John takes a loan to buy a house, the borrowing amount is $376,489, and the annual percentage rate (APR) is fixed to be 3.43% for 30 years, monthly interest rate (1+3.43/100)^(1/12)-1. He pays monthly with a fixed value, calculate the total amount John has to pay in 30 years. $ 3.543e5 meaning 3.543x105, -4.321E-3 meaning -4.321x10-3. The default format is the normal format. If not mentioned, use normal format. You can search for an equation, or solve numerically, or search an online loan calculator. 10% error is allowed. L4 sig. figures in exponential format, e.g.

John takes a loan to buy a house, the borrowing amount is $376,489, and the annual percentage rate (APR) is fixed to be 3.43% for 30 years, monthly interest rate (1+3.43/100)^(1/12)-1. He pays monthly with a fixed value, calculate the total amount John has to pay in 30 years. $ 3.543e5 meaning 3.543x105, -4.321E-3 meaning -4.321x10-3. The default format is the normal format. If not mentioned, use normal format. You can search for an equation, or solve numerically, or search an online loan calculator. 10% error is allowed. L4 sig. figures in exponential format, e.g.

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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Similar questions

Julie and Rex Parker plan to buy a $310,000 home, paying 20% downpayment and financing the balance at 4% for 30 years. The taxes are $6000 per year, with annual insurance costing $650 per year. Find the monthly payment (including taxes and insurance). Use the real estate amortization table to find the monthly payment.
To buy a house, John takes out a fixed-rate amortizing mortgage of $270,000 for 20 years, with an annual percentage rate (APR) of 9%, compounded monthly. What will be John's required monthly payment? (Each payment includes principal and interest.) Round your answer to the nearest cent.
Trevor took a loan of $7,700 from her parents to purchase equipment for her hair salon. If they agreed on an interest rate of 7% compounded monthly on the loan, what quarterly payments will settle the loan in 5 years if she made her first payment 3 years and 4 months from now? O $570.55 O $507.23 O $460.08 O $409.02
Tara has just bought a house for $930,000 with a 30% down payment and a 70% mortgage loan for 20 years at the interest rate of 2.19%, compounded monthly. She is scheduled to repay interest and principal every month over the loan period unless she sells the house at some point and fully pay off the loan. Question Describe and explain the trend of amount of periodic (annuity) loan payment, interest expense and principal repayment and outstanding loan balance over time. Are the interest expense and principal repayment increasing or decreasing over time? State and interpret the final outstanding loan balance at the end of the entire loan period.
Q.A man buys a house for a $245,000. He pays $70,000 down and takes out a mortgage at 5.1% for 25 years on the balance. Find his monthly payment and the total amount of interest he will pay. the man will make payments of $____. (do not round until the final answer , then round to nearest cent ).
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Jack sells his lawn-mowing business for $50,000 but the buyer wants to pay for it in two cash payments: $25,000 in two months from today and the balance in 1 year from today. How much will Jack need to receive as the final payment (in 12 months) if the interest rate he charges is 6% per annum compounding monthly?A.$25,584.91B.$25,248.14C.$27,446.42D.$26,805.39
Fritz Benjamin buys a car costing $14200. He agrees to make payments at the end of each monthly period for 6 years. He pays 6.0% interest, compounded monthly. What is the amount of each payment? Find the total amount of interest Fritz will pay.
2.10.1. Melissa takes a loan of R950 000 to buy a house. The interest is 14,25% p.a. compounded monthly. His first instalment will commence one month after taking out the loan. (a) Calculate the monthly repayments over a period of 20 years. (b) Determine the balance on the loan after the 100th instalment. If Melissa failed to pay the 101", 102nd, 103rd and 104th instalments, the new instalment that will settle the loan in the same time period. ne value of (c)
Aidan wants to pay off the loan on his refrigerated trailer on which he has made 15 payments. If Aidan's monthly payment is $387.79 on a 3-year loan at an annual percentage rate of 5.5%, what is the payoff amount (in dollars)? (Round your answer to the nearest cent. See Example 10 in this section.)
13) Max buys a $2,000,000 house and makes a $500,000 down payment. The mortgage is for 30 years at 4% compounded monthly. The first payment will be made one month after the purchase of the house. a) How much are Max’s monthly payments? b) How much of the 300th payment goes to principal and how much goes to interest?

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