Question

- you purchased a car for $120,000 which will paid in equal monthly payments of $1576.1 over 12 years. The annual interest rate you are charged is 12%.

a. How much of your second monthly payment will go the repayment of1) principal. 2) interest (use an amortization schedule or table).

b. what will the remaining balance be on the loan after he makes
the 40^{th} payment (Show me the financial calculator’s
inputs).

Answer #1

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**SOLVED WITH BA II PLUS FINANCIAL
CALCULATOR**

Assume you’ve recently purchased a home for $129,000 and you
will be making monthly payments on the mortgage. If the mortgage is
for 30 years at an interest rate of 5%, what will be the monthly
payment? For the first monthly payment, how much will go towards
interest payment and how much will go towards repayment of the
principal? Show your work.

Assume you have recently purchased an investment property for
$89,700 and you will be making monthly payments on the mortgage. If
the mortgage is for 15 years at an interest rate of 5%, what will
be the monthly payment? For the first monthly payment, how much
will go towards interest payment and how much will go towards
repayment of the loan?

You recently purchased a new home for $120,000 and have obtained
a 7% loan for the full $120,000 with equal annual payments due at
the end of each year for the next 30 years. Compute the amount of
each annual payment and prepare the first year of the amortization
schedule.

3. You take a $500,000 mortgage to buy a vacation home. The
mortgage entails equal monthly payments for 10 years, 120 payments
in all, with the first payment in one month. The bank charges you
an interest rate of 9.6% (APR with monthly compounding).
a. How much of your first payment is interest, and how much is
repayment of principal?
b. What is the loan balance immediately after the 10th payment?
(Calculate the loan balance using the annuity formula.)
c....

You are borrowing $200,000 on a 30 year, 12% apr, monthly
payment, mortgage loan. How much will be your principal repayment
from your monthly mortgage payment at the end of the second
month?(Make a table for the mortgage loan payment schedule) Can you
explain how to get interest and principle repaid please

Mahesh takes a five year car loan of Rs.1,00,000 where he has to
pay annual payments at 10%p.a. Calculate his annual payment and
also prepare a loan amortization schedule for the loan
repayment.

Angelo Lemay borrowed $8000 from his credit union. He agreed to
repay the loan by making equal monthly payments for five years.
Interest is 9% compounded monthly.
(Please use financial BAII calculator method by showing
calculator inputs)
(a) What is the size of the monthly payments?
(b) How much will the loan cost him?
(c) How much will Angelo owe after 18 months?
(d) How much interest will he pay in his 36th payment?
(e) How much of the principal...

You purchased a car. The car dealership allows you to defer
payments for 12 months, and you make 48 end-of month payments
thereafter. If the original loan is for $28,000 and interest in 8%
per year on the unpaid balance
* What will your payment be?
* What is the effective rate of interest?

Construct an amortization schedule for a $20,000, 3.45% annual
rate loan with 3 equal payments. Please complete the
schedule below as you see fit.
Year Beg.
Balance
Payment Interest Principal End
Balance

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
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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.)

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