Find the monthly house payment necessary to amortize the following loan. In order to purchase a home, a family borrows $70,000 at 12% for 15 years. What is the monthly paymen $840.12

Q: You would like to buy a new car and will need to borrow $25,000 to do so. Your loan will be repaid…

A: EMI or monthly payment of loans is the payment which the borrower makes every month towards loan…

Q: The original amount that was borrowed for your home mortgage was 175,000 dollars, to be repaid…

A: Monthly payment (EMI) is calculated by present value of annuity formula. where r is APR and n is…

Q: Example: In this exercise prepare an amortization schedule showing the payments for each loan. Joan…

A: PV = $20,000r = 7% / 2 = 0.07 / 2 = 0.035 (semiannual interest rate)n = 5 years * 2 = 10 payments

Q: Find the monthly payment for the loan. (Round your answer to the nearest cent.) A $517,000 home…

A: Given,Total amount = $517000Down payment = 20% of $517000Loan term = 30 yearsInterest rate = 6.2%

Q: Consider borrowing $250,000 to purchase a house at a 4% annual interest rate to be paid in full in…

A: The debt amortization schedule refers to the table that showcases the interest and principal…

Q: Farmer Ty needs to finance a machinery purchase of $70,000. His lender requires a down payment of…

A: Loan installment is that amount which is paid every month/ every year depend upon the terms which is…

Q: K Franklin's new snowmobile cost $13,000. After his down payment of $1,000, he financed the…

A: A loan is an agreement where one party provides the other party with an amount that is to be repaid…

Q: You purchase a home for $299,000. You make a down payment of 13% and finance the remaining amount…

A: Formulas:

Q: Find the monthly payment for the loan indicated. (Round your final answer to two decimal places. See…

A:

Q: After making twentieth payment of $582.17 on your car loan, you wanted to find out how much is left…

A: In this we need to calculate the present value of loan payment made and how much is balance payment.

Q: Martha Diaz needs an investment loan. She gets a simple interest amortized loan for $12,000 at 8.5 %…

A: Interest is the cost of borrowing the money.

Q: 3) Find the monthly payment and the total intere Suppose the family decides to add an extra $ onthly…

A: Concept of Mortgage and amortization of Loan  Calculation of Equalized Payment and Interest there on

Q: Mr. and Mrs. Jones have taken out a mortgage loan of $195,000.00 from a bank at 5.5% APR for a fixed…

A: Formula to calculate monthly payments PMT=PV x i x (1+r)n(1+r)n-1 Where, PMT = Monthly payment n =…

Q: An individual wishes to purchase a house that is selling for $200,000. The person has $50,000 they…

A: Mortgage loan have some down payment and remaining are to be paid monthly over the long period of…

Q: Suppose you obtain a 30-year mortgage loan of $194, 000 at an annual interest rate of 8.6%. The…

A: Monthly mortgage payment carry the payment for interest and payment for mortgage loan also.

Q: 1. Jeremiah has 3 years to repay a $55000 personal loan at 6.55% per year, compounded monthly. a.…

A: Solution:- When an amount is borrowed, it can either be repaid as a lump sum payment or in…

Q: Mr. Abdullah borrows $80,000 at 14 percent interest toward the purchase of a home. His mortgage is…

A: Given: Interest rate = 14% Loan = $80,000 Years = 25

Q: You want to purchase a house valued at $200,000.  After a downpayment, you can finance the house…

A: Value of the house = $200,000 Number of years of mortgage = 20 Number of periods (n) = 20*12 = 240…

Q: You purchase a house and obtain a 30-year loan of $198,000 at an annual interest rate of 8.30%.…

A:

Q: A home purchaser need to borrow $500,000 to finance their new home. The buyer believes they will…

A: A borrower can acquire a sort of prepaid interest or fees known as a mortgage point, often referred…

Q: What is the cost of two points on the mortgage?

A: Information Provided: Selling Price = $125,000 Downpayment = 20% or $25,000 Loan amount = $100,000…

Q: ou want to borrow $27,000 from your local bank to buy a new car. you can afford to make monthly…

A: The given problem can be solved using RATE function in excel. RATE function computes interest rate…

Q: 19. You borrow $1,500,000 to purchase a small apartment building. The lender charges you a 2%…

A: Present value of annuity Annuity is a series of equal payment at equal interval. With annuity (PMT),…

Q: A family has a $134,345, 25-year mortgage at 5.1% compounded monthly. (A) Find the monthly payment…

A: Mortgage is a loan to buy a property or asset. The mortgage repayment in equal amount is an annuity…

Q: You plan to purchase a $240,000 house using a 30-year mortgage obtained from your local credit…

A: Loan amortization is the process of repaying a loan over time with regular payments that cover both…

Q: The Simpsons are planning to purchase a new home. To do so, they will need to take out a 30-year…

A: Amortization of a loan refers to the regular and equal repayment of the loan and interest over the…

Q: The Hogansons purchase a new home for $225,000. They make a 25% down payment and finance the remain…

A: Loans are paid by equal fixed monthly payments that carry the payment for interest and loan both.

Q: The annual income of a borrower is $74,000.00. What is the maximum dollar amount he can borrow to…

A: Maximum amount to borrow = Remaining balance for monthly payments/ current mortgage rate

Q: You plan to obtain a $10000 loan from a furniture dealer at 10% annual interest rate that you will…

A: Annual loan payment is the repayment of loan annually for the period of loan, that includes interest…

Q: You took out a 30 year mortgage of $300,000 for your new apartment. The APR for your loan is 3.5%.…

A: Mortgage period = 30 years Mortgage amount = $300,000 Interest rate = 3.5%

Q: You purchase a home for $350 000. At the time of purchase you make a downpayment of $75 000. The…

A: Loan amount (L) = $350000 - $75000 = $275000 n = 25 years = 300 months Interest rate = 4.3%…

Q: . Find the monthly payment (including taxes and insurance). U

A: Information Provided: Downpayment = 20% Amount = $310,000 Interest rate = 4% Term = 360 years Taxes…

Q: The remaining balance of your car loan would be

A: Remaining balance is the unpaid portion on the loan. It is the amount of money not yet paid to the…

Q: You wish to buy your first home. Your annual gross income is $84,000. You also have monthly payments…

A: Mortgage loans are given on the basis of monthly income and other expenses related to the housing…

Q: You have $25,000 available for a down payment on your new home. You have determined that you can…

A: Down Payment = 25,000 Monthly Payment = 1,250 Rate = 4%/12  per month Time Period (N) = 360 months…

Q: You lend a friend ​$13,000​, for which your friend will repay you ​$49,591 at the end of 6 years.…

A: Interest rate = (Future value / Present value)^(1/Time) - 1 where, Future value = $49,591 Present…

Q: Find the monthly payment for the loan. (Round your answer to the nearest cent.) A $505,000 home…

A: Here,ParticularsValuesPurchase price of home $   5,05,000.00Percentage of down payment20.00%Number…

Q: A couple wants to buy a $32.000 car and can bonow the money lor the puechase at 8%, payingtofin3 4,…

A: If car is financed over 3years, the payment is P(3)=$1002.77 It's meaning is that, the couple has to…

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…