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.)

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.)

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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COMPARING INTEREST COST. You currently have a credit card that charges 18.99% interest. You receive an offer for a new credit card with a teaser rate of 9.99% for the first 6 month...after that the rate goes up to 24.99%. 14a) What is the total annual interest on the current credit card? 14b) What will be the interest in the first year after you switch? 14C) Should you switch? why?
Estimate the affordable monthly mortgage payment, the affordable mortgage amount, and the affordable home purchase price for the following situation. Use Exhibit 7-6, Exhibit 7-7. Note: Round your intermediate and final answers to the nearest whole dollar. Monthly gross income $ 4,850 Other debt (monthly payment) $260 20-year loan at 5 percent Down payment to be made (percent of purchase price ) 10 percent Monthly estimate for property taxes and insurance $ 385
Problem: Please answer the following questions regarding a $300,000 Mortgage Loan with monthly amortization over 30 years and an annual interest rate of 6%. What is the loan payment for a (30 year loan (360 monthly payments) of $300,000 at 6%? Question Answer What is the monthly payment amount? Loan Monthly Payment: How much interest and how much is principle on the first payment? Interest: Principle: How much interest and how much is principle on the second payment? Interest: Principle: If after the second payment an addition $10,000 was paid on principle. How much would the interest be on the third payment? Interest:
Some lenders offer loans with biweekly payments rather than monthly payments. Investigate the effect of this on home loans by finding the payment and total interest on a thirty-year simple interest amortized loan of $150,000 at 13% interest. (Round your answers to the nearest cent.) (a) if payments are made monthly payment $ total interest $ (b) if payments are made biweekly payment $ total interest $
Use chart.
k-You borrow $5,000 fixed payment loan. What will be the fixed payment if you want to payoff the loan in 4 quarterly payments? The quarterly rate is linked with Loan Prime Rate (LPR). The annual LPR is 12%. How much will be the total interest payment made by you?
Use PMT = to detemine the regular payment amount, rounded to the nearest cent. The cost of a home is financed with a $200,000 20-year - nt 1+ fixed-rate mortgage at 3.5%. a. Find the monthly payments and the total interest for the loan. b. Prepare a loan amortization schedule for the first three months of the mortgage. a. The monthly payment is $E (Do not round until the final answer, Then round to the nearest cent as ccess aUbra Success Resou More
Watch the video and then solve the problem given below. Click here to watch the video. You are considering a loan with an annual rate of 8%. The mortgage is $130,000 with 180 monthly payments of $1242.35 for 15 years. Complete the first two months of the amortization table. (Simplify your answers. Round to the nearest cent as needed.) Payment number Interest payment Principal payment Balance of loan 1
<. Question 18 You can afford a $1200 per month mortgage payment. You've found a 30 year loan at 6% interest. a) How big of a loan can you afford? tor b) How much total money will you pay the loan company? c) How much of that money is interest? Calculator
3. For a house price of $775, 000 use the following information to calculate: * 5% down payment and mortgage the rest * bank offers a 1.95 % interest rate for a 5-year fixed rate mortgage based on an amortization period of 25 years. a)Calculate the down payment. b) Subtract the down payment. c) Amount of mortgage ( include the mortgage insurance) d) Use a graphing calculator to determine monthly mortgage payment. PV PMT FV Annual Rate Periods Compounding : SEMI-ANNUALLY e) the total amount repaid to the bank f) the total interest paid over the life of the mortgage h) Add in down payment. Calculate the total amount to own the home
What size loan must we take today with a 14% compound interest rate to have end-of-year payments of $1400, $1320, $1240, $1160, and $1080 for the next five years, respectively? In other words, if you take out a loan today, and after making all five payments, above, the loan is paid off, what is the value of that loan? Answer:
None

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