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- Suppose you purchase a home and obtain a 15-year fixed-rate loan of $195,000 at an annual interest rate of 6.0%. a) What is your monthly payment? N: months I %: P.V: $ PMT: $ F.V: 0 P/Y: 12 C/Y: 12 b) Of the first month's mortgage payment, how much is interest? HINT: I=Prt Interest: I=$ c) Of the first month's mortgage payment, how much is applied to the principal? HINT: PMT - Interest Amount Applied to Principal: $ d) How much is your outstanding balance after the first month’s payment? HINT: Principal - Amount Applied to Principal Outstanding Balance after first payment: $The following loan is a simple interest amortized loan with monthly payments. $155000, 9 1/2%, 30 years(a) Find the monthly payment. (Give your answer to the nearest cent.)Payment $ (b) Find the total interest for the given simple interest amortized loan. (Give your answer to the nearest cent.)Total interest $1. Let's assume that a loan of $100,000 with an annual interest rate of 6% over 30 years pays monthly payments of $500. a. Calculate the accumulation rate b. Calculate the payment rate . c. Answer : How will the balance of the principal be at the end of the loan in relation to the original amount of the loan? Less, equal or greater? Provide calculations.
- (3) A man has a loan of 500,000 for 10 years at 6.5% annually with annual payments. His payments are 45,000 for the first 5 years and X for the next 5 years. Find X. Construct the amortization schedule for this loan." (4) An amortizedK Consider the following loan Complete parts (a)-(c) below. An individual borrowed $67,000 at an APR of 3%, which will be paid off with monthly payments of $372 for 20 years- a. Identify the amount borrowed, the annual interest rate, the number of payments per year, the loan term, and the payment amount The amount borrowed is $], the annual interest rate is 1%, the number of payments per year is the loan term is years, and the payment amount is $ b. How many total payments does the loan require? What is the total amount paid over the full term of the loan? There are payments toward the loan and the total amount paid is $ c. Of the total amount paid, what percentage is paid toward the principal and what percentage is paid for interest? The percentage paid toward the principal is% and the percentage paid for interest is% (Round to the nearest tenth as needed)1. Assuming the cost of mortgage is $400,000, and the owner of the house makes a down payment of $40,000, with 8% interest rate and 10 years repayment plan. a. calculate the total amount of loan, monthly rate, number of payment periods, monthly payment, total interest paid, and amount borrowed. b. With the aid of what PMT function in a one variable condition, calculate monthly payment, total amount payable, total interest payable for: 12 yrs, 16 yrs, 20 yrs ,25 yrs, 30 yrs, 35 yrs mortgage.
- Use the following amortization chart: Selling price of home $77,000, Down payment $5,000, Principal $72,000, Rate of interest 5.0%, 30 years, Payment per $1,000 $5.37, Monthly mortgage payment $386.64. What is the total cost of interest?a. What will be the monthly payment on a 30-year, $250,000 mortgage loan, where the interest rate is 6% per year, compounded monthly? How much interest is paid over the life of the loan? b. What will be the monthly payment on a 30-year, $250,000 mortgage loan, where the interest rate is 6% per year, compounded continuously? How much interest is paid over the life of the loan? c. What will be the monthly payment on a 15-year, $250,000 mortgage loan, where the interest rate is 6% per year, compounded monthly? How much interest is paid over the life of the loan?a. Set up an amortization schedule for a GHȼ 25,000 loan to be repaid in equal installments at the end of each of the next 5 years. The interest rate is 10%. b. How large must each annual payment be if the loan is for GHȼ 50,000? Assume that the interest rate remains at 10% and that the loan is still paid off over 5 years. c. How large must each payment be if the loan is for GHȼ 50,000, the interest rate is 10%, and the loan is paid off in equal installments at the end of each of the next 10 years? This loan is for the same amount as the loan in part b, but the payments are spread out over twice as many periods. Why are these payments not half as large as the payments on the loan in part b?
- K Consider the following loan. Complete parts (a)-(c) below. An individual borrowed $65,000 at an APR of 5%, which will be paid off with monthly payments of $442 for 19 years. ... a. Identify the amount borrowed, the annual interest rate, the number of payments per year, the loan term, and the payment amount. The amount borrowed is $ %, the number of payments per year is the loan term is years, and the payment amount is $ the annual interest rate is "You have taken out a $7,500,000 loan with a 4% interest rate, 30 year amortization and ten year term. What is the loan balance after the final loan payment? a. $0 b. $7,390,303 c. Cannot determine with information provided d. $5,908,797Suppose you are buying your first condo for $300,000, and you will make a $15,000 down payment. You have arranged to finance the remainder with a 30-year, monthly payment, amortized mortgage at a 7.2% nominal interest rate, with the first payment due in one month. What will your monthly payments be? a. $1,923.01 b. $2,501.67 c. $2,024.22 d. $2,036.36 e. $1,934.55
