rates for types of loans in 2021. Assume monthly payments and compounding periods. HINT [See Examples 5 and 7.] Loan 30-Year Type Mortgage Mortgage 15-Year New Car Used Car Loan Loan Credit Cards Rate 3.03% 2.30% 9.20% 9.45% 13.99% You purchased a new car using a 5-year $45,000 loan in 2021. With the same monthly payments, how much could you have financed had the interest rate been 9.00%? (Do not round the payment amount to the nearest cent. Round the final amount you could have financed to the nearest cent.) With the same monthly payments, how much could you have financed had the interest rate been 9.50%? (Do not round the payment amount to the nearest cent. Round the final amount you could have financed to the nearest cent.)

Loan Basics Inputs Present value 325,000 Interest rate/year Number of years 4.00% 30 Present Value using a Time Line Year 10 15 20 25 30 Beginning Principal Balance Payment Interest component Principal component

Amortizing loans Suppose that you take out a 30-year mortgage loan of $200,000 at an interest rate of 10%. a. What is your total monthly payment? b. How much of the first month's payment goes to reduce the size of the loan? c. How much of the payment after two years goes to reduce the size of the loan?

1. Consider a home mortgage of ​$150,000 at a fixed APR of 4.5​% for 25 years.   a. Calculate the monthly payment. b. Determine the total amount paid over the term of the loan. c. Of the total amount​ paid, what percentage is paid toward the principal and what percentage is paid for interest.     2. Someone needs to borrow ​$11,000 to buy a car and the person has determined that monthly payments of ​$225 are affordable. The bank offers a 3​-year loan at 7​% ​APR, a 4​-year loan at 7.5​%, or a 5​-year loan at 8​% APR. Which loan best meets the​ person's needs? Explain.       Question content area bottom Part 1 Which loan best meets the​ person's needs? ​(Round to the nearest cent as​ needed.)   A. The first loan best meets the​ person's needs because the monthly payment of ​$enter your response here is less than the maximum budgeted amount of ​$225 per month.   B. The second loan best meets the​ person's needs because the monthly payment of ​$enter your response here…

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The following loan is a simple interest amortized loan with monthly payments. $5000, 91%, 4 years (a) Find the monthly payment. (Give your answer to the nearest cent.) Payment $ (b) Find the total interest for the given simple interest amortized loan. (Give your answer to the nearest cent.) Total interest $

You borrow $2,400 to pay for a Caribbean vacation and will pay it off over 2 years with regular monthly What is the regular payment if interest is charged on the loan amount at APR of 8% interest is charged monthly on the balance still Create an amortization table for this loan on Excel What is the total amount of payments made in part a.? What is the total interest

If you borrow $500,000 to buy a house today, what is the amount of your monthly mortgage payment over next 30 years if the bank charges a 3.6% interest rate?   Provide cash, interest expense, principal adjustment and pricipal balance for the first 6 months     Journalize the third payment

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