Solve the problem. If necessary, use the accompanying table of monthly payments. Round your answer to the nearest cent. Find the total monthly payment, including taxes and insurance, on the following fixed-rate mortgage. Amount of loan: $105,250 Interest rate: 10% Term of loan: 25 years Annual taxes: $2821 Annual insurance: $391

Solve the problem. If necessary, use the accompanying table of monthly payments. Round your answer to the nearest cent. Find the total monthly payment, including taxes and insurance, on the following fixed-rate mortgage. Amount of loan: $105,250 Interest rate: 10% Term of loan: 25 years Annual taxes: $2821 Annual insurance: $391

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)

7th Edition

ISBN:9780357033609

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter7: Using Consumer Loans

Section: Chapter Questions

Problem 7FPE: Calculating interest and APR of installment loan. Assuming that interest is the only finance charge,...

See similar textbooks

Similar questions

Investigate the effect of the interest rate on home loans by finding the monthly payment and the total interest for a forty-year simple interest amortized loan of $150,000 at the following rates. (Round your answers to the nearest cent.) (a) 6% 1) payment 2) total interest (b) 7% 1) payment 2) total interest (c) 8% 1) payment 2) total interest (d) 9% 1) payment 2) total interest (e) 10% 1) payment 2) total interest (f) 11% 1) payment 2) total interest
Solve the problem. If necessary, use the table of monthly payments below. Round your answer to the nearest cent. Find the monthly payment needed to amortize principal and interest for the following fixed-rate mortgage. Mortgage amount: $177,000 Term of mortgage: 10 years Interest rate: 9%
Use PMT formula on the image uploaded to determine the regular payment amount, rounded to the nearest cent. The cost of a home is financed with a $150,000 20-year fixed-rate mortgage at 3.5%. a. Find the monthly payments and the total interest for the loan. b. Prepare a loan amortization schedule for the first three months of the mortgage. ______________________________________________________________ a. The monthly payment is $________.. (Do not round until the final answer. Then round to the nearest cent as needed.) - The total interest for the loan is $_______. (Use the answer from part a to find this answer. Round to the nearest cent as needed.) b. Fill out the loan amortization schedule for the first three months of the mortgage below. Payment Number Interest Principal Loan Balance 1 $ $ $ 2 $ $ $ 3 $ $ $ (Use the answer from part a to find these answers. Round to the…
Find the total monthly payment, including taxes and insurance, for the given mortgage loan using the table. Calculator answers might be slightly different. (Round your answers to the nearest cent.) Amount Rate Time(Years) AnnualTaxes AnnualInsurance $110,000 6% 30 $700 $360 STEP 1: Find the monthly taxes and insurance. taxes $ insurance $ STEP 2: Use the table to find the monthly payment.$ STEP 3: Add the monthly payment, taxes, and insurance.$
Solve the problem. If necessary, use the accompanying table of monthly payments. Round your answer to the nearest cent. Find the monthly payment needed to amortize principal and interest for the following fixed-rate mortgage. Mortgage amount: $73,500 Term of mortgage: 20 years Interest rate: 10.5%
Find the total monthly payment, including taxes and insurance, for the given mortgage loan using the table. Calculator answers may be slightly different. (Round your answer to the nearest cent.) Amount Rate Time(Years) AnnualTaxes AnnualInsurance $183,000 5 1 2 % 15 $3000 $900
The following loan is a simple interest amortized loan with monthly payments. (Round your answers to the nearest cent.) $7000, 0.085, 4 years (a) find the monthly payment (b) find the total interest
Use the Loan Payoff Table to determine both the finance charge and the payment required to amortize a loan of $4100 at an annual interest rate of 11% with a term of 36 monthly payments. What is the amount of each payment? What is the finance charge?
Investigate the effect of the term on simple interest amortized auto loans by finding the monthly payment and the total interest for a loan of $16,000 at 9 7/8% interest if the term is the following. (Round your answers to the nearest cent.) (a) three years payment total interest (b) four years payment $ total interest $ (c) five years payment $ total interest $
Find the monthly house payments necessary to amortize the following loan. What are the total payments and total amount of interest paid. 196,000 at 6.89% for 25 years
The following loan is a simple interest amortized loan with monthly payments. $5000, 7 1/2%, 4 years (a) Find the monthly payment. (Give your answer to the nearest cent.)Payment $ (b) Find the total interest for the given simple interest amortized loan. (Give your answer to the nearest cent.)Total interest $
Find the monthly payment (in $) and the total interest (in $) for a mortgage of $48,000 at 5 1/4% for 20 years. Use this table and give the total interest as your answer. (Round your answers to the nearest cent.) Monthly payment$ Total interest$ Table 14-1: Monthly Payments to Amortize Principal and Interest per $1,000 Financed Monthly Payments(Necessary to amortize a loan of $1,000) InterestRate (%) 5Years 10Years 15Years 20Years 25Years 30Years 35Years 40Years 3.50 18.19 9.89 7.15 5.80 5.01 4.49 4.13 3.87 3.75 18.30 10.01 7.27 5.93 5.14 4.63 4.28 4.03 4.00 18.42 10.12 7.40 6.06 5.28 4.77 4.43 4.18 4.25 18.53 10.24 7.52 6.19 5.42 4.92 4.58 4.34 4.50 18.64 10.36 7.65 6.33 5.56 5.07 4.73 4.50 4.75 18.76 10.48 7.78 6.46 5.70 5.22 4.89 4.66 5.00 18.87 10.61 7.91 6.60 5.85 5.37 5.05 4.82 5.25 18.99 10.73 8.04 6.74 5.99 5.52 5.21 4.99 5.50 19.10 10.85 8.17 6.88 6.14 5.68 5.37 5.16 5.75 19.22 10.98 8.30 7.02 6.29 5.84 5.54 5.33 6.00 19.33 11.10 8.44 7.16…