Question

A couple who borrow $50,000 for 15 years at 8.4%, compounded monthly, must make monthly payments...

A couple who borrow $50,000 for 15 years at 8.4%, compounded monthly, must make monthly payments of $489.44. (Round your answers to the nearest cent.) (a) Find their unpaid balance after 1 year. $ (b) During that first year, how much interest do they pay? $

Math   Advanced-Math   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
A couple who borrow $60,000 for 30 years at 7.2%, compounded monthly, must make monthly payments...
A couple who borrow $60,000 for 30 years at 7.2%, compounded monthly, must make monthly payments of $407.27. (Round your answers to the nearest cent.) (a) Find their unpaid balance after 1 year. (b) During that first year, how much interest do they pay?
A couple who borrow $80,000 for 30 years at 6%, compounded monthly, must make monthly payments...
A couple who borrow $80,000 for 30 years at 6%, compounded monthly, must make monthly payments of $479.64. (Round your answers to the nearest cent.) (a) Find their unpaid balance after 1 year. (b) During that first year, how much interest do they pay?
Clark and Lana take a 30-year home mortgage of $129,000 at 7.8%, compounded monthly. They make...
Clark and Lana take a 30-year home mortgage of $129,000 at 7.8%, compounded monthly. They make their regular monthly payments for 5 years, then decide to pay $1400 per month. (a) Find their regular monthly payment. (Round your answer to the nearest cent.) the answer is $ 928.63 (b) Find the unpaid balance when they begin paying the $1400. (Round your answer to the nearest cent.) the answer is $ 122,411.73 (c) How many payments of $1400 will it take...
A young couple take out a 30-year home mortgage of $145,000.00 at 6.9% compounded monthly. They...
A young couple take out a 30-year home mortgage of $145,000.00 at 6.9% compounded monthly. They make their regular monthly payment for 7 years, then decide to up their monthly payment to $1,200.00. a) What is the regular monthly payment? $ b) What is the unpaid balance when they begin paying the accelerated monthly payment of $1,200.00? $ c) How many monthly payment of $1,200.00 will it take to pay off the loan? payments d) How much interest will this...
A couple wishes to borrow money using the equity in their home for collateral. A loan...
A couple wishes to borrow money using the equity in their home for collateral. A loan company will loan them up to​ 70% of their equity. They puchased their home 13 years ago for ​$69 comma 691. The home was financed by paying 15​% down and signing a 30​-year mortgage at 8.4​% on the unpaid balance. Equal monthly payments were made to amortize the loan over the 30​-year period. The net market value of the house is now​ $100,000. After...
1) Consider a $126,714 35-year mortgage with an interest rate of 8% compounded monthly. a) Calculate...
1) Consider a $126,714 35-year mortgage with an interest rate of 8% compounded monthly. a) Calculate the monthly payment. b) How much of the principal is paid the first, 25th, and last year? c) How much interest is paid the first, 25th, and last year? d) What is the total amount of money paid during the 35 years? e)What is the total amount of interest paid during the 35 years? f) What is the unpaid balance after 25 years? g)How...
A young executive is going to purchase a vacation property for investment purposes. She needs to...
A young executive is going to purchase a vacation property for investment purposes. She needs to borrow $111,000.00 for 27 years at 5.1% compounded monthly, and will make monthly payments of $631.59. (Round all answers to 2 decimal places.) What is the unpaid balance after 10 months? ____ During this time period, how much interest did she pay? _____
A 25-year, $420,000 mortgage at 3.90% compounded semi-annually is repaid with monthly payments. a. What is...
A 25-year, $420,000 mortgage at 3.90% compounded semi-annually is repaid with monthly payments. a. What is the size of the monthly payments? Round to the nearest cent. b. Find the balance of the mortgage at the end of 5 years? Round to the nearest cent. c. By how much did the amortization period shorten by if the monthly payments are increased by $125 at the end of year five? years months Express the answer in years and months, rounded to...
Your firm has taken out a $ 530 000 loan with 8.6 % APR​ (compounded monthly)...
Your firm has taken out a $ 530 000 loan with 8.6 % APR​ (compounded monthly) for some commercial property. As is common in commercial real​ estate, the loan is a 5​-year loan based on a 15​-year amortisation. This means that your loan payments will be calculated as if you will take 15 years to pay off the​ loan, but you actually must do so in 5 years. To do​ this, you will make 59 equal payments based on the...
Tom buys a $240,000 home. He must make monthly mortgage payments for 30 years, with the...
Tom buys a $240,000 home. He must make monthly mortgage payments for 30 years, with the first payment to be made a month from now. The annual effective rate of interest is 8%. After 15 years Tom doubles his monthly payment to pay the mortgage off more quickly. Calculate the interest paid over the duration of the loan.
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT