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

ABC
Bank made a loan to XYZ, Inc. at a rate of 5.04%, compounded
monthly, payable in equal monthly payments over a 15 year period.
This resulted in a loan payment of $1,585.76, the first payment of
which occurred one month after the loan was issued. XYZ, Inc. made
payments over a period of 7 years and decided to refinance the loan
because of lower interest rates. Assume the refinance was based on
the remaining 8 years of the loan...

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...

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 $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...

On a $375,000 home loan, you can either finance at 5.6% for 20
or 30 years. Find the monthly payment and the total paid over each
loan. Which loan do you pay more interest on. How much more
interest is paid? Are you shocked at the difference? and please
show work if possible.

National First Bank offers you a home loan for the next 30
years. The interest rate on the loan is 2.5% per annum. Required:
a. If the bank says that you need to pay $500 each week and the
interest rate is compounded weekly, what is the amount of your home
loan? b. What is your monthly payment if you wish to pay monthly
instalments and the interest rate is compounding monthly?

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?

Consider a 30-year mortgage with an interest rate of 10%
compounded monthly and a monthly payment of $850. Cannot use excel
must be equation based . If principal is 96,858.20 than....How much
of the principal is paid the first, 5th, 20th and last year

A couple purchasing a home budget $1,800 per month for their
loan payment. If they have $17,000 available for a down payment and
are considering a 25-year loan, how much can they spend on the home
at each of the following rates? (Round your answers to the nearest
cent.)
(a) 5.7% compounded monthly
$_______________
(b) 7.8% compounded monthly
$______________
Please use proper formula otherwise the question will be wrong
thank you! :)))

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...

ADVERTISEMENT

Get Answers For Free

Most questions answered within 1 hours.

ADVERTISEMENT

asked 18 minutes ago

asked 19 minutes ago

asked 1 hour ago

asked 1 hour ago

asked 1 hour 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

asked 2 hours ago