Find the monthly payment needed to amortize a typical $115,000 mortgage loan amortized over 30 years at an annual interest rate of 5.7% compounded monthly. (Round your answers to the nearest cent.) $ Find the total interest paid on the loan. $

Q: A homeowner takes-out a loan in the amount of $600,000 for a term of 20 years at 6% APR, compounded…

A: Hello, as per our guidelines, I have solved the first question. Please repost the second question…

Q: Consider that you take out a $250,000, 15-year mortgage with 3.5% interest with monthly payments.…

A: Loan amount (P) = $250,000 Monthly period of loan (n) = 180 (i.e. 15 years * 12) Monthly interest…

Q: Calculate the monthly payment for a 15 year mortgage of $100,000 at 6% interest.  Solve for PMT

A: PMT(periodic payment) A periodic payment is a payment or deposit made at regular intervals.…

Q: Suppose you take out a mortgage for $265000 at 2.88% interest, compounded monthly, for 20 years!…

A: Compounding frequency refers to the number of times a sum of money is compounded within a year. This…

Q: Determine the periodic payments PMT on the given loan or mortgage. (Round your answer to the nearest…

A: A mortgage is a loan that is used to finance the acquisition or maintenance of a home, land or other…

Q: You borrow a five-year $13,000 loan with monthly payments of S250. What is the annual percentage…

A: PV = 13000, PMT = -250, N = 5*12, FV = 0 use rate function in Excel monthly rate = 0.48%

Q: Prepare an amortization schedule for the first 3 payments (in $) of a $66,000 mortgage at 5% for 20…

A: Present Value Annuity Factor=1-1+rate-timerate

Q: Calculate the monthly mortgage payment for the following two scenarios. Create an amortization…

A: GIVEN, P= $200,000 R=3% N=15

Q: Determine the periodic paymen $80,000 borrowed at 8% for 9 years, with monthly payments PMT = $

A: PMT can be calculated by using this formula PMT =PV*i1-1(1+i)n Where PV =Loan amount            i=…

Q: Find the monthly payment (in $) and the total interest (in $) for a mortgage of $46,000 at  5 1/4 %…

A: Monthly payment=4.14Total interest=$42,987.20So, the monthly payment is $4.14 and the total interest…

Q: Find the monthly payment needed to amortize principal and interest for the fixed-rate mortgage. Use…

A: A mortgage refers to a covered loan that is borrowed to purchase a property with the property itself…

Q: Please help me find b, part three TOTAL INTEREST! Some lenders offer fifteen-year home loans.…

A: Loan amount =$100,000Interest rate per year =10%We need to find the total interest paid in 10 year…

Q: You took out a 25-year constant amortizing mortgage of $373,000 with an interest rate of 4.25%? What…

A: Monthly payment amount is calculated using following equation Monthly payment = rm×A1-11+rmn×m…

Q: Find the total monthly payment, including taxes and insurance. Interest Rate Term of Loan Annual…

A: A mortgage is a loan taken out for the purchase of real estate. The real estate being purchased acts…

Q: The following loan is a simple interest amortized loan with monthly payments. (Round your answers to…

A: Using excel PMT function

Q: repare an amortization schedule for the first 3 payments (in $) of a $68,000 mortgage at 5% for 30…

A: Amortization refers to the spread of payment over a certain time duration. An amortization schedule…

Q: Suppose you take out a mortgage for $170000 at 3.12% interest, compounded monthly, for 15 years.…

A: Monthly payment refers to an amount that is being paid every month for the repayment of the loan…

Q: Find the monthly payment (in $) and the total interest (in $) for a mortgage of $48,000 at  5 1/4%…

A: The monthly payment for a mortgage is made is such a way that the mortgage amortizes to zero by the…

Q: Find the annual simple interest rate of a loan, where $900 is borrowed and where $1008 is repaid at…

A: Amount Borrowed = $900 AmountRepaid after 18 months = $1008 Months = 18 YEars = 18/12 = 1.5 years…

Q: ect of the term on simple interest amortized auto loans by finding the monthly payment and the total…

