Christy took out a mortgage of $717,000 for a house and just made the 117th end of month payment. If interest on the loan was 4.19% compounded monthly and the mortgage has a period of 19 years. Round ALL answers to two decimal places if necessary.
Q: Juliet has a 10-year mortgage of $350,000 with an interest rate of 4.5% APR, compounded…
A: Given: Given:
Q: Dylan deposits $10,000 now and makes an additional deposit of $5,000 at the end of Year 3 in the…
A: Interest charged on the principal amount and the interest accrued is known as Compound Interest. It…
Q: Mr. Cruz obtained a 17-year mortgage for 2894112. If this monthly payment is 18325 how much is the…
A: A mortgage is a type of loan in which a property is used as collateral for its own purchase or…
Q: Fidelio has purchased a condominium for $39,750, of which 80% is to be financed by a mortgage.…
A: given, price = $39,750 loan = 80% p= $39,750 x 0.8 = 31800 pmt = $395.80 rate = 14.3%
Q: A man paid a 10% down payment of 200,000 for a house and lot and agreed to pay the balance on…
A: Cost of house = 200,000 Down payment ratio = 10% Loan amount (PV) = Cost*(1-Down payment ratio)…
Q: James has a mortgage of $98,500 at 8% for 15 years. The property taxes are $3,700 per year, and the…
A: Mortgage amount = $98500 Rate = 8% Period = 15 years Property taxes = $3700 per year Insurance…
Q: Justin is financing S169,600 for a home at 5.25% interest with a 25-year fixed-rate loan. Find the…
A: Using excel pmt function
Q: Greg owes two debt payments – a payment of $5316 that was due in 13 months ago and a payment of…
A: The date at which values of all payments are calculated by compounding past and discounting future…
Q: You buy a house for $800,000. It is a 20 Year mortgage where the payments are made quarterly and at…
A: Borrowings are the liability of the company which is used to finance the requirement of the funds.…
Q: If Rachel obtained a business loan of $205,000.00 at 4.49% compounded semi-annually, how much should…
A: Present value of annuity Annuity is a series of equal payments at equal interval over a specified…
Q: For a 30-year house mortgage of $125,000 at 4.2% interest, find the following. (Round your final…
A: Mortgage on house = $125,000 Time period = 30 years Interest Rate = 4.2% The monthly interest rate…
Q: Bob just signed a lease on a rental agrelement. The current rent is $1,580 per month, and the…
A: Given that: Current Rent = $1580 per month Estimation increase = 5% every year
Q: Jane Adele deposits $1,700 in an account at the beginning of each 3-menth period for 12 years. If…
A: If the amount is deposited at end of each period, then such annuity is called ordinary annuity. If…
Q: Dandil owes two debt payments – a payment of $5323 that was due today and a payment of $1655 due in…
A: Future value is the value of the current investment on some future date at some specific rate of…
Q: On August 1, the home mortgage balance was $97,000 for the home owned by Kevin Roberts. The interest…
A: The monthly given payment includes Interest amount and Principal amount. Interest will be paid at…
Q: A man borrows $200 at a 3% interest compounded monthy. If he pays the loan off at the end of 7…
A: The present value is the value of the sum received at time 0 or the current period. It is the value…
Q: John House has taken a $150,000 mortgage on his house at an interest rate of 6% per year. If the…
A: The annuity refers to the series of cash payments and receipts that finished over a period. The…
Q: James has a mortgage of $98,500 at 8% for 15 years. The property taxes are $3,900 per year, and the…
A: A written agreement through which a lender gets the right to take the property that is put as a…
Q: James has a mortgage of $94,500 at 8% for 15 years. The property taxes are $3,900 per year, and the…
A: Given, Mortgage amount = $94,500 Interest rate = 8% Taxes = $3,900 Insurance premium = $754.50
Q: James has a mortgage of $84,500 at 4% for 15 years. The property taxes are $3,700 per year, and the…
A: Borrowings are the liability of the borrower which is used to finance the requirement. The borrower…
Q: ) Nancy takes out a 22-year home loan. She makes equal month-end repayments including the principal…
A: Loans are paid by the equal monthly installment and these carry the payment for interest rate and…
Q: Luis paid off a loan by making a payment of $4,050, which included simple interest of 3% p.a. If he…
A: Payment amount after 6 months (FV)= $ 4050 Annual interest rate (R) = 3% Period (T) = 6 Months =…
Q: Greg owns two debt payments - a payment of $5338 that was due in 11 months ago and a payment of…
