Q: What would the monthly payment be? It is a zero amortizing loan
A: Given Pv=300000*75%=225000 i=6%/12=0.5% n=30*12=360 Pv=pmt*(1-(1+i)^-n)/i
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Q: A lender requires PMI that is 0.8% of the loan amount of $490,000. How much (in dollars) will this…
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Q: A lender requires PMI that is 0.8% of the loan amount of $460,000. How much (in dollars) will this…
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Q: lender requires PMI that is 0.7% of the loan amount of $560,000. How much (in dollars) will this add…
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A lender requires PMI that is 0.7% of the loan amount of $490,000. How much (in dollars) will this add to the borrower's monthly payment? (See Example 4 in this section. Round your answer to the nearest cent.)
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- A lender requires PMI that is 0.8% of the loan amount of $460,000. How much (in dollars) will this add to the borrower's monthly payments? (Enter a number. Round your answer to the nearest cent.)lender requires PMI that is 0.7% of the loan amount of $560,000. How much (in dollars) will this add to the borrower's monthly payment? (See Example 4 in this section. Enter a number. Round your answer to the nearest cent.)If you borrow $9000 at an annual percentage rate (APR) of r (as a decimal) from a bank, and if you wish to pay off the loan in 3 years, then your monthly payment M (in dollars) can be calculated using: M = 9000 (er/12-1) / 1 - e-3r 1) Describe what M (0.035) would represent in terms of the loan, APR, and time. 2) If you are only able to afford a max monthly payment of $300, describe how you could use the above formula to figure out what the highest interest rate the bank could offer you and you would still be able to afford the monthly payments. In addition, determine the maximum interest rate that you could afford.
- A lender requires PMI that is 0.8% of the loan amount of $490,000. How much (in dollars) will this add to thee borrower's monthly payments? (Round your answer to the nearest cent.)A lender requires PMI that is 0.8% of the loan amount of $470,000. How much (in dollars) will this add to the borrower's monthly payments? (Round your answer to the nearest cent.)If you borrow $1,000 at 8.5% simple interest and the loan requires a lump sum payment of $1,235.79, what is the term of the loan? (Round your answer to the nearest whole number.)t = ________ days
- A lender requires PMI that is 0.8% of the loan amount of $590,000. How much (in dollars) will this add to the borrower’s monthly payment? Round your answer to the nearest cent.Suppose you borrow $15,000 and then repay the loan by making 12 monthly payments of $1,297.92 each. What rate will you be quoted on the loan? NO EXCELIf you borrow $8,637 and are required to pay back the loan in five equal annual installments of $2,700, what is the interest rate associated with the loan? Use Appendix D or a financial calculator to solve this problem. (Round your answer to the nearest whole percent.) Interest rate %
- If you borrow $9,983 and are required to pay back the loan in five equal annual installments of $2,500, what is the interest rate associated with the loan? Use Appendix D or a financial calculator to solve this problem. (Round your answer to the nearest whole percent.In a discount interest loan, you pay the interest payment up front. For example, if a 1-year loan is stated as $42,000 and the interest rate is 8.50%, the borrower “pays” 0.0850 × $42,000 = $3,570 immediately, thereby receiving net funds of $38,430 and repaying $42,000 in a year. a. What is the effective interest rate on this loan? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.) b. What is the effective annual rate on a 1-year loan with an interest rate quoted on a discount basis of 18.50%? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.)Assume you take out a car loan of $8,600 that calls for 48 monthly payments of $300 each. a. What is the APR of the loan? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places. Use a financial calculator or Excel.) b. What is the effective annual interest rate on the loan? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.)