Question
Paul takes a loan of $150,000 from the bank at 4% interest rate per year over...
Paul takes a loan of $150,000 from the bank at 4% interest rate per year over a 10-year period. He plans to pay off the loan in 10 yearly payments of $10,000 each, and with the money that he is going to inherit from his grand parents. How much should he inherit to pay off the entire loan if the grand parents give him the money at the end of the 5th year and he hands over the entire amount to the bank on the day he receives it?
Homework Answers
Answer #1
Hi
Please let me know in case you face any issue: Amount has been rounded to whole dollar:
Not the answer you're looking for?
Similar Questions
Paul takes a loan of $225,000 from the bank at 7% interest rate per year over...
Paul takes a loan of $225,000 from the bank at 7% interest rate
per year over a 10-year period. He plans to pay off the loan in 10
yearly payments of $16,000 each, and with the money that he is
going to inherit from his grand parents. How much should he inherit
to pay off the entire loan if the grand parents give him the money
at the end of the 4th year and he hands over the entire amount...
Paul takes a loan of $225,000 from the bank at 7% interest rate per year over...
Paul takes a loan of $225,000 from the bank at 7% interest rate
per year over a 10-year period. He plans to pay off the loan in 10
yearly payments of $16,000 each, and with the money that he is
going to inherit from his grand parents. How much should he inherit
to pay off the entire loan if the grand parents give him the money
at the end of the 4th year and he hands over the entire amount...
John takes a $3000 loan from a bank at an annual effective interest rate of %15....
John takes a $3000 loan from a bank at an annual effective
interest rate of %15. She plans to pay off her debt with 35 monthly
payments of $100 and a final balloon payment at the end of 3rd
year. Find the value of balloon payment
Please show work A person borrows $11,000 from the bank at a yearly interest rate of...
Please show work
A person borrows $11,000 from the bank at a yearly interest rate
of 10% which is compounded monthly. The loan will be paid off in 2
years
1. What are the monthly payments?
2. If he decides to pay off the entire loan balance at the end
of 17th month, what would be the total amount at that time?
1. A man has a loan of 50,000 in a bank that gives 12% simple interest....
1. A man has a loan of 50,000 in a bank that gives 12% simple
interest. How much is the interest if he plans to pay after 5
years?
2. A man can save 10,000 per month for 2years, If the bank
offers 5% compounded monthly, what is n?
3. A man has a loan of 50,000 in a bank that gives an interest
rate of 12% compounded quarterly? If he plans to pay after 6months,
how much is the...
Susan takes a loan of $50,000 from Baroda bank. The rate of interest is 10% per...
Susan takes a loan of $50,000 from Baroda bank. The rate of
interest is 10% per annum. The first instalment will be paid at the
end of year 5. Determine the amount of equal annual instalments if
Mr. X wishes to repay the amount in five instalments
Chris takes out a loan of $150 000 over 20 years at 8.5% p.a. interest compounded...
Chris takes out a loan of $150 000 over 20 years at 8.5% p.a.
interest compounded monthly to renovate his home. His monthly
repayments are set at $1301.74. The outstanding balance of the loan
after 1 year is $147 014.60. After 1 year, Chris receives $55 000
compensation for a work-related accident. He deposits the money in
his loan’s offset account for 1 month while he decides what to do
with it.
a) Calculate the interest saved during the 1...
Today, Malorie takes out a 10-year loan of $200,000, with a fixed interest rate of 3.7%...
Today, Malorie takes out a 10-year loan of $200,000, with a
fixed interest rate of 3.7% per annum compounding monthly for the
first 3 years. Afterwards, the loan will revert to the market
interest rate.
Malorie will make monthly repayments over the next 10 years, the
first of which is exactly one month from today. The bank calculates
her current monthly repayments assuming the fixed interest rate of
3.7% will stay the same over the coming 10 years.
(d) After...
Today, Malorie takes out a 10-year loan of $200,000, with a fixed interest rate of 5.7%...
Today, Malorie takes out a 10-year loan of $200,000, with a
fixed interest rate of 5.7% per annum compounding monthly for the
first 3 years. Afterwards, the loan will revert to the market
interest rate.
Malorie will make monthly repayments over the next 10 years, the
first of which is exactly one month from today. The bank calculates
her current monthly repayments assuming the fixed interest rate of
5.7% will stay the same over the coming 10 years.
(a) Calculate...
Today, Malorie takes out a 10-year loan of $200,000, with a fixed interest rate of 4.4%...
Today, Malorie takes out a 10-year loan of $200,000, with a
fixed interest rate of 4.4% per annum compounding monthly for the
first 3 years. Afterwards, the loan will revert to the market
interest rate.
Malorie will make monthly repayments over the next 10 years, the
first of which is exactly one month from today. The bank calculates
her current monthly repayments assuming the fixed interest rate of
4.4% will stay the same over the coming 10 years.
(a) Calculate...
ADVERTISEMENT
Need Online Homework Help?
Get Answers For Free
Most questions answered within 1 hours.
ADVERTISEMENT
Active Questions
asked 6 minutes ago
asked 8 minutes ago
asked 11 minutes ago
asked 41 minutes ago
asked 48 minutes ago
asked 53 minutes ago
asked 1 hour ago
asked 1 hour ago
asked 1 hour ago
asked 1 hour ago
asked 1 hour ago
asked 2 hours ago