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Use the following amortization chart:
Selling price of home | Down payment | Principal (loan) | Rate of interest | Years | Payment per $1,000 | Monthly mortgage payment |
---|---|---|---|---|---|---|
$ 90,000 | $ 5,000 | $ 85,000 | 512%512% | 30 | $ 5.67789 | $ 482.62 |
What is the total cost of interest?
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- As one of the loan officers for Grove Gate Bank, calculate the monthly principal and interest, PI (in $), using this table and the monthly PITI (in $) for the mortgage. (Round dollars to the nearest cent.) Amount Interest Financed Rate $220,000 7.50% Term of Loan (years) 25 $ Monthly PI Annual Property Tax $6,543 Annual Insurance $2,126 $ Monthly PITIUse the add-on method of calculating interest to find the total interest and the monthly payment. Amount of Loan Length of Loan Interest Rate 3.5% $1050 18 months The total interest is $ (Type an integer or decimal rounded to the nearest cent as needed.) The monthly payment is $. (Round the final answer to the nearest cent as needed. Round all intermediate values to the nearest cent as needed.) 80 Q C F5 MacBook Air C F6 F7 DII F8 8 F9 J F10 F11 Next F12You have just been hired as a loan officer at a national bank. Your first assignment is to calculate the amount of the periodic payment (in $) required to amortize (pay off) the following loan being considered by the bank (use Table 12-2). (Round your answer to the nearest cent.) LoanPayment PaymentPeriod Term ofLoan (years) NominalRate (%) Present Value(Amount of Loan) $ every month 1.75 6 $30,000
- You purchase a car today using a loan of $19000 APR 6%. If your plan is to pay during 5 years with equal monthly payments: Instructions: • Use 4 digits in your calculations and reporting the answers. • Do not write commas or apostrophes. • Do not write $ (dollar sign) or any other symbol, just write the number. a) How much do you need to pay each month? (estimate each month 30 days) has USD per month b) How much did you really pay after the 5 years considering all monthly payments? USDCalculate the monthly mortgage payment with the following conditions: $515,000 borrowed, 3.15% interest, 30 year termYou can afford a $800 per month mortgage payment. You've found a 30 year loan at 7% interest. a) How big of a loan can you afford? b) How much total money will you pay the loan company? c) How much of that money is interest?
- Find the future value and total interest of the annuity. (Round to the nearest cent as needed.) Annuity type Periodic payment Annual interest rate Payment paid Years Ordinary annuity $2,100 6% Quarterly 3 Future Value of $1.00 Ordinary Annuity Rate per period Periods 0.25% 0.50% 0.75% 1.00% 1.50% 2.00% 2.50% 3.00% 3.50% 4.00% 1 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 2 2.002 2.005 2.008 2.010 2.015 2.020 2.025 2.030 2.035 2.040 3 3.008 3.015 3.023 3.030 3.045 3.060 3.076 3.091 3.106 3.122 4 4.015 4.030 4.045 4.060 4.091 4.122 4.153 4.184 4.215 4.246 5 5.025 5.050 5.076 5.101 5.152 5.204 5.256 5.309 5.362 5.416 6 6.038 6.076 6.114 6.152 6.230 6.308 6.388 6.468 6.55 6.633 7 7.053 7.106 7.159 7.214 7.323 7.434 7.547 7.662…A grocery store sells for $181,500 and a 20% down payment is made. A 35-year mortgage at 6% is obtained. Compute an amortization schedule for the first 3 months. Round your answers to two decimal places, if necessary. The value of the mortgage is $145,200 and the monthly payment is $827.64. Part 1 of 3 Payment number Interest Payment on Principal Balance of Loan 1 $ $ $ Part 2 of 3 Payment number Interest Payment on Principal Balance of Loan 2 $ $ $ Part 3 of 3 Payment number Interest Payment on Principal Balance of Loan 3 $ $ $4) You collect rent from your tenant at the beginning of each month. Rent is $1250 in the first year, and then rent for each subsequent year is 2% larger than the previous year's rent. If you invest each month's rent (immediately after you get rent) into an account earning 4% effective annual interest then find the accumulated value after 30 years.
- Fir a $5,000 loan repayment over 2 years at 12%. Find the monthly payment.A local lending institution advertises the "51-50 Club". A person may borrow $2000 and repay $51 for the next 50 months, beginning 30 days after receiving the money.Compute the nominal interest rate for this loan. What is the effective interest rate?A certain amount of money doubles after 9 years. Determine its effective interest.