Amanda Rice has just arranged to purchase a $510,000 vacation home in the Bahamas with a 30 percent down payment. The mortgage has a 5.7 percent APR compounded monthly and calls for equal monthly payments over the next 30 years. Her first payment will be due one month from now. However, the mortgage has an eight-year balloon payment, meaning that the balance of the loan must be paid off at the end of Year 8. There were no other transaction costs or finance charges. How much will Amanda's. balloon payment be in eight years? (Do not round intermediate calculations and round your answer to 2 decimal places, e. g., 32.16.).
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Amanda Rice has just arranged to purchase a $510,000 vacation home in the Bahamas with a 30 percent down payment. The mortgage has a 5.7 percent APR compounded monthly and calls for equal monthly payments over the next 30 years. Her first payment will be due one month from now. However, the mortgage has an eight-year balloon payment, meaning that the balance of the loan must be paid off at the end of Year 8. There were no other transaction costs or finance charges. How much will Amanda's. balloon payment be in eight years? (Do not round intermediate calculations and round your answer to 2 decimal places, e. g., 32.16.).
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- Amanda Rice has just arranged to purchase a $540,000 vacation home in the Bahamas with a 30 percent down payment. The mortgage has a 6 percent APR compounded monthly and calls for equal monthly payments over the next 30 years. Her first payment will be due one month from now. However, the mortgage has an eight-year balloon payment, meaning that the balance of the loan must be paid off at the end of Year 8. There were no other transaction costs or finance charges. How much will Amanda’s balloon payment be in eight years? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)Amanda Rice has just arranged to purchase a $450,000 vacation home in the Bahamas with a 30 percent down payment. The mortgage has a 5.1 percent APR compounded monthly and calls for equal monthly payments over the next 30 years. Her first payment will be due one month from now. However, the mortgage has an eight-year balloon payment, meaning that the balance of the loan must be paid off at the end of Year 8. There were no other transaction costs or finance charges. How much will Amanda's balloon payment be in eight years? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Balloon payment?Tito Martinez has just arranged to purchase a $600,000 vacation home in the Bahamas with a 30 percent down payment. The mortgage has an APR of 6.6 percent, compounded monthly, and calls for equal monthly payments over the next 30 years. His first payment will be due one month from now. However, the mortgage has an eight - year balloon payment, meaning that the balance of the loan must be paid off at the end of Year 8. There were no other transaction costs or finance charges. How much will the balloon payment be in eight years?
- Tito Martinez has just arranged to purchase a $600,000 vacation home in the Bahamas with a 30 percent down payment. The mortgage has an APR of 6.6 percent, compounded monthly, and calls for equal monthly payments over the next 30 years. His first payment will be due one month from now. However, the mortgage has an eight-year balloon payment, meaning that the balance of the loan must be paid off at the end of Year 8. There were no other transaction costs or finance charges. How much will the balloon payment be in eight years?Angiers Limited has just arranged to purchase a K400,000 vacation home in the Bahamas with a 20 percent down payment. The mortgage has an 8 percent stated annual interest rate, compounded monthly, and calls for equal monthly payments over the next 30 years. Her first payment will be due one month from now. However, the mortgage has an eight-year balloon payment, meaning that the balance of the loan must be paid off at the end of year 8. There were no other transaction costs or finance charges. How much will Audrey’s balloon payment be in eight years?Mike Bayles has just arranged to purchase a $640,000 vacation home in the Bahamas with a 20 percent down payment. The mortgage has an APR of 7 percent, compounded monthly, and calls for equal monthly payments over the next 30 years. His first payment will be due one month from now. However, the mortgage has an eight-year balloon payment, meaning that the balance of the loan must be paid off at the end of Year 8. There were no other transaction costs or finance charges. How much will Mike's balloon payment be in eight years? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Balloon payment < Prev 6 of 10 Next
- Mike bayles has just arranged to purchase a $875,000 vacation home in the bahamas with a 20 percent down payment.the mortgage has an 5.8 percent stated annual interest rate, compounded monthly, and calls for equal monthly payments over the next 30 years. his first payment will be due one month from now. however, the mortgage has an eight-year balloon payment, meaning that the balance of the loan must be paid off at the end of year 8. There were no other transaction costs or finance charges. how much will mike's balloon payment be in eight years?Mary Jones recently obtained an equipment loan from a local bank. Theloan is for $15,000 with a nominal interest rate of 11%. However, this is an installment loan, so the bank also charges add-on interest. Mary must makemonthly payments on the loan, and the loan is to be repaid in 1 year. Whatis the effective annual rate on the loan (assuming a 365-day year)?Dana has made a down payment of $100,000 on a recent home purchase for $300,000. She was able to obtain bank financing and pays a fixed annual rate of 6 percent on her 30-year mortgage. If she makes steady, fixed monthly payments, what loan balance will remain after the 47th payment?
- Joan Tanaka borrows $80,000 at 14 percent interest toward the purchase of a vacation home.Her mortgage is for 25 years. a. How much will her annual payments be? (home payments are usually on a monthly basis, but we shall do our analysis on an annual basis for ease of computation.) b. How much interest will she pay over the life of the loan?Zodwa needs R450 550,00 to buy a house. The bank approved her loan for the full amount at an interest rate of 25% per year, compounded quarterly. The loan must be paid off in ten years’ time. Determine the size of Zodwa’s quarterly payment What will the outstanding balance on Zodwa’s loan be at the end of seven years if the interest rate remains unchanged?John Doe has just been offered a home loan towards purchase of house that is being sold for $230,000. He will be required to make a 15% down payment, as well as mortgage processing fees and closing costs of $3,000. The loan has to be paid off in monthly payments over a 30-year period at a fixed interest rate of 4% per year compounded monthly. He will also be required to pay an additional $92 per month as mortgage insurance. Using Excel, answer the following questions: (a) The monthly mortgage payment is $. (enter as a positive number to the nearest dollar) (b) The total monthly payment is $. (enter as a positive number to the nearest dollar) (c) The nominal APR is % (to the nearest 2 decimal places) The effective APR is % (to the nearest 2 decimal places) (d) Over the 30-year period, the total amount of interest paid on the loan is $ (enter as a positive number to the nearest dollar). (e) The interest amount in the month 54 payment is $ (enter as a positive number to the nearest…