mortgage loan payment for a $187,000 loan at 4.0% for 20 years.
A time deposit of $110,000 of 31 days earns $900 on maturity date after deducting the 30% withholding tax interest income.find the rate of interest per annum
Calculate the finance charge (in $) and the annual percentage rate for the installment loan by using the APR formula. (Round dollar amounts to the nearest cent and percentages to one decimal place.) if the amount financed is 18,200 number of payments are 72 and monthly payment is 424.08 Sloving for finance charge and apr
Consider a student loan of $12,500 at a fixed APR of 12% for 20 years. a. Calculate the monthly payment. b. Determine the total amount paid over the term of the loan. c. Of the total amount paid, what percentage is paid toward the principal and what percentage is paid for interest.
The monthly payments on a 10-year loan of $35,000 at 6.1% interest are $390.33. (a) What is the total amount paid over the 10 years?$ (b) What is the total amount of interest paid?
find the monthly mortgage loan payment for a $185,000 loan at 4.6% for 30 years.