A: The concept of the time value of money states that the same amount of money is worth more today than…
Q: a) What is the size of each quarterly payment? b) What is the outstanding principal at the end of…
A: Mortgage amortization refers to a schedule which is prepared to shows the periodic loan payments,…
Q: If Marc obtained a business loan of $225,000 at 4.77% compounded semi-annually, how much should he…
A: Solution:- When a loan is taken, it is either paid back in lump sum mode or installments. In…
Q: Kristina has a mortgage of $575,000 through her bank for property purchased. The loan is repaid by…
A: Formulas:
Q: Marcel Thiessen purchased a home for $205,600 and obtained a 15-year, fixed-rate mortgage at 7%…
A: Interest part is the amount of interest payable on outstanding loan balance and principal repayment…
Q: A person borrows an amount for a new house and s/he is going to make monthly payments of 8,000 $ for…
A: (a) The amount borrowed by this person : Amount borrowed= $8000/(1.12) = 7142.85 (b) Credit Worth…
Q: For a 30-year house mortgage of $325,000 at 5.8% interest, find the following. (Round your final…
A: Mortgage amount is $325,000 Time Period is 30 Years Interest rate is 5.8% To Find: Principal…
Q: Jeffrey received a $32,950 loan from a bank that was charging interest at 5.75% compounded…
A: Amortized Loan: Amortized loan is a type of loan in which the borrower would pay periodic payments…
Q: Marcel Thiessen purchased a home for $209,300 and obtained a 15-year, fixed-rate mortgage at 10%…
A: Calculation of Interest and Amount of Principal after first payment:The interest is $1,569.75 and…
Q: Jane bought a $3,000 audio system and agreed to pay for the purchase in 10 equal annual installments…
A: Compute the amount of the annual installment. Amount to be borrowed is $3,000, Rate of interest is…
Q: how much will she have in her account after 11 years
A: An Annuity is a series of payments of fixed amounts and at fixed intervals. These can be of two…
Q: A couple borrows $300,000 at an APR of 4.8% compounded monthly on a 30-year mortgage with monthly…
A: Honor code Since you have posted a question with multiple sub-parts, we will solve the first three…
Q: Ahmad took out a loan for $7500 and was charged simple interest at an annual rate of 4.7%. The total…
A: Simple Interest = Principal * Rate of interest * [ Number of days / 365 ]
Q: On October 1, the home mortgage balance was $166,000 for the home owned by Susan Wilson. The…
A: Balance at the beginning of October Monthly mortgage payment Interest amount $166,000 $1660…
Q: Virginia Osterman bought a television set on a 12-month installment plan that included a $39.00…
A: Given: Finance charge = $39.00 Monthly Payment = $54 Here, Total number of installments = 12 Settled…
Q: For a 30-year house mortgage of $175,000 at 4.8% interest, find the following. (Round your final…
A: A written agreement through which a lender gets the right to take the property that is put as a…
Q: At the end of each quarter, Patti Deposits $700 into account that pays 12% interest compounded…
A: In order to find the ending amount one needs to find the future value.
Q: three years ago , the Kennedys purchased a house and took out a mortgage of $ 1,000,000 from the…
A: Mortgage: It is the loan that is granted by the lender to the borrower for purchasing a real estate…
Q: John Mayer Inc. purchases a house for $500,000. On January 1, He makes a 20 percent down-payment and…
A:
Q: Erica deposits $1,400 at the end of every 3 months in an RRSP that is earning 6.90% compounded…
A: Using excel NPER Function
Q: Lucky took out a $289,000 25-year mortgage at an APR of 4.85%.a. What is the monthly payment?b. What…
A: Using excel PMT function
Q: James has a mortgage of $86,500 at 8% for 15 years. The property taxes are $3,900 per year, and the…
A: Solution:- Given, James has a mortgage = $86,500 at 8% for 15 years. The property taxes = $3,900 per…
Q: Marissa converted an RRSP balance of $125,000 into an RRIF that will pay he $1,850 at the end of…
A: Future Value: The future value is the amount that will be received at the end of a certain period.…
Q: A man makes a payment of 1450 at the beginning of every month on a bank that offers 6% interest. How…
A: To calculate the amount of loan we will use present value of annuity due formula that is as follows:…
Q: Dominic takes out a 30-year mortgage of 200000 dollars at the interest of 5.76 percent compounded…
A: Loan amount $2,00,000.00 Periodic interest 0.48% nper (no. of compounding period) 360…
