. You have a line of credit loan with Scotiabank. The initial loan balance was $6000.00. Payments of $2000.00 and $1500.00 were made after five months and ten months, respectively. At the end of one year, you borrowed an additional $3200.00. Eight months later, the line of credit loan was converted into a collateral mortgage loan. What was the amount of the mortgage if the line of credit interest was 6.15% compounded monthly?

. You have a line of credit loan with Scotiabank. The initial loan balance was $6000.00. Payments of $