This year 10 years after you first took out the loan, you check your loan balance. Only part of your payments have been going to pay down the loan, the rest has been going towards interest. You see that you still have 120,730 left to pay on your loan. Your house is now valued at $180,000. how much of your original loan have you paid off?

Q: A young man saved his money every quarter for 5 years into his bank account. He deposits P2.000 per…

A: Quarterly deposit first 2 years = P 2000 Quarterly deposit next 3 years = P 4000 Annual interest…

Q: You have just deposited $5,000 into an account that promises to pay you an annual interest rate of…

A: Amount of deposit=$5000Interest rate=5.3%Number of years=10

Q: You deposited $8,000 six years ago into a bank account.  Two years ago, you deposited an additional…

A: Here, Initial deposit = $8,000 Total future value = $89,187.52 Interest rate = 14% Time period for…

Q: Suppose that 10 years ago you bought a home for $150,000, paying 10% as a down payment, and…

A: Given:

Q: You have just remembered that four years ago you placed $1,000 in a bank account. If the bank was…

A: PV x (1+r)n=FV

Q: new house for $ 120,000. He was able to make a down payment equal to 25% of the value of the house;…

A: The given problem can be solved using PMT function in excel. PMT function computes installment…

Q: Mr. Smith has saved $8,000 each year for 10 years. Two years after the saving period ended, Mr.…

A: Final withdrawal will be sum of future value of savings at the final year less sum of future value…

Q: suppose that 10 years ago you bought a home for $150,000, paying 10% as a down payment, and…

A: When a buyer buys goods from a seller and is not able to pay the entire amount at the time of…

Q: How much money was your existing mortgage loan for? suppose that 10 years ago you bought a home for…

A: Given information: Mortgage bought for $150,000 Down payment is 10% Interest rate is 9% Number of…

Q: Suppose you invest $1,100 in an account paying 5% interest per year. What is the balance in the…

A: The Future Value of a lump-sum: The value of a one-time investment made at present earns interest…

Q: Five years ago, the Pandeys purchased a house and took out a mortgage of $900,000 from the BMO bank.…

A: Ordinary annuity is the PMTs which are made at the end of the period.

Q: Belle decided to start a new investment account.  She deposits $1,000 into an account that earns…

A: Using excel FV function

Q: You deposited $15,000 in a savings account five years ago. The account has earned 5.25% interest…

A: Deposit amount (P) = $ 15000 Interest rate (r) = 5.25% Period (t) = 5 Years Mathematics constant (e)…

Q: f Brian wants to buy a house that cost $100000 the bank agreed to give him 80% of cost at 0.07…

A: Installment is the amount of periodic payments a borrower has to make to its lender in order to pay…

Q: In order to buy a new car, you finance $33,000 with no down payment for a term of five years at an…

A: Here, Cost of Car is $33,000 APR is 6% Time Duration of loan is 5 years Compounding Period is…

Q: In order to buy a new car, you finance $24,000 with no down payment for a term of five years at an…

A: Given, Amount of finance with no down payment  = $24000 Given that APR   = 6% The  value of the car…

Q: You are saving money for a down payment on a new house. You intend to place $5,000 at the end of…

A: The amount at the end of the fifth year is the future value of the payments. The future value is the…

Q: Five years ago you borrowed $200,000 to finance the purchase of a $240,000 house. The interest rate…

A: Hi There, thanks for posting the question. But as per Q&A guidelines, we must answer the first…

Q: Suppose that 10 years ago you bought a home for $160,000, paying 10% as a down payment, and…

A: A mortgage is a loan on a property where the collateral to the loan is the property itself.

Q: Steve invests $1,800 in an account that earns 3.7% annual interest, compounded continuously. What is…

A: Present Value = $1,800 Interest rate = 3.7% Time Period = 10 Years

Q: You borrowed $5,646 from a bank, which charges 7.8% interest per year. How much interest did you owe…

A: Principal amount (P)= $5,646 Interest rate (R)= 7.8% per year Time period (T)= 1 year

Q: You buy a house and finance $250,000 at 4% per year. One loan is 30 years (360 monthly рayments) and…

A: Monthly payments is calculated by present value of annuity formula. r is annual percentage rate and…

Q: The remaining balance of your car loan would be

A: Remaining balance is the unpaid portion on the loan. It is the amount of money not yet paid to the…

Q: Twelve years ago, you deposited RM3,400 into an account. Seven years ago, you added an additional…

