Question

What would your payment be on a 35-year, OMR 300,000 loan at 12% interest compounded semi-annually assuming the payments are made monthly?

Answer #1

Given interest rate = 12% compounded semiannually,

So, Effective annual rate = (1+APR/2)^2 - 1 = (1+0.12/2)^2 - 1 = 12.36%

Since payment are monthly, we need to calculate APR compounded monthly,

So, APR compounded monthly = 12*((1+EAR)^(1/12) -1) = 12*((1.1236^(1/12))-1) = 11.71%

Given about loan is

Loan amount PV = OMR 300000

time period t = 35 years

n = 12 months in a years

So, Monthly payment PMT using ordinary annuity formula is

PMT = PV*(r/n)/(1 - (1+r/n)^(-n*t)) = 300000*(0.1171/12)/(1 - (1+0.1171/12)^(-12*35)) = OMR2978.05

What would your payment be on a 30-year, OMR 250,000 loan at 10%
interest compounded quarterly assuming the payments are made
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What are your payments on a 11-year, $130,000 loan at 9.75%
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Question 16 options:
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A 20-year loan requires semi-annual payments of $1,333.28
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*Require formulas/written out and not spreadsheet. Thank
you.

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Year 1 2
3
Cash Flow $500 $750 $1000
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B) 4.8%
C) 5.0%
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c) What would you enter into Excel to solve part b?
d) What is the unpaid balance immediately after the 10th
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Round to the nearest cent
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Round to the nearest cent
c. What was the balance of the loan at end of...

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Round to the nearest cent
b. What was the size of the interest portion on
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USING MS-EXCEL AS A CALCULATOR AND USING IT FUNCTIONS PLEASE
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