Q: Asa has invested money from the settlement of an insurance claim. She plans to withdraw $1,560 from…
A: Using excel PV function to calculate the insurance settlement
Step by step
Solved in 3 steps with 2 images
- Alexandra took out a mortgage of $791,000 for a house and just made the 79th end of month payment. Interest on the loan was 4.43% compounded monthly and the mortgage has a period of 19 years. Round ALL answers to two decimal places if necessary. 1) What are her monthly payments? P/Y = I/Y = % BAL= $ positive value) C/Y = PV = $ PMT= $ N = FV = $ 2) What is her current outstanding balance after the 79th payment? (enter aA family has a $124,001 15-year mortgage at 4.8% compounded monthly (A) find the monthly payment and total interest paid (B) suppose the family decides to add an extra $100 to its mortgage payment each month starting with the very first payment. How long will it take the family to pay off the mortgage? How much interest will the family save? (A) monthly payment $ total interest paid $ (B) Time: (round 2 decimal places) Total interest saved $Part 2: When Tammy borrowed $8000.00 at 11.00% compounded quarterly she'll repay the loan in equal monthly payments over 5 years. How much of the 24th payment is interest? $52.46 d. $48.70 O a. $49.35 e. $49.11 b. $49.84
- Question Consider the first payment against a $200,000 mortgage that last for 25 years. Fixed repayments are made on a monthly basis. The first row of the amortization schedule is shown below. Payment # 1 2 Payment d Interest 716.67 ... Debt Payment P1 Calculate d, the fixed monthly payments that are made. Round your answer to the nearest cent. Balance b₁ IhA homeowner has five years of monthly payments of $1,100 before she has paid off her house. If the interest rate is 6% APR, what is the remaining balance on her loan? ..... A. $79,657 B. $45,518 C. $68,278 D. $56,898Question 5 of 6 Leah received a 25 year loan of $285,000 to purchase a house. The interest rate on the loan was 3.30% compounded semi-annually. a. What is the size of the monthly loan payment? $0.00 Round to the nearest cent b. What is the balance of the loan at the end of year 2? Open with $0.00 Round to the nearest cent o years c. By how much will the amortization period shorten if Leah makes an extra payment of $30,000 at the end of year 2? 0 months
- o help purchase her new car, Nicole is taking out a $34,000 amortized loan for 6 years at 5.8% annual interest. Her monthly payment for this loan is $560.27. ill in all the blanks in the amortization schedule for the loan. Assume that each month is of a year. Round your answers to the nearest cent. 12 Payment number Principal payment New loan balance Interest payment 1 2 $104.91 $455.36 $21,250.60 31 30o help purchase her new car, Nicole is taking out a S34,000 amortized loan for 6 years at 5.8% annual interest. Her monthly payment for this loan is $560.27. Il in all the blanks in the amortization schedule for the loan. Assume that each month is of a vear. Round your answers to the nearest cent. Payment number Interest Principal payment New loan payment balance 1 2$ 2 30 $104.91 $455.36 $21,250.60 31Dion took out a mortgage of $459,000 for a house and just made the 91st end of month payment. Interest on the loan was 3.85% compounded monthly and the mortgage has a period of 20 years. Round ALL answers to two decimal places if necessary. 1) What are his monthly payments? P/Y = I/Y = % C/Y = PV = $ PMT = $ N = (enter a FV = $ 2) What is his current outstanding balance after the 91st payment? |BAL = $ positive value)
- Eren Yeager borrows $100 000 to buy his dream home at an interest rate of 12% p.a. compounding quarterly with quarterly repayments. If the loan is over 20 years, what will be his repayments? Select one: a. $2 754.17 b. $3 311.17 c. $3 451.17 d. $2 932.17Matthew received a loan of $31,000 at 4.75% compounded quarterly. She had to make payments at the end of every quarter for a period of 7 years to settle the loan. a. Calculate the size of payments. Round to the nearest cent b. Fill in the partial amortization schedule for the loan, rounding your answers to two decimal places. 0.00 Payment Number 0 1 2 Payment $0.00 $0.00 Interest Portion $0.00 $0.00 Principal Portion $0.00 $0.00 Principal Balance $31,000.00 $0.00 $0.00The monthly mortgage payment on your house is $821.69. It is a 30 year mortgage at 6.5% compounded monthly. How much principal do you pay the second year? (Recall P1 = 1, and P2 = 12 for the first year, P1 = 13, etc for the second year ..) %3D %3D O $8,310 O $1,550 O $9,007 O $1,675 O $8,206