This problem is a compiex financial problem that requires several skils, perhaps some from previous sections. Clark and Lana take a 30-year home mortgage of $123,000 at 7.2%, compounded monthly. They make their regular monthly payments for 5 years, then decide to pay S1000 per month (a) Find their regular monthly payment. (Round your answer to the nearest cent.) 8341 (b) Find the unpaid balance when they begin paying the $1000. (Round your answer to the nearest cent.) 1100260 (e) How many payments of $1000 will it take to pay off the loan? Give the answer correct to two decimal places monthly payments (0) Use your answer to part (c) to find how much interest they save by paying the loan this way. (Round your answer to the nearest cent.)

Daniel and Jan agreed to pay $560,000 for a four-bedroom colonial home in Waltham, Massachusetts, with a $60,000 down payment. They have a 30-year mortgage at a fixed rate of 6.00%. (a) How much is their monthly payment? (b) Complete a 3 month amortization for the loan. DO NOT USE THE CHARTS.  PROVIDE THE FOLLOWING FOR EACH PROBLEM N= I= PV= PMT= FV= C/Y= P/Y =

A couple plans to purchase a vacation home. The bank requires a 5% down payment on the $450,000 vacation home. The couple will finance the rest of the cost with a fixed-rate mortgage at 9% annual interest with monthly payments over 30 years. Complete the parts below. Do not round any intermediate computations. Round your final answers to the nearest cent if necessary. If necessary, refer to the list of financial formulas. (a) Find the required down payment. (b) Find the amount of the mortgage. (c) Find the monthly payment.

The MacEacherns wish to buy a new house that costs $279,000. The bank charges 5.25% interest. A)  If the MacEacherns take out a 20-year mortgage, what will their monthly payment be? B) How much total interest will the MacEacherns pay if they only paid the minimum monthly payment found int part A and paid for the entire 20 years? C) If the home insurance premium for the year will be $1,224 and they will need to pay an annual property tax amount of $2,136, what is the PITI?  D)  What is the finance charge for the first payment? E)  How much of the first monthly payment will go toward the balance/principal? F) What is the new balance on the loan?

Daniel and Jan agreed to pay $556,000 for a four-bedroom colonial home in Waltham, Massachusetts, with a $70,000 down payment. They have a 25-year mortgage at a fixed rate of 638638 %. (Use Table 15.1.) a. How much is their monthly payment? Note: Round your answer to the nearest cent. Monthly payment:  b. After the first payment, what would be the balance of the principal? Note: Round your answers to the nearest cent.   Payment number Portion to interest portion to principal Balance of loan outstanding 1       TABLE 15.1 Amortization table (mortgage principal and interest per $1,000) Rate Interest Only 10 Year 15 Year 20 Year 25 Year 30 Year 40 Year 2.000 0.16667 9.20135 6.43509 5.05883 4.23854 3.69619 3.02826 2.125 0.17708 9.25743 6.49281 5.11825 4.29966 3.75902 3.09444 2.250 0.18750 9.31374 6.55085 5.17808 4.36131 3.82246 3.16142 2.375 0.19792 9.37026 6.60921 5.23834 4.42348 3.88653 3.22921 2.500 0.20833 9.42699 6.66789 5.29903 4.48617 3.95121 3.29778 2.625…

A couple plans to purchase a house. The bank requires a 20% down payment on the $470,000 house. The couple will finance the rest of the cost with a fixed- rate mortgage at 3% annual interest with monthly payments over 30 years. Complete the parts below. Do not round any intermediate computations. Round your final answers to the nearest cent if necessary. If necessary, refer to the list of financial formulas (a) Find the required down payment. $ (b) Find the amount of the mortgage. $0 (c) Find the monthly payment. $

Shirley Trembley bought a house for $185,300. She put 20% down and obtains a simple interest amortized loan for the rest at  6 3 8 %  for thirty years. (Round your answers to the nearest cent.) (a) Find her monthly payment.$ (b) Find the total interest.$ (c) Prepare an amortization schedule for the first two months of the loan. PaymentNumber PrincipalPortion InterestPortion TotalPayment Balance 0       $  1 $  $  $  $  2 $  $  $  $  (d) Most lenders will approve a home loan only if the total of all the borrower's monthly payments, including the home loan payment, is no more than 38% of the borrower's monthly income. How much must Shirley make to qualify for the loan?$  per month

Heather has $13,000 to put down on a new car priced at $25,000. The bank offers an annual interest rate of 5.5% compounded quarterly for 2 years.(a) How much money does Heather need to borrow?Heather needs to borrow $ ____    .(b) What are her payments?Heather's payments are $ _____ per quarter.(c) Make an amortization table for her payments. End of Period Interest Charged Payment Payment towards Principal Outstanding Principal 0 -- -- --   1         2         3         4         5         6         7         8         (d) How much interest did she pay in the two years?Heather paid $ ____ in interest.

Clark and Lana take a 30 you're home mortgage of $122,000 at 7.9%, compounded monthly. They make their regular monthly payments for five years, then decide to pay $1000 per month. (A) find their regular monthly payment round your answer to the nearest cent (b)Find the unpaid balance when they begin paying the $1000 round your answer to the nearest cent  (c)How many payments of $1000 will it take to pay off the loan (round your answer to two decimal places) (d)How much interest will they saved by paying the loan using the number of payments from parts (c)? (Round your answer to the nearest cent)

Ali obtains a loan for home renovations from a bank that charges simple interest at an annual rate of 3.6%. His loan is for $14,300 for 78 days. Assume each day is 1365 of a year. Answer each part below.  round your final answers to the nearest cent. (a) Find the interest that will be owed after 78 days.     $ (b) Assuming Ali doesn't make any payments, find the amount owed after 78 days.     $