How much will their monthly payment be?
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Mr. and Mrs. Smith have taken out a mortgage loan of $250,000.00 from a bank at 6% APR for a fixed 15 years. How much will their monthly payment be?
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- Mr. and Mrs. Jones have taken out a mortgage loan of $195,000.00 from a bank at 5.5% APR for a fixed 15 years. How much will their monthly payment be? Show your work.Joan Tanaka borrows $80,000 at 14 percent interest toward the purchase of a vacation home.Her mortgage is for 25 years. a. How much will her annual payments be? (home payments are usually on a monthly basis, but we shall do our analysis on an annual basis for ease of computation.) b. How much interest will she pay over the life of the loan?Suppose Allison purchases a condominium and secures a loan of P13,400,000 for 30 years at an annual interest rate of 6.5%. a. Find the monthly mortgage payment. b. What is the total of the payments over the life of the loan? c. Find the amount of interest paid on the loan over the 30 years
- Suppose Allison purchases a condominium and secures a loan of $134,000 for 30 years at an annual interest rate of 6.5%. Find the monthly mortgage payment. (answer in whole number)7. Joan Tanaka borrows $80,000 at 14 percent interest toward the purchase of a vacation home. Her mortgage is for 25 years. a. How much will her annual payments be? (home payments are usually on a monthly basis, but we shall do our analysis on an annual basis for ease of computation.) b. How much interest will she pay over the life of the loan?Find the monthly payment for each loan below. Remember to assume monthly compounding. 11. Sean and Sam purchase a house with a $20,000 down payment. The purchase price of the house was $475,000 and they financed the rest for 3.75% for 30 years. Their annual taxes will be $2856, and their annual insurance will be $1984. What will their monthly principal, interest, tax, and insurance (PITI) mortgage payment be?
- Will has a 30-year mortgage on a $100,000 loan for his house in Florida. The interest rate on the loan is 6% per year (nominal interest), payable monthly at 0.5% per month. Solve, a. What is Will’s monthly payment? b. If Will doubles his payment from Part (a), when will the loan be completely repaid?Jessica purchases a house for $323,000 and takes a mortgage for the full amount. Her mortgage charges 6.75% per year and interest is compounded monthly. She will repay the loan over 25 years with equal monthly payments. a) What is her monthly payment amount? b) How much of the 8th payment would be applied toward interest? c) How much would be the payoff amount if the mortgage is to be paid at the end of year 2 (i.e., before the 24th payment is made)?Mr. Joe pays $2068 a month for the loan he took from a bank. If the total payment period is 3 years and the interest rate is 29% per year compounded monthly. Determine the amount of loan Mr Joe took?
- Alan's monthly payments of $600 will pay off his mortgage loan in 7 years and 5 months. The interest rate on his mortgage is 6.6% compounded monthly. What is the current balance of the loan?The Smiths are refinancing their home mortgage to a 15-year loan at 3.6% annual interest compounded monthly. Their outstanding balance on the loan is $160,000. (a) Under their current loan, the Smiths' monthly mortgage payment is $1515. How much will the Smiths be saving in their monthly mortgage payments by refinancing? (b) How much interest will the Smiths pay over the life of the new loan?Jose and Mark plan to purchase a home for $138,000. They will pay 20% down and finance the remainder for 25 years at the APR of 8%, compounded monthly. a) How large are the monthly payments? $ 852.09 b) What will be their loan balance right after they have made their 240th payment? $ 42023.5 c) How much interest will they pay during the 20th year of the loan? $ 52078.1 d) If they were to increase their montly payments by $100, how long would it take to pay off the loan? Give your answer in whole months. 87