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 payment? $840.12

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: The Wade family is interested in buying a home. The family is applying for a $200,000 30-year…

A: To find the monthly mortgage payment, we can use the formula for a fixed-rate mortgage…

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: Use the monthly payment formula to answer the question. Round your answer to two decimal places, if…

A: Purchase Price = $648,000Down Payment rate = 10%Compound = monthly = 12Interest rate = r = 7.92 / 12…

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: a. Calculate your monthly payments on this mortgage. b. Construct the amortization schedule for the…

A: Amortization Schedule: It is a table containing details about each periodic payment. It includes…

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: 14. You are considering borrowing OMR150,000 to purchase a new home. a. Calculate the monthly…

A: The payments discussed here are a form of annuity wherein an equal amount of payment is made each…

Q: You plan to purchase a $200,000 house using a 15-year mortgage obtained from your local credit…

A: Step 1 A mortgage term is a mortgage's whole life period. It's the period of time in years and…

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: Georgia applied for a home mortgage of 75,000 to finance the purchase of a new home for 30 years.…

A: Loan amount (PV) = 75,000 Annual interest rate (r) = 14% Number of annual payment (n) = 30

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: 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 buy a house for $1,200,000 using a 30-year mortgage.  The annual interest rate is 3%.  Payments…

A: Using excel PV function

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: You want to buy a house and will need to borrow $220,000. The interest rate on your loan is 5.47…

A:

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: Find the monthly amortization of the loan.​

A: Monthly Amortization: It refers to the monthly payments made to the lender by the borrower for…

Q: Explain what a cash-flow calendar accomplishes. Name three techniques to control spending.

A: Cash flow is basically of two types: Cash Inflows  & Cash Outflows. Cash Inflows: Primarily…

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 purchase a home for $434,000 by making a down payment of 15% and financing the remaining amount…

A: A mortgage refers to a covered loan that is borrowed for the purchase of a property, which itself…

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: To buy a new house, you must borrow $140, 000. To do this, you take out a $ 140,000, 30-year, 9…

A: The annuity can be referred to as the amount paid each year as an installment on the amount of loan…

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: To help buy his new townhome, Bill is taking out a s163,000 mortgage loan for 30 years at 3.4%…

A: Here, Loan amount = $163,000 Rate of interest = 3.4% Number of year = 30 years Monthly payment of…

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: 14) You are considering borrowing OMR150,000 to purchase a new home. a. Calculate the monthly…

A: Using the PMT function in excel.