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- Find the monthly house payments necessary to amortize the following loan. Then calculate the total payments and the total amount of interest paid. $197,000 at 7.02% for 15 years Question content area bottom Part 1 The monthly payments are $enter your response here.Find the monthly house payments necessary to amortize the following loan. Then calculate the total payments and the total amount of interest paid. $201,000 at 7.02% for 15 years Question content area bottom Part 1 The monthly payments are (Round to the nearest cent.) Part 2 The total amount paid on the loan is (Round to the nearest cent.) Part 3 The total amount of interest paid is (Round to the nearest cent.)Given a loan amount P, an annual interest rate r, and the length of the loan in years, find the monthly payment R necessary to pay off the loan by completing parts a through c. Represent the number of monthly payments by n. Amount Rate Time $50,000 5% 20 years Question content area bottom Part 1 a. Calculate P1+r12n and call this number A. A=enter your response here (Round to two decimal places as needed.) Part 2 b. Calculate 1+r12n−1r12 and call this number B. B=enter your response here (Round to two decimal places as needed.) Part 3 c. Let R = AB. The monthly payment necessary to pay off the loan is R=$enter your response here. (Round up to the nearest cent.)
- Part a. Loan payments you borrow $100,000 over a period of 30 years at a fixed APR of 5.5% calculate the monthly payment Part b. Determine the total amount paid, then figure out what percentage is paid towards the principal and what percentage is paid for interest. Please solve part A and B they go together. I included an example problemPicture Tools Format O Tell me what you want to do... Exercise 10. Loan Payments A student loan of $50,000 at a fixed APR of 6% for 20 years (10a) Calculate the monthly payment P x APR РMТ (-nY)1 1+ APR (10b) Determine the total amount paid over the term of the loan.Intro You took out a mortgage for $400,000. You need to pay $3,640 every month for 15 years. Part 1 What is the monthly interest rate? 4+ decimals Submit
- Courtney purchased a house for $475,000. She made a down payment of 25.00% of the value of the house and received a mortgage for the rest of the amount at 4.12% compounded semi-annually amortized over 20 years. The interest rate was fixed for a 3 year period. a. Calculate the monthly payment amount. $0.00 Round to the nearest cent b. Calculate the principal balance at the end of the 3 year term. a SUBMIT QUESTION 1 SAVE PROGRESS ↑ SUBMIT ASSIGNMENSuppose you take out a $185,500 mortgage for 30 years at 5.15% interest. (a) Find the monthly payment on this mortgage. S (b) Fill out the first two rows of the amortization schedule below. Round your answers to the nearest dollar. Payment Number Interest Payment Principal Payment Balance of Loan 1 2 Question Help: D Video M Message instructor D Post to forumDevelop an amortization schedule for the loan described. (Round your answers to the nearest cent.) $80,000 for 3 years at 9% compounded annually Period Payment Interest Balance Reduction Unpaid Balance $80,000 %24 2 24 %$4 $0.00 Need Help? Read it 3.
- Calculating interest and APR of installment loan Assume that interest is the only finance charge. How much interest would be paid on a $8,000 installment loan to be repaid in 60 monthly installments of $178.10? Round the answer to 4 decimal places. _________ % per monthWhat is the APR on this loan? Round the answer to 2 decimal places. __________%374 words TEE Type here to search 10, then What 5. A fully amortizing CAM loan is made for $125,000 at 11 percent interest for 20 years. a. What will be the monthly payments and remaining loan balances for the first six months? b. What would monthly payments be if the loan were CPM instead? C. If both loans (the CAM and CPM) are repaid at the end of year 5, would the lender earn a higher rate of interest on either loan? Which one and why? Use Excel. 6. A $100,000 CPM fully amortizing loan is made, at a 3% interest rate compounded monthly, for a 15 year term. Loan comes with a charge of 3 points. What is the effective annual rate on the loan? Bi Focus (K For the following loan, make a table showing the amount of each monthly payment that goes toward principal and interest for the first three months of the loan. A home mortgage of $149,000 with a fixed APR of 3% for 30 years. Fill out the table. Interest Payment Toward Principal New Principal End of... Month 1 (Round the final answers to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) Help