You plan to borrow $47,400 at a 7.5% annual interest rate. The terms require you to amortize the loan with 7 equal end-of-year payments. How much interest would you be paying in Year 2? a. $3,623.01 b. $2,992.92 c. $2,835.40 d. $2,520.35 Oe. $3,150.44

Suppose you have $2,300 and plan to purchase a 10-year certificate of deposit (CD) that pays 10.4% interest, compounded annually. How much will you have when the CD matures? a. $2,539.20 O b. $6,896.80 O c. $6,186.12 O d. $6,339.32 e. $5,603.37 O

Consider a 30-year, fixed-rate mortgage for $120,000 at a nominal rate of 6% with monthly payments. If the borrower pays an additional $120 with each monthly payment, what will be the amount of the last monthly payment?   A. $839.46   B. $357.77   C. $843.66   D. $419.85   E. $355.99   F. $420.90   G. $418.81   H. $841.55

Toyota S murang auto finance company is prepared to offer you a loan of $38,000 to buy a new Toyota Corolla. The repayments are at the end of every year for a period of 7 years. If the interest rate on the loan is 12%, perform loan amortization calculation that will allow you to determine the amount of the loan outstanding after making the second installment. PV of ordinary annuity-= C/r  x [1-1(1+r)n]

A floating rate mortgage loan is made for $185,000 for a 30-year period at an initial rate of 12 percent interest. However, the borrower and lender have negotiated a monthly payment of $1,480.   Required: a. What will be the loan balance at the end of year 1? b. If the interest rate increases to 13 percent at the end of year 2, how much is the payment plus negative amortization in year 2 and year 5 if the payment remains at $1,480?

Please explain each step, step by step

A borrower takes out a 30-year mortgage loan for $150,000 with an interest rate of 6% plus 4 points. What is the effective annual interest rate on the loan if the loan is carried for all 30 years? 5.63% 5.35% 6.36% Ⓒ 5.00%

A floating rate mortgage loan is made for $170,000 for a 30-year period at an initial rate of 12 percent interest. However, the borrower and lender have negotiated a monthly payment of $1,360. Required: a. What will be the loan balance at the end of year 1? b. If the interest rate increases to 13 percent at the end of year 2, how much is the payment plus negative amortization in year 2 and year 5 if the payment remains at $1,360? Complete this question by entering your answers in the tabs below. Required A Required B What will be the loan balance at the end of year 1? Note: Do not round intermediate calculations. Round your final answer to 2 decimal places. Loan balance

you have just borrowed $51,107 at an annual interest of 7.6% and must repay the loan in equal installments at the end of each of the next 7 years. By how much would you reduce the amount you owe (that is, principal) at the end of the first year?  (Hint: Compute annual loan payment first and then the loan amortization schedule for the first year.) Group of answer choices $5,798.23 $5,790.23 $5,792.23 $5,796.23 $5,794.23

Amortizing Loan Consider a 4-year amortizing loan. You borrow $351,000 initially, and repay it in four equal annual year-end payments. a. If the interest rate is 4.55%, calculate the annual payment. (Do not round intermediate calculations. Round your answer to 2 decimal places.) Annual payment b. Prepare an amortization schedule. (Leave no cells blank - be certain to enter "0" wherever required. Do not round intermediate calculations. Round your answers to 2 decimal places.) Time 0 Loan Balance Year-End Interest Due on Balance Year-End Payment Amortization of Loan $ $ $ $ 1234