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- A person borrows an amount for a new house and s/he is going to make monthly payments of 8,000 $ for the next 10 years. The nominal annual interest rate is quoted as 12%. (Assume the first instalment is going to be paid 1 month after s/he borrows.) a. Find the amount borrowed by this person. o. How much does this credit worth at the end of the last payment date? c.lf this person decides on closing his/her loan after paying the 34th instalment, how much should s/he pay? It is given that the closing fee of this credit is 1,453 $.1) you open `on an Account to SAVE for downpayment house. The Account has an APR of 1.2% initial compounded quarterly. You plan to make an and quarterly deposits of $450." for 5 years. contributions? ^) After 5 years, what is the total of your What is the total interest earned? B) How much will $ i 7 year 7 2 years! 5 years $ you il D) If you $150,000 condo, want to make. conde, how of $450 would you e) suppose you if c) What would happen if you used a bank that offered APR of 1.15% Compounded daily? (still contributing have had more in the $450 quarterly) Would account after 5 YEARS # have in the Account after: you 甘 7 jist downpayment of 10% on a many, quarterly contributions have to make into the 1st Account? CD (5 years out 7% APR. Monthly) at were given A worth $5000, you combine the CD with the Account will you have enough for the 10% down payment in 5 years?A person borrows an amount for a new house and s/he is going to make monthly payments of 8,000 $ for the next 10 years. The nominal annual interest rate is quoted as 12%. (Assume the first instalment is going to be paid 1 month after s/he borrows.) a. Find the amount borrowed by this person. b. How much does this credit worth at the end of the last payment date? c.lf this person decides on closing his/her loan after paying the 34th instalment, how much should s/he pay? It is given that the closing fee of this credit is 1,453 $.
- o help purchase her new car, Nicole is taking out a S34,000 amortized loan for 6 years at 5.8% annual interest. Her monthly payment for this loan is $560.27. Il in all the blanks in the amortization schedule for the loan. Assume that each month is of a vear. Round your answers to the nearest cent. Payment number Interest Principal payment New loan payment balance 1 2$ 2 30 $104.91 $455.36 $21,250.60 31To help buy her new condominium, Mai is taking out a $163,000 mortgage loan for 30 years at 3.4% annual interest. Her monthly payment for this loan is $722.87. of a year. Round your answers to the nearest cent. 12 Fill in all the blanks in the amortization schedule for the loan. Assume that each month is Payment number Principal payment Interest New loan balance payment 1 2 $| $162,477.18 130 $346.85 $376.02 $122,041.32 $ 0 131Corey received a 30 year loan of $345,000 to purchase a house. The interest rate on the loan was 5.00% compounded semi-annually. Question 5 of 6 a. What is the size of the monthly loan payment? $0.00 Round to the nearest cent SUBMIT QUESTION SAVE PROGRESS
- 1. Jeremiah has 3 years to repay a $55000 personal loan at 6.55% per year, compounded monthly. a. Calculate the monthly payment and show all variables used for TVM Solver. b. Calculate the total amount Jeremiah ends up paying. c. Calculate the amount of interest Jeremiah will pay over the life of the loan.Listen Leslie borrowed $25,000 at a rate of 6% compounded monthly (j12) for a term of 10 years. Calculate the balance owing on her loan after 7 years. When calculating her original payment, round it up to the next cent before proceeding to the balance calculation. Your Answer:Trevor took a loan of $7,700 from her parents to purchase equipment for her hair salon. If they agreed on an interest rate of 7% compounded monthly on the loan, what quarterly payments will settle the loan in 5 years if she made her first payment 3 years and 4 months from now? O $570.55 O $507.23 O $460.08 O $409.02
- Vincent received a loan of $28,000 at 4.25% compounded monthly. She had to make payments at the end of every month for a period of 5 years to settle the loan. a. Calculate the size of payments. Round to the nearest cent b. Complete the partial amortization schedule, rounding the answers to the nearest cent. Payment Number Payment K 0 1 2 0 0.00 0 0 Total :: :: $0.00 $0.00 $0.00 $0.00 $0.00 Interest Portion Principal Portion $0.00 $0.00 :: :: $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 Principal Balance $28,000.00 $0.00 $0.00 :: $0.00 $0.00 0.00Pat Lavoie bought a home for $180,000 with a down payment of $10,000. Her rate of interest is 6% for 30 years. (Use Table 15.1.) ****TABLE ATTACHED****** a. Calculate her monthly payment Monthly Payment= b. Calculate her first payment, broken down into interest and principal. First payment interest= First payment Principal= c. Calculate her balance of mortgage at the end of the month. Balance of mortgage=Emily has borrowed $1 000 000 from MQ Bank for 10 years at an interest rate of j2 = 4.1% p.a. She will make 10 annual repayments. According to the loan agreement, Emily's repayments will be $87 000 for the first two years followed by payments of X per year for the remaining eight years. This loan needs to be fully repaid by the end of 10 years. (a) Assume that all annual repayments will be paid at the end of each year (the first payment will be at the end of the first year), what is the value of Emily's annual payment amount, X (rounded to four decimal places)? The correct answer is: 135498.8246