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Mortgages
A mortgage is a formal agreement in which a bank or other financial institution lends cash at interest in return for assuming the title to the debtor's property, on the condition that the obligation is paid in full.
Mortgage
The term "mortgage" is a type of loan that a borrower takes to maintain his house or any form of assets and he agrees to return the amount in a particular period of time to the lender usually in a series of regular equally monthly, quarterly, or half-yearly payments.
Biden has purchased a new piano for $5,000. He made a downpament of $500. He paid the balance by a loan from 5/3 bank. The loan is to be paid on a monthly basis for two years charging 12 percent interest. How much are the monthly payments?
Using excel or finance calculator!
| m |
| Nper (or N) =n*m |
| Rate (or I/Y)=i/m |
| PV |
| PMT |
| FV |
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- Biden has purchased a new piano for $5,000. He made a downpament of $500. He paid the balance by a loan from 5/3 bank. The loan is to be paid on a monthly basis for two years charging 12 percent interest. How much are the monthly payments? Include the following variables to help you solve the problem: m Nper (or N) =n*m Rate (or I/Y)=i/m PV PMT FVWilfredo bought a new boat for $18,300. He paid $1,000 for the down payment and financed the rest for 4-years at an annual interest rate of 10%. Use the table to find the monthly payment for the amortized loan. Find the total interest paid on the loan. LOADING... Click the icon to view a table of monthly payments on a $1,000 loan. Question content area bottom Part 1 The monthly payments for this loan are $enter your response here. (Round to the nearest cent as needed.) Part 2 The total interest he paid on this loan is $enter your response here. (Round to the nearest cent as needed.)Wilfredo bought a new boat for $21,100. He paid $2,000 for the down payment and financed the rest for 3-years at an annual interest rate of 5%. Use the table to find the monthly payment for the amortized loan. Find the total interest paid on the loan. Click the icon to view a table of monthly payments on a $1,000 loan. The monthly payments for this loan are $ (Round to the nearest cent as needed.) Enter your answer in the answer box and then click Check Answer. 1 part remainino Clear All Check Answer javascript:doExercise(3); Copyright © 2020 Pearson Education Inc. All rights reserved. | Ter (99+ 近
- 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:You plan to use a 15 year mortgage obtained from a local bank to purchase a house worth $124,000.00. The mortgage rate offered to you is 7.75%. You will make a down payment of 20% of the purchase price. a. Calculate your monthly payments on this mortgage. List in a spreadsheet the cash flow the bank expects to receive from you. Submit the spreadsheet with your answers. b. Calculate the amount of interest and principal for the 60th payment. Show your work. c. Calculate the amount of interest and principal to be paid on the 180th payment. Show your work. d. What is the amount of interest paid over the life of this mortgage?enny takes out a new car loan for $41,000 at 5% annual interest rate for 5 years. a. What is Jenny’s monthly payment? Two years later, Jenny has already made 24 monthly payments (of amount calculated in a.) and has 36 remaining payments. What is the remaining principal on the loan? Solve using two methods. b. Solve by calculating the Present Worth of the remaining 36 payments. c. Solve using Excel Spreadsheet function CUMPRINC as discussed on page 165 of text. (note: you should get same answer on b. and c.)
- Suppose you take out a 36-month installment loan to finance a delivery van for $26,100. The payments are $989 per month, and the total finance charge is $9,504. After 25 months, you decide to pay off the loan. After calculating the finance charge rebate, find your loan payoff (in $). (Round your answer to the nearest cent.) Need Help? Read It Watch It Master ItK Franklin's new snowmobile cost $13,000. After his down payment of $1,000, he financed the remainder at 6% for 10 years. Use the table to find the monthly payment for the amortized loan. Find the total interest paid on the loan. Click the icon to view a table of monthly payments on a $1,000 loan. The monthly payments for this loan are (Round to the nearest cent as needed.) The total interest he paid on this loan is $. (Round to the nearest cent as needed.) Monthly Payment on a $1,000 loan Annual Interest Rate 4% 5% 6% 8% 10% 12% Number of Years for the Loan 10 20 $22.58 $10.12 $6.06 23.03 10.61 6.60 23.49 11.10 7.16 24.41 12.13 8.36 32.27 25.36 13.22 9.65 33.21 26.33 14.35 11.01 3 $29.53 29.97 30/42 31.34 30 $4.77 5.37 6.00 7.34 8.78 10.29 - X 5 Next 10 00 t UsBilly roe visited his local bank to see how long it will take for $1,000 to amount to $1,900 at a simple interest rate of 12 1/2 percent. Provide Bill with the solution to this problem in years. PROVIDE THE FOLLOWING FOR EACH PROBLEM N= I= PV= PMT= FV= C/Y= P/Y =
- Please help me answer the following time value of money question. Edison borrowed $10,000 from the Niederriter Loan Company. He has to pay off the loan in 36 monthly payments of $500. What interest rate is he being charged?Joyce Mesnic bought an HP laptop computer at Staples for $699. Joyce made a $100 down payment and financed the balance at 10% for 12 months. What is her monthly payment? (Use the loan amortization table.) (Round your answer to the nearest cent.) I need help figuring up the monthly payment. Please explain in detail.A computer chip designer purchased a car for $59,476.47, which includes sales tax and registration. The designer obtains a 5-year loan for the total amount at an annual interest rate of 6.3% compounded monthly. The designer will make monthly payments. The payments calculation for this type of loan uses the formula for the present value of which type of annuity? Given the formula for the payment amount of annuity where PMT is the payment amount in dollars, PV is the present value in dollars, n is the number of payments, and i is the interest rate per period. PMT= ? Determin the following values. PV= $ n= i= What is the designer’s monthly payment? (Round your answer to the nearest cent.)