Oliver takes out a home loan of $960,000. For the first 10 years, he only repays the interest amount at the end of each month. After the interest-only period expires, Oliver needs to repay both the principal and the interest amount every month end. Below is the loan repayment schedule for month 132. Month 132 Opening balance of the loan 914,997.77 Interest Paid 2,744.99 Principal Paid 4,165.12 Ending balance of the loan 910,832.65 Using this information answer parts i) and ii) below: Calculate the total interest paid in year 10. (Round your answer to the nearest cent.) (
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- brian borrows a sum of money from a bank at stipulated interest rate componded annually.The loan is to be repaid in five annual installment and in the third year Brian pays a little extra on the principal (pre-payment).Fill out the amortization table below and answer the question that follow. Term of the loan (years) 5 Interest rate 8% Loan Amount $ 5,504.00 Pre-Payment $ 157.00 Annual Payment $ 16,542.15 Years Beginning of Year Loan Balance Payment Interest Principal Pre-Payment End of Year Loan Balance 1 $ $ $ $ 2 $ $ $ $ 3 4 5 $ -Nate bought a home for $143,000 with a down payment of $15,000. Nate's rate of interest is 6.75% for 20 years. Calculate his: A. Monthly payment Note: Round your answer to the nearest cent. B. First payment broken down into interest and principal Note: Round your "Principal" answer to the nearest cent. C. Balance of mortgage at end of month Note: Round your answer to the nearest cent.Quentin Satham borrows $500,000 from a lending company in his hometown at 12% interest compounded monthly. To fulfill his obligation to repay the loan, Quentin agreed to start paying the six (6) equal monthly payments starting next month. 1. What will be the amount of his monthly amortization? 2. Construct an amortization schedule. 3. What will be the outstanding balance of his loan at the end of 4 months from today? 4. If Pedro failed to pay the 2nd and 3rd monthly amortization, how much shall be the required single payment on the fifth month to fully pay his outstanding obligation? 5. Supposed that he will still not be able pay the single total payment on the Fifth month as stated in question 4 above, and assuming further that both parties agree that the outstanding obligations shall instead be paid in 7 equal monthly installments, at 15% compounded monthly, starting on the 9th month, what will the value of such monthly installment be?
- Jose has a 15-year mortgage of $250,000 from his bank. The mortgage calls for equal monthly repayments and carries an annual percentage rate (APR) of 3%. Right after Jose makes his first repayment, how much in principal does Jose still owe the bank? O A) $248,274 B) $249,899 C) $248,899 D) $249,274Jonathan wishes to borrow $180 000 from a commercial bank. He was told that the loan would be amortized over five years and that payment could be made at the beginning or at the end of each year. Please assist Jonathan by answering the following questions. a. Explain to Jonathan, what is the purpose of a loan amortization schedule? b. Jonathan borrows $180 000 at 9% per annum for five years. The loan is repayable in five equal instalments at the beginning of the year. What is the annual payment?1. Cameron designates 10% of his monthly earnings as charitable contributions. After deducting this amount, he deposits 5% of the remaining amount into a money market account earning 2%. If Cameron's monthly earnings are $4,800 what amount interest will he earn on his deposit each month? 2. Find the maturity value for a loan on $4,225 at 8% made on March 5 and due on May 5 of the same year. Assume a 365-day year. 3. Republic Bank advertises their interest rates at 7 % %. You decide to apply for a loan in the amount of $9,000 for 90 days. The bank grants your loan and the loan officer tells you that there is a document preparation fee of $150 that needs to be paid at the time you sign the documents for the loan. Find the APR. Assume a 360-day year. 4. You took out a loan of $5,000 on May 2 and went back on June 15 to make a payment of $1,200. The loan was at 4% for 1 year. What was your remaining balance after making that payment?
- Guadalupe has a mortgage of $581,000 through her bank for property purchased. The loan is repaid by end of month payments of $3,577.53 with an interest rate of 4.53% compounded monthly over 21 years. What is the interest paid in the 2nd year of the mortgage?Interest paid in 2nd year = TVM FORMULAOn October 31st, David signed a 4-month, $5,000 simple interest loan earning 7. Find the maturity date, interest, and maturity value.Brian received a 15 year loan of $285,000 to purchase a house. The interest rate on the loan was 2.50% compounded semi-annually. a. What is the size of the monthly loan payment? b. What is the balance of the loan at the end of the year 2? c. By how much will the amortization period shorten if Brian makes an extra payment of $30,000 at the end of year 2? ____ years ____ months
- Jada and Izaak borrowed $40,000 at 5.53% compounded quarterly as a second mortgage loan against their current home. Repayment amount is $750 at the end of every month. a. How many payments are required to repay the loan? Number of payments 61 b. Use the given information to complete the amortization table below. Determine the missing values for the first two payment intervals, the last two payment intervals, and the totals. Report results to the nearest cent. Payment Amount Number Paid ($) 0 1 2 N - 1 N Total 750.00 750.00 : : 750.00 2,175.72 X 47,175.72 X Interest Paid ($) 183.49 192.61 10.58 6.96 : : : X 6,432.68 X X X Principal Repaid ($) 566.51 557.39 : 739.42 1,425.72 X 40,000 X X X Outstanding Balance ($) 40,000.00 39,433.49 38,876.10 : X 1,425.72 X 0.00Jasmin has a mortgage of $296,000 through her bank for property purchased. The loan is repaid by end of month payments of $2,460.61 with an interest rate of 6.36% compounded monthly over 16 years. What is the interest paid in the 3rd year of the mortgage? Enter a POSITIVE VALUE for the answer, rounded to two decimal places. P1 = 17,017.5 x P2 - 284,980. X Interest paid in 3rd year = $ 17,017.5 (enter a positive value)Derek borrows $318,449.00 to buy a house. He has a 30-yearmonthly payment mortgage with a rate of 5.70% p.a. Assuming he makes all the required monthly payments on time, what is the remaining balance on Derek's loan immediately after he makes the 99th payment? 1) $297,424.72 2) $276,149.51 3 ) None of the answers in this list is within $ 1.00 of the correct answer . 4 ) $289,563.23 5 ) $ 269,665.60 6 ) $ 281,983.11