Question

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 to pay off the loan? (Round your answer to two decimal places.) the answer is not 126.38 monthly payments

(d) How much interest will they save by paying the loan using the number of payments from part (c)? this answer is not $ 101657.10

Answer #1

This problem is a complex financial problem that requires
several skills, perhaps some from previous sections.
Clark and Lana take a 30-year home mortgage of $129,000 at 7.2%,
compounded monthly. They make their regular monthly payments for 5
years, then decide to pay $1500 per month.
(a) Find their regular monthly payment. (Round your answer to
the nearest cent.)
$
(b) Find the unpaid balance when they begin paying the $1500.
(Round your answer to the nearest cent.)
$
(c)...

This problem is a complex financial problem that requires
several skills, perhaps some from previous sections.
Clark and Lana take a 30-year home mortgage of $127,000 at 7.8%,
compounded monthly. They make their regular monthly payments for 5
years, then decide to pay $1100 per month.
(a) Find their regular monthly payment. (Round your answer to
the nearest cent.)
$
(b) Find the unpaid balance when they begin paying the $1100.
(Round your answer to the nearest cent.)
$
(c)...

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 recent college graduate buys a new car by borrowing $22,000 at
7.2%, compounded monthly, for 4 years. She decides to pay an extra
$20 per payment. (a) What is the monthly payment required by the
loan? (Round your answer to the nearest cent.) $ How much does she
decide to pay each month? (Round your answer to the nearest cent.)
$ (b) How many payments (that include the extra $20) will she make?
(Round your answer up to the...

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 $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? $

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...

You take out a $25,000 30 years mortgage with monthly payments
and a rate of 3.5%, monthly compounded. What is your monthly
mortgage payment?
You take out a $25,000 30 years mortgage with monthly payments
and a rate of 3.5%, monthly compounded. What is the loan balance by
the end of year 15?
Calculate the future value at the end of year 4 of an
investment fund earning 7% annual interest and funded with the
following end-of-year deposits: $1,500 in...

Sarah secured a bank loan of $195,000 for the purchase of a
house. The mortgage is to be amortized through monthly payments for
a term of 15 years, with an interest rate of 3%/year compounded
monthly on the unpaid balance. She plans to sell her house in 10
years. How much will Sarah still owe on her house at that time?
(Round your answer to the nearest cent.)

Sarah secured a bank loan of $195,000 for the purchase of a
house. The mortgage is to be amortized through monthly payments for
a term of 15 years, with an interest rate of 3%/year compounded
monthly on the unpaid balance. She plans to sell her house in 10
years. How much will Sarah still owe on her house at that time?
(Round your answer to the nearest cent.)

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