A: FV = PV* (1 + r / n)nt Where, PV = Present value FV = Future value r = Rate of interest (percentage…

Q: A property that costs $550,000 is purchased at a financing margin of 75%. Compute the amount of down…

A: The amount of down payment paid at the time of purchased is $137,500 Loan Amount=Purchased…

Q: A few years back, Dave and Jana bought a new home. They borrowed $230,415 at an annual fixed rate of…

A: Refinancing is a strategy of reducing the fixed payment on loan i.e. interest. In this strategy, a…

Q: Mr. Angel deposited 125,000 in Coconut Bank. After 2 years, he withdrew 13,600. After another 2…

A: The quarterly compounded rate is 9% per annum that means 2.25% per quarter compounded quarterly…

Q: A man deposits 43,799 each year into his savings account that pays 2% nominal interest compounded…

A: The future value of the annuity is the future worth of a cash flow series at a certain rate of…

Q: A woman deposited $10,000 into an account at her credit union. The money was left on deposit for 10…

A: a) at the end of 5 years:F = 10,000 (F/P, ¾%, 60)* = $15,660.00 * i = 9/12 = ¾% n = (12)(5) = 60at…

Q: You want to be able to withdraw $20,000 each year for 30 years. Your account earns 5% interest. How…

A: Given, Amount withdrawn each year (P) = $20,000 Rate of interest (i) = 5%  or  0.05 Number of years…

Q: After making the twenty-sixth payment on your car loan, you wanted to find out how much is left of…

A: Loan amount (PV) = $27000 Interest rate = 7.1% Monthly interest rate (r) = 7.1%/12 =…

Q: Bill took out a 6 year loan to buy a car. If the loan carried an annual interest rate of 6.5% and he…

A: The amount of interest paid is calculated as difference of total payments less present value of…

Q: If his new interest rate is 5% per year compounded monthly, what will be his new monthly payment?

A: When a loan is borrowed by a person, It becomes his obligation to pay the installment amount every…

Q: This year (10 years after you first took out the loan), you check your loan balance. Only part of…

A: Mortgage: It is the loan which is given for buying the residential or commercial property.

Q: Jack borrowed $12,000 from a bank for 3 years at 15% interest annually.    What is the total…

A: Simple interest is the fixed rate of interest which is paid or payble on amount borrowed. It is…

Q: Mr. Velasco got a 700,000 loan for the expansion of his business payable monthly in 4 years. How…

A: The monthly amortization on a loan refers to the monthly payment on the loan, which is needed to be…

Q: Pat bought a home for $165,000 and made a $25,000 down payment. She got a fixed rate mortgage at 5%…

A: Computation:

Q: Two years ago, Luckett Land Developers Inc. borrowed $350,000 at a nominal interest rate of 4%…

A: If the borrower is not able to repay the loan amount then the borrower has the option to get the…

Q: Rita borrowed $4000 from a bank for 5 years and was charged simple interest. The total interest that…

A: Loan amount = $ 4,000 Period = 5 Years Interest amount = $ 1,600

Q: This year (10 years after you first took out the loan), you check your loan balance. Only part of…

A: Hi, there is some additional data missing the question. The total mortgage amount, interest rate,…

Q: Ten years ago, you deposited $1000 into an account.  The account earned 12% compounded annually for…

A: Solution:- When an amount is deposited in a bank account, it earns interest. The amount deposited…

Q: Ten years ago the Jacksons bought a house, taking out a 30 year mortgage for $170,000 at 5.75%. This…

A: Note: “Since you have posted a question with multiple sub-parts, we will solve the first three…

Q: Suppose that 10 years ago you bought a home for $170,000, paying 10% as a down payment, and…

A: Down payment: Hence, the down payment is $17000. Mortgage loan: Hence, the mortgage loan is…

Q: You want to be able to withdraw $45,000 each year for 25 years. Your account earns 10% interest. a)…

A: Annual withdraw each year(P) = $45,000 Interest Rate(r) =10% Years(n) = 25

Q: A young man saved his money every quarter for 5 years into his bank a 2 years and P4,000 per quarter…

A: In this we have to calculate the quarterly interest and from that we can get the required value.

Q: Last year, Charlie had $30,000 to invest. He invested some of it in an account that paid 10% simple…

A: Simple interest is one of the methods of calculating interest in which interest is calculated only…

Q: A couple purchased their home for $280,000. They signed a 30 year mortgage at 5.28% interest…

A: Given: Cost of house = $280,000 Interest rate = 5.28% Period = 30 years Compounding monthly.