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- o help purchase her new car, Nicole is taking out a S34,000 amortized loan for 6 years at 5.8% annual interest. Her monthly payment for this loan is $560.27. Il in all the blanks in the amortization schedule for the loan. Assume that each month is of a vear. Round your answers to the nearest cent. Payment number Interest Principal payment New loan payment balance 1 2$ 2 30 $104.91 $455.36 $21,250.60 31o help purchase her new car, Nicole is taking out a $34,000 amortized loan for 6 years at 5.8% annual interest. Her monthly payment for this loan is $560.27. ill in all the blanks in the amortization schedule for the loan. Assume that each month is of a year. Round your answers to the nearest cent. 12 Payment number Principal payment New loan balance Interest payment 1 2 $104.91 $455.36 $21,250.60 31 30Question Solve the given problem. A. Mrs. Ledesma apply for a loan for the renovation of their house. She agreed to pay P10,000 quarterly for 5 years that will start at the end of 2 years. If interest rate is 6% converted quarterly, how much is her loan? a. The type of annuity illustrated in the problem is ____________. b. The regular payment is ___________. c. The total number of payments is _________. d. Period of deferral is ________. e. The interest rate per period is ___________. f. The present value of the loan is ___________. B. Your mother plans to buy you laptop for your online class. She got an offer from Abenson of monthly installment of 1,950 monthly for 1 year and a down payment of 5,500. The payment will start at the end of 3 months. How much is the cash price of the laptop if the interest rate is 3% compounded monthly. a. The type of annuity illustrated in the problem is ____________. b. The regular payment is ___________. c. The total number of payments is _________.…
- Answer all subpart. Vanna has just financed the purchase of a home for $200 000.She agreed to repay the loan by making equal monthly blended payments of $3000 each at 4%/a compounded monthly. a.Create an amortization table using a Microsott Excel spreadsheet.In your answer include all the formulas used. b.How long will it take to repay the loan? c.How much will be the final payment? d.Determine how much interest she will pay for her loan.The Becker family is getting a home loan to finance a $260,000 mortgage. While looking for a mortgage, they found two alternatives: Mortgage A 30-year loan with an interest rate of 3.611% and a monthly payment of $1,184. Mortgage B 15-year loan with an interest rate of 2.7% Recall: Loan Payment Formula.png| A. Calculate the total amount paid for Mortgage A. B. Calculate the total interest paid for Mortgage A. C. Calculate the monthly payment for Mortgage B. D. Calculate the total amount paid for Mortgage B. E. Calculate the total interest paid for Mortgage B. F. Write a two or more sentences giving the Becker family some advice about which mortgage to choose. G. Why might the Becker family not take your advice from part c)? Answer in one or two sentences.Solve the given problem. A. Mrs. Ledesma apply for a loan for the renovation of their house. She agreed to pay P10,000 quarterly for 5 years that will start at the end of 2 years. If interest rate is 6% converted quarterly, how much is her loan? a. The type of annuity illustrated in the problem is ____________. b. The regular payment is ___________. c. The total number of payments is _________. d. Period of deferral is ________. e. The interest rate per period is ___________. f. The present value of the loan is ___________. B. Your mother plans to buy you laptop for your online class. She got an offer from Abenson of monthly installment of 1,950 monthly for 1 year and a down payment of 5,500. The payment will start at the end of 3 months. How much is the cash price of the laptop if the interest rate is 3% compounded monthly. a. The type of annuity illustrated in the problem is ____________. b. The regular payment is ___________. c. The total number of payments is _________. d. Period…
- Yuli plans to purchase a vehicle, and she is working with two bank offers. . Bank One Loan Offer: $73,800, 6% annual interest, 60 months. . Bank Two Loan Offer: $73,800, 3% annual interest, 84 months. Yuli's ultimate financial goal is to select the loan with the lowest monthly payment regardless of duration. Based on her financial goal, which loan will Yuli choose? O A. Bank One: Loan Offer O B. Bank Two: Loan Offer OC. Both monthly payments are the same. O D. Not enough information given to answer the question.Example: In this exercise prepare an amortization schedule showing the payments for each loan. Joan Varozza plans to borrow $20,000 to stock her small boutique. She will repay the loan with semiannual payments for 5 years at 7% interest. SET UP AN AMORTIZATION TABLEFind the monthly house payment necessary to amortize the following loan. 9) In order to purchase a home, a family borrows $121,000 at 3.0% for 30 yr. What is their monthly payment? Round the answer to the nearest cent.
- Sherry Smart is buying a $350,000 home and will pay the mortgage monthly for 30 years. She has a good credit score and has qualified for a 5.125% loan interest. How much will she be paying monthly for the home? Question 2Answer a. $1,318.69 b. $2,013.67 c. $975.88 d. $1,572.72Direction: Solve and Find for Monthly amortize and Amount of Interest. 1. A newly married couple decided to buy a brand-new car. The net amount of the loan is P 500,000. They plan to amortize the loan in monthly installment for 1 year. If money is worth 12% convertible monthly, how much is the monthly amortization? 2. Janica received a loan from her bank for Php 4,085 for a period of one year. The interest rate is 4.95%. The original loan amount and the interest must be repaid in full at the end of the year. Determine the amount of interest that Janica will pay.Diane is deciding between two personal loans. For each loan, the loan amount is $7500. Use the ALEKS loan calculator for the following. Also use the regular ALEKS calculator, as necessary. Write your answers to the nearest cent. ALEKS Loan Calculator Loan amount: $ Loan term: Interest rate: Calculate years % Monthly payment: (a) For Loan A, the interest rate is 6.15% per year and the loan term is 7 years. Find the total amount to repay Loan A. S (b) For Loan B, the interest rate is 6.15% per year and the loan term is 5 years. Find the total amount to repay Loan B. (c) For which loan would she pay less, and by how much? Loan A The total amount paid is $ less. Loan B The total amount paid is $less. X Ľ
