Question

Derek borrows $282,135.00 to buy a house. He has a 30-year
mortgage with a rate of 4.67%. The monthly mortgage payment is
$________. *Currency: Round to: 2 decimal places.*

Answer #1

By the formula Method

Monthly mortgage= Loan amount/ ((1-1/(1+rate)^number of terms)/rate)

= 282135/((1-1/(1+4.67%/12)^360)/(4.67%/12))

=282135/ 193.484905

= $1458.18

Using Excel, we can compute the monthly mortgage with the PMT function as follows

=PMT(4.67%/12,30*12,-282135)

where

4.67%/12 is the monthly rate

30*12 is the term in months

282135 is the PV of loan amount

1. Derek borrows $254,684.00 to buy a house. He has a 30-year
mortgage with a rate of 5.53%. The monthly mortgage payment is
$________.
Answer format: 2 decimal places
2. Derek borrows $253,520.00 to buy a house. He
has a 30-year mortgage with a rate of 5.87%. After making 118.00
payments, how much does he owe on the mortgage?
Answer format: 2 decimal places

Derek borrows $323,573.00 to buy a house. He has a 30-year
mortgage with a rate of 4.70%. After making 96.00 payments, how
much does he owe on the mortgage?
Submit
Answer format: Currency: Round to: 2 decimal places.

Derek borrows $291,519.00 to buy a house. He has a 30-year
mortgage with a rate of 4.67%. After making 124.00 payments, how
much does he owe on the mortgage?

Derek borrows $339,527.00 to buy a house. He has a 30-year
mortgage with a rate of 4.99%. After making 133.00 payments, how
much does he owe on the mortgage? Answer round to 2 decimal
places.

Derek borrows $264,831.00 to buy a house. He has a 30-year
mortgage with a rate of 5.26%. After making 149.00 payments, how
much does he owe on the mortgage?

Derek borrows $332,034.00 to buy a house. He has a 30-year
mortgage with a rate of 5.99%. After making 125.00 payments, how
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much does he owe on the mortgage?

Derek borrows $264,972.00 to buy a house. He has a 30-year
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A bank offers 8.00% on savings accounts. What is the effective
annual rate if interest is compounded continuously?
Please explain

Derek borrows $33,011.00 to buy a car. He will make monthly
payments for 6 years. The car loan has an interest rate of 5.49%.
After a 16.00 months, Derek decides to pay off his car loan. How
much must he give the bank?
Answer format: Currency: Round to: 2
decimal places.

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