Question

You obtain a $95.000 home loan for 15 years at 5.1% interest compounded monthly. If you made the first payment was made on August 15, 2009, how much interest will be paid in the year 2014? DO NOT USE EXCEL TO RESPOND TO THIS QUESTION. USE THE FORMULA FOR EACH STEP AND SHOW WORK.

Answer #1

You have been saving money to buy a home and today, you decided
to buy a home and take out $350,000 mortgage loan from a bank. This
loan requires you to make a monthly payment for 30 years and the
interest rate on your loan is 4% APR compounded monthly. What is
your monthly mortgage payment for this loan? Please show your excel
formula in your answer and explain step-by-step calculation to
arrive to your answer.

A man borrows $120,000 to buy a home. The interest rate is 4.1%,
compounded monthly, and the loan period is 30 years. a) What will
be the monthly payment (360 equal payments) for the life of the
loan? b) What will be the effective annual interest rate, ieff ? c)
How much of the first payment will be interest? d) How much of the
fiftieth (50th) payment will be interest? [Try not to put problem
on a spreadsheet to find...

A $10000 loan has an interest rate of 12% per year, compounded
monthly, and 30 equal monthly payments are required.
a) If payments begin at the end of the first month, what is the
value of each payment?
b) How much interest is in the 10th payment?
c) What would you enter into Excel to solve part b?
d) What is the unpaid balance immediately after the 10th
payment?
e) If the 30 loan payments are deferred and begin at...

You have taken out a $22.000 car loan with a 7% APR, compounded
monthly. The loan is for five years.. When you make your first
payment in one month, how much of the payment will go towards the
principal of the loan and how much will go towards the
interest?

Imagine that you are a banker getting a loan ready for a client,
Jama Hamza. They are buying a 1700 square foot home for the price
of $374,500. In order to avoid PMI, Abdi puts 10% of the price as a
down payment. He qualifies for a 5.68% annual interest rate for a
30-year loan.
Round all answers to the nearest cent.
Find the amount of Jama’s monthly payment. Use the formula from
class and show your work. You may...

Using the Mortgage Payment Formula, calculate a monthly mortgage
payment for a home with the price of $405,000 using pencil and
paper. Your down payment is 10% of your own money apart from the
loan. Calculate the total paid for your home after paying the
monthly payment for 15 years factoring in the rate of 2.500% and
APR of 2.556%. You can use arithmetic. How much money will you pay
in interest over 15 years? All Calculations must be shown.

You have just taken out a $ 15,000 car loan with a 4 %APR,
compounded monthly. The loan is for five years. When you make your
first payment in one month, how much of the payment will go toward
the principal of the loan and how much will go toward
interest?
When you make your first payment,......will go toward the
principal of the loan and ..... will go toward the
interest. (Round to the nearest cent.)

You have just taken out a $28,000 car loan with a 6%APR,
compounded monthly. The loan is for five years. When you make your
first payment in one month, how much of the payment will go toward
the principal of the loan and how much will go toward
interest? (Note: Be careful not to round any intermediate steps
less than six decimal places.)
When you make your first payment,$__will go toward the
principal of the loan and$___ will go toward...

You have just taken out a $24,000 car loan with a 7% APR,
compounded monthly. The loan is for five years. When you make your
first payment in one month, how much of the payment will go toward
the principal of the loan and how much will go toward
interest?

You want to buy a $203,000 home. You plan to pay 15% as a down
payment, and take out a 30 year loan at 4.3% annual interest
compounded monthly for the rest.
a) How much is the loan amount going to be?
$
b) What will your monthly payments be?
$
c) How much total interest do you pay?
$
d) Suppose you want to pay off the loan in 15 years rather than 30.
What will your monthly payment...

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