On June 1, you borrowed $220,000 to buy a house. The mortgage rate is 8.25 percent. The loan is to be repaid In equal monthly payments over 15 years. The first payment is due on July 1. How much of the second payment applies to the principal balance? (Assume that each month is equal to 1/12 of a year.)

The balance on a mortgage was $40,100 and an interest rate of 5.50% compounded semi-annually was charged for the remaining 5-year term. Monthly payments were made to settle the mortgage. a. Calculate the size of the monthly payments. Round up to the next whole number b. If the monthly payments were set at $915, how long would it take to pay off the mortgage? years months Express the answer in years and months, rounded to the next payment period c. If the monthly payments were set at $915, calculate the size of the final payment. Round to the nearest cent V

A mortgage of $38,000 is repaid by making payments of $270 at the end of each month for 13 years. What is the nominal annual rate of interest compounded annually? The nominal annual rate of interest is % compounded annually. (Round to two decimal places as needed.) V

Ross Land has a loan of $8,500 compounded quarterly for four years at 4%. What is the effective interest rate for the loan? Click here to view page 1 of the future value table. Click here to view page 2 of the future value table. The effective interest rate is %. (Round to two decimal places as needed.)

John received a loan of $40,500, 6 years ago. The interest rate charged on the loan was 4.68% compounded quarterly for the first 6 months, 5.46% compounded semi-annually for the next 2 years, and 5.88% compounded monthly thereafter. a. Calculate the accumulated value of the loan at the end of the first 6 months.   Round to the nearest cent b. Calculate the accumulated value of the loan at the end of the next 2 year period.   Round to the nearest cent c. Calculate the accumulated value of the loan today.   Round to the nearest cent d. Calculate the amount of interest charged on this loan over the past 6 years.     jamie wants to double his money in 9 years in an investment fund. What quarterly compounding interest rate do you suggest that he looks for?

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.

The balance on a mortgage was $42,600 and an interest rate of 4.25% compounded semi-annually was charged for the remaining 3-year term. Monthly payments were made to settle the mortgage. a. Calculate the size of the monthly payments. Round up to the next whole number b. If the monthly payments were set at $1,412, how long would it take to pay off the mortgage?  Express the answer in years and months, rounded to the next payment period   (C). If the monthly payments were set at $1,412, calculate the size of the final payment.

A fully amortizing mortgage loan is made for $100,000 for 15 years. The interest rate is 6 percent per year compounding monthly. Payments are to be made monthly. What is the loan outstanding after one monthly payment? (Round to a dollar) $89,692 $89,380 $99,656 $89,691 $79,725

Calculate Quick Ratio: AKA the Acid Test

John obtained a loan of $25,000 at 4.6% compounded monthly. How long (rounded up to the next payment period) would it take to settle the loan with payments of $2,810 at the end of every month? Express the answer in years and months, rounded to the next payment period