Donovan took a $46,000 loan at 3.78% compounded monthly and decided to make end of month payments of $1,413. 1) How many payments will Donovan have to make to amortize this loan? (rounded to the next higher whole number) 2) What will the size of his final payment be? (enter a positive value)
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- Lian took a $85,000 loan at 2.91% compounded monthly and decided to make end of month payments of $2,392. 1) How many payments will Lian have to make to amortize this loan? (rounded to the next higher whole number) 2) What will the size of his final payment be? $ (enter a positive value)Aiyana took a $72,000 loan at 2.83% compounded monthly and decided to make end of month payments of $2,128. 1) How many payments will Aiyana have to make to amortize this loan? (rounded to the next higher whole number) 2) What will the size of her final payment be? $ (enter a positive value)Jacob took a $75,000 loan at 1.8% compounded monthly and decided to make end of month payments of $2,124. 1) How many payments will Jacob have to make to amortize this loan? 37 (rounded to the next higher whole number) 2) What will the size of his final payment be? 2,085 (enter a positive value)
- Susan Bentley will purchase a home for $257,000. She will use a down payment of 20% and finance the remaining portion at 3.9% compounded monthly for 30 years. (a) What will be the monthly payment? (b) How much will remain on the loan after making payments for 5 years? (c) How much interest will be paid on the total amount of the loan over the course of 30 years? (Solve with Loans and Amortization)Jonathan wishes to buy a used chevy malibu for $12,500. He only has $1,000 for a down payment so th ebest deal he can get on a loan is 9% for 48 months a.) what will his payments be? b.)What is the total interest over the life of the loan?Piotr takes out a loan for $3,159.00. The term of the loan is 10 years, and he will make monthly payments. The interest rate on the loan is 7.775% compounded bi-weekly. a) What is the effective interest rate per payment period? b) If Piotr is going to repay the loan with level payments, what is the monthly payment amount? C) Fill in the first 3 rows of the loan amortization table.
- Gunther has to pay a loan he took out after a term of 5 years. If the principal amount is at $215 000 and the total amount he has to pay is $275 000, what was the interest rate of his loan (if compounded quarterly)?You borrowed $18,000 from a friend and promised to pay the loan in 12 equal annual installments beginning one year from the date of the loan. Your friend would like to be reimbursed for the time value of money at a 9% annual rate. What is the annual payment you must make to pay back your friend? Note: Do not round intermediate calculations. Round your final answers to nearest whole dollar amount. Show less Table, Excel, or calculator function not attempted Present Value: not attempted n = not attempted i = not attempted Annual Installment:James received a 15 year loan of $230,000 to purchase a house. The interest rate on the loan was 2.10% 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? Round to the nearest cent c. By how much will the amortization period shorten if James makes an extra payment of $30,000 at the end of year 2?
- Mr. Smith wants to buy a new car that willcost $35,000. He will make a down payment in theamount of $15,000. He would like to borrow theremainder from a bank at an interest rate of 12%compounded monthly. He agrees to pay off the loanmonthly for a period of five years. Select the correctanswer for the following questions:(a) What is the amount of the monthly payment A?i. A = $20,000(A/F, 1%, 60)ii. A = $20,000(A/P, 12%, 5)/12iii. A = $20,000(A/P, 1%, 60)iv. A = $4,000(A/F, 12%, 5)/12(b) Mr. Smith has made 36 payments and wants tofigure out the balance remaining immediatelyafter the 36th payment. What is that balance?Suppose that you wish to buy a new home that will cost you $452,847. You must put $80,000 down, and the bank offers you a 5-year 5.1% APR negative amortization loan with a payments $1,258 per month, and a balloon payment of $92,233 (your 360th payment). How much will your remaining payments be?Pedro borrows P300,000.00 from lender ABC today at 12% compounded monthly. To fulfill his obligation to repay the loan, Pedro agreed to start paying the six (6) equal monthly payments starting next month. What will be the amount of his monthly amortization? Construct an amortization schedule. Use a table similar to that found in our textbook. What will be the outstanding balance of his loan at the end of 4 months from today? If Pedro failed to pay the 2nd and 3rd monthly amortization, how much shall he the required single payment on the fifth month in order to fully pay his outstanding obligation? Supposed that he will still not be able pay the single total payment on the Fifth month as stated in question d. above, and assuming further that both parties agree that the outstanding obligations shall instead be paid in 7 equal monthly installments, at 15% compounded monthly, starting on the 9th month, what will the value of such monthly…