A: Monthly Payment = Total Loan Amount / (Term in years * 12)Total Interest = (Total Loan Amount *…

Q: e the following amortization chart. (solve for principal and monthly mortgage payment) Selling…

A: The given problem can be solved using PMT function in excel. PMT function computes installment…

Q: Use the ordinary interest method to compute the time (in years) for the loan. Round your answer up…

A: Principal (P) = $25,000Rate (R) = 8.6%Interest (I) = $10,750

Q: Use PMT = to determine the regular payment amount, rounded to the nearest cent. The cost of a home…

A: Cost of House is $110,000 Time period is 20 years or 20×12=240 months Interest rate is 3%  Monthly…

Q: Find the interest paid on a loan of $2,700 for one year at a simple interest rate of 11% per year.…

A: Simple interest = Principle × rate × time

Q: Prepare an amortization schedule for the first 3 payments (in $) of a $62,000 mortgage at 5% for 30…

A: Amortization of a loan refers to the gradual repayment of the loan over a period of time. The…

Q: Original Terms of Loan:  30 year loan of $127,800 at an interest rate of 6 ½ %. What is the monthly…

A: The equivalent annual cost is the periodic payment made towards the acquisition of an asset or…

Q: Consider a home mortgage of $125,000 at a fixed APR of 12% for 30 years. a. Calculate the monthly…

A: Payment per period can be calculated using PMT function in excel.   PMT(rate, nper, pv, [fv],…

Q: Investigate the effect of the term on simple interest amortized auto loans by finding the monthly…

A: Given,  The loan amount is $13,000 Rate is 8 7/8%

Q: Complete the following amortization chart. (Round your answers to the nearest cent.) selling…

A: Selling price = $ 86000 Down payment = $ 5000 Principal loan (PV) = 86000-5000 = $ 81000 Rate of…

Q: Determine the periodic payments PMT on the given loan or mortgage. (Round your answer to the nearest…

A: Loan = $90,000 Interest = 3% Monthly interest = 0.03/12 =0.25% Time =10 years Monthly period =10*12…

Q: Find the monthly payment needed to amortize a typical $105,000 mortgage loan amortized over 30 years…

A: We need to determine the monthly payment as well as the interest component.  Given, Interest rate =…

Q: Prepare the first row of a loan amortization schedule based on the following information. The loan…

A: Loan payment refers to the amount that is being paid by the borrower to the lender for the repayment…

Q: calculate the mortgage payment for a home mortgage price costing $ 280,000. Calculate the payment…

A: A mortgage is a kind of loan that a lender or financial institution offers to people or companies to…

Q: Find the monthly payment (in $) and the total interest (in $) for a mortgage of $46,000 at 5% for 40…

A: Here, To Find: Monthly payment =? Total Interest =?

Q: Find the monthly house payments necessary to amortize the following loan. Then calculate the total…

A: 1). Monthly payment is calculated using following equation Monthly payment = A×(r/m)(1-1(1+r/m)n×m)…

Q: he following loan is a simple interest amortized loan with monthly payments. $7000, 7%, 4 years (a)…

A: A loan indicates a sum borrowed to meet specific needs. The loan amount is generally repaid via a…

Q: Find the monthly payment needed to amortize a typical $180,000 mortgage loan amortized over 30 years…

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

Q: Consider a home mortgage of $225,000 at a fixed APR of 4.5% for 30 years. a. Calculate the monthly…

A: Mortgage type of loan is backed by some collateral  security against the loan. It is a secured loan.…

Q: Find the monthly payment for a 289,500.00 home with 20% down payment. The terms of the mortgage are…

A: The cost of home = 289,500 The down payment = 20%  Interest rate on mortgage = 8.5%  The time period…

Cost of Credit

The cost of credit is an extra amount that the borrower has to pay besides the loan amount. These credit charges may vary from loan to loan. The cost of credit includes interest charges, maintenance charges, and arrangement charges. Some of the costs are mandatorily collected by the lender based on the loan amount and tenure of the loan. The cost of credit is also called finance charges of the credit.