You are buying a house for $300,000. The The terms of the mortgage include a 30-year loan (fixed rate) and annual interest rate of 4.5%, compounded monthly, and a 20% cash down payment is required. What are your monthly payments on this loan?
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- What are your monthly payments on this loan?Need helpYou are offered an add-on loan for $4,500 at 18% for 5 years. What is the monthly payment? What is the amount of interest? What is the true interest rate cost of this loan? If you could pay the same loan above at a compound rate: What would the monthly payment be? What would the amount of interest be? Prepare a monthly payment schedule for each loan above using Excel, and submit it. Suppose that you are only allowed to make a balloon payment to the principal of the compound interest loan. You have $1,000 to put down at the beginning of year three. How many payments will you save?
- You want to buy a $226,000 home. You plan to pay 5% as a down payment, and take out a 30-year loan at 6.55% interest for the rest. a) How much is the loan amount going to be? b) What will your monthly payments be? c) How much of the first payment is interest?You want to buy a house valued at $200,000. AFter a down payment, you can finance the house with a 20 year mortgage at 4.2% APR compounded monthly. If you have a monthly payment of $1000, how much of the second payment goes towards the blance on the loan?Suppose you want to borrow $90,000 and you find a bank offering a 20-year term for a loan of that amount, with an APR of 7%. Complete parts (a) and (b) below. (a) What are your monthly payments? PMT=$ (Round to the nearest cent as needed.) Question
- You plan to purchase a $500,000 home with a 20% down payment. You can take out a 30-year FRM of $400,000 at an APR of 7.2%. (1) What is your monthly payment? (2) If you make regular monthly payments, how long will it take to pay off half of the loan? (i.e., reduce the principle of the loan balance to half) (3) After making regular monthly payments for 10 years, how much will be the loan balance? Assume you obtain two quotes with and without (discount) points: either 7.2% APR without point or 6% with 2.5 points.you wish to purchase real property. the lender will give you a 250000 fixed rate 30 year mortgage at 3.5% per annum. suppose that before you can make any payments you receive a pay raise so you can pay an extra 200 per month with your normal payment. how many payments are required to fully amortize the loan assuming the extra 200 is paid each month?You have purchased a house and take out a $600,000 loan with a 30 year term at 5% nominal annual interest rate with monthly compounding. What are your monthly payments to the nearest penny?
- You are purchasing a home for $ 395,000. The loan requires a down payment of 15% of the purchase price. There are no other fees. The rest will be borrowed through a 7.35% (CIA ) amortized loan with annual payments for 20 years. What will the annual payment be on the loan?You want to buy a car, and a local bank will lend you $33,000. The loan would be fully amortized over 6 years (72 months), and the nominal interest rate would be 13%, with interest paid monthly. What is the monthly loan payment? What is the loan’s EFF%?Suppose that you borrow $17,000 for three years at 8% toward the purchase of a car. Use PMT= PA [---] -nt The monthly payment is $ (Do not round until the final answer. Then round to the nearest cent as needed.) to find the monthly payments and the total interest for the loan.
