Tom borrowed $300,000 for his son Remy's law school tuition at the University of Missisippi. Tom received a rate of 3.75 for five years. Using 360 days in a year. what is the maturity value of the loan?
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Tom borrowed $300,000 for his son Remy's law school tuition at the University of Missisippi. Tom received a rate of 3.75 for five years. Using 360 days in a year. what is the maturity value of the loan?
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- Jonathan wishes to borrow $180 000 from a commercial bank. He was told that the loan would be amortized over five years and that payment could be made at the beginning or at the end of each year. Please assist Jonathan by answering the following questions. a. Explain to Jonathan, what is the purpose of a loan amortization schedule? b. Jonathan borrows $180 000 at 9% per annum for five years. The loan is repayable in five equal instalments at the beginning of the year. What is the annual payment?Devin received a 15 year loan of $305,000 to purchase a house. The interest rate on the loan was 4.10% 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 4? Round to the nearest centTom borrowed 300,000 for his son Remy's law school tuition at the University of Missisippi. Tom received a rate of 3.75% for 5 years. Using 360 in a year, what is the maturity value of the loan?
- c. By how much will the amortization period shorten if Shawn made an extra payment of $54,000 at the end of the year 3? years E months Express the answer in years and months, rounded to the next monthJason 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 student borrows $2500 from his uncle in order to finish school. His uncle agrees to charge him simple interest at the rate of 3.7% per year. Suppose that the student waits 3.7 years and then repays the entire loan. How much interest will he have to pay?
- While Jack was a student at the University of Georgia she borrowed $12,000in student loans at an annual interest rate of 9%. If Jack repays $1,500 per year then how long (to the nearest year) will it take him to repay the loan? Use an excel to understand the calculationA man plans to take a vacation in 5 years. He wants to buy a certificate of deposit for $1300 that he will cash in for the trip. What is the minimum annual interest rate he must obtain on the certificate if he needs at least $1500 for the trip? Assume that the interest on the loan is computed using simple interest. The rate he must obtain isStephen has just purchased a home for $125,000. A mortgage company has approved his loan application for a 30-year fixed-rate loan at 5.00%. Stephen has agreed to pay 25% of the purchase price as a down payment. Find the total interest Stephen will pay if he pays the loan on schedule. E Click the icon to view the table of the monthly payment of principal and interest per $1,000 of the amount financed. The total interest is S. (Round to the nearest cent as needed.)
- Kent owes $38000 with an interest rate of 4% in the student loans. If the loan will be paid after 2 years. How much interest will he pay?Michael Sanchez purchased a condominium for $97,000. He made a 20% down payment and financed the balance with a 30 year, 5% fixed-rate mortgage. (Round your answers to the nearest cent. Use this table, if necessary.) (a) What is the amount (in $) of the monthly principal and interest portion, PI, of Michael's loan?Charlotte wants to get a loan for $598000 to buy a house. The bank charges an annual interest rate of 2.01%. The loan period is 15 years. How much is the monthly mortgage payment? A. ($3,851) B. ($3,099) O C.($3,028) O D. ($4,678)
