Ocean Spray has applied for a mortgage of $205,000. Interest is computed at 5.5 percent compounded semiannually. The mortgage will be paid off over 25 years. (Use a Financial calculator to arrive at the answers. Do not round intermediate calculations and round the final answers to 2 decimal places.) a. Calculate Ocean's monthly payment. Monthly payment $ b. Calculate Ocean's weekly payment. Weekly payment c. Calculate Ocean's biweekly (every 2nd week) payment. Biweekly payment

Theodore D. Kat is applying to his credit union for a mortgage of $200,000. The bank has quoted 8% an interest rate. He would pay off the mortgage over 25- years (amortization period) and make a payment at the end of each month. A. Calculate EAR (1/100 of one percent, no %, e.g. 9.35) B. How much are Theodore's monthly payments?

A mortgage balance of $28,000 is to be repaid over a 15-year term by equal monthly payments at 4.9% compounded semi-annually. At the request of the mortgagor, the monthly payments were set at $425. (a) (b) What is the size of the last payment? (c) Determine the difference between the total amount required to amortize the mortgage with the contractual monthly payments rounded to the nearest cent and the total actual amount paid. How many payments will the mortgagor have to make? (a) The mortgagor will have to make payments. (Round up to the nearest whole number.)

On September 12, Jody Jansen went to Sunshine Bank to borrow $4,200 at 8% interest. Jody plans to repay the loan on January 27. Assume the loan is on ordinary interest. (Use Days in a year table) a. What interest will Jody owe on January 27? (Do not round intermediate calculations. Round your answer to the nearest cent.) Interest b. What is the total amount Jody must repay at maturity? (Do not round intermediate calculations. Round your answer to the nearest cent.) Maturity value

On September 12, Jody Jansen went to Sunshine Bank to borrow $2,300 at 9% interest. Jody plans to repay the loan on January 27, Assume the loan is on ordinary interest. (Use Days in a year table) a. What interest will Jody owe on January 27? Note: Do not round intermediate calculations. Round your answer to the nearest cent. Interest b. What is the total amount Jody must repay at maturity? Note: Do not round intermediate calculations. Round your answer to the nearest cent. Maturity value

Jennifer has a 60-month fixed installment loan, with a monthly payment of $223.04. The amount she borrowed was $11,000.00 at 8.0% APR. A split second after making her 36th payment, Jennifer decided to pay off the remaining balance on the loan. What is the total amount due to pay off the balance? Use the actuarial method. If you use the Finance Charge Table 11.2, page 632, and the "unearned interest formula", page 635, in your textbook to solve this problem, the result will match exactly with one of the answers. If you use a spreadsheet to do the computation, your result will not match exactly with any of the answers, but it will differ only very little (mostly less than $1) from the "correct" answer. $4,788.06 $4,897.69 $4,931.79 $5,063.35

A house sells for  $309,500  and a  4%  down payment is made. A mortgage is secured at  4%  for  20  years. Compute an amortization schedule for the first  3  months. Round your answers to two decimal places, if necessary. The value of the mortgage is  $297,120  and the monthly payment is  $1800.55 . Part: 0 / 3 0 of 3 Parts Complete   Part 1 of 3            Payment number       Interest       Payment on Principal       Balance of Loan    1 $ $ $   Procedure for Computing an Amortization Schedule Step  1    Find the interest for the first month. Use  =IPrt , where  =t112 . Enter this value in a column labeled Interest. Step  2    Subtract the interest from the monthly payment to get the amount paid on the principal. Enter this amount in a column labeled Payment on Principal. Step  3    Subtract the amount of the payment on principal found in step  2  from the principal to…

On September 1, the home mortgage balance was  $262,000  for the home owned by Kim Thompson. The interest rate for the loan is  8  percent. Assuming that Kim makes the September monthly mortgage payment of  $2620 , calculate the following:   (a) The amount of interest included in the September payment (round your answer to the nearest cent). (b) The amount of the monthly mortgage payment that will be used to reduce the principal balance. (c) The new balance after Kim makes this monthly mortgage payment.

Melynda and Andrés borrowed $60,000 at 7.25% compounded annually as a second mortgage loan against their current home. Repayment amount is $5,900 at the end of every six months. a. How many payments are required to repay the loan? Number of payments b. Use the given information to complete the amortization table below. Determine the missing values for the first two payment intervals, the last two payment intervals, and the totals. Report results to the nearest cent.

A couple borrows $300,000 at an APR of 4.8% compounded monthly on a 30-year mortgage with monthly payments of $1,574. (a) How much of the first payment goes to interest? (b) Find the total interest paid over the life of the loan. (c) After making their 70th payment, they refinance the loan at an APR of 3.6% compounded monthly for 15 years. The refinanced amount includes the unpaid balance from the original loan plus a refinance charge of $2,000. Find the new monthly payment. (d) Find the amount saved by refinancing.