Patriciana bought a house with a mortgage of $346,400. The mortgage is being financed with an interest rate of 4.85% compounded monthly. Patriciana will make payments of $1,878. (a) How many payments will Patriciana have to make to repay the mortgage? payment(s) (b) How long, in months, will it take Patriciana to pay off the mortgage? (Hint: In an annuity due, payments are made at the beginning of each period.) month(s)
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- Sam takes out a loan for $3,685.50. The term of the loan is 7 years, and she will make bi-weekly payments. The interest rate on the loan is 3.475% compounded monthly. a) What is the effective interest rate per payment period? b) If Sam is going to repay the loan with level payments, what is the monthly payment amount? c) Fill in the first 3 rows of the loan amortization table. d) What would the nominal interest rate (compounded monthly) have to be if the bi-weekly (level) payment amounts were $24.69?Tomás bought a house with a mortgage of $328,300. The mortgage is being financed with an interest rate of 5.36% compounded monthly. Tomás will make payments of $1,646. (a) How many payments will Tomás have to make to repay the mortgage? payment(s) (b) How long, in months, will it take Tomás to pay off the mortgage? (Hint: In an annuity due, payments are made at the beginning of each period.) month(s)Sonya has a $363,000 mortgage at 3.41% compounded monthly with end of month payments of $3,340.00. a) How many payments will Sonya have to make to amortize this loan? (rounded to the next higher whole number) b) How much will her final mortgage payment be? $ (enter a positive value)
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- Cassandra received a 30 year loan of $320,000 to purchase a house. The interest rate on the loan was 3.70% compounded semi-annually. a. What is the size of the monthly loan payment? Round to the nearest cent b. What is the balance of the loan at the end of year 3? Round to the nearest cent c. By how much will the amortization period shorten if Cassandra makes an extra payment of $30,000 at the end of year 3? years and monthsmSuppose 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 yearsJason received a 30 year loan of $290,000 to purchase a house. The interest rate on the loan was 2.80% compounded semi-annually. a. What is the size of the monthly loan payment? Round to the nearest cent b. What is the balance of the loan at the end of year 3?
- A family needs to take out a 15-year home mortgage loan of $170,000 through a local bank. Annual interest rates for 15-year mortgages at the bank are 3.5% compounded monthly. (a) Compute the family's monthly mortgage payment under this loan. (b) How much interest will the family pay over the life of the loan?Aiyana took a $72,000 loan at 2.83% compounded monthly and decided to make end of month payments of $2,128. 1) How many payments will Aiyana have to make to amortize this loan? (rounded to the next higher whole number) 2) What will the size of her final payment be? $ (enter a positive value)Anna is buying a house selling for $265,000. To obtain the mortgage, Anna is required to make a 15% down payment. Anna obtains a 25-year mortgage with an interest rate of 4%. LOADING... Click the icon to view the table of monthly payments. a) Determine the amount of the required down payment. b) Determine the amount of the mortgage. c) Determine the monthly payment for principal and interest. a) Determine the amount of the required down payment. $nothing b) Determine the amount of the mortgage. $nothing c) Determine the monthly payment for principal and interest. $nothing (Round to the nearest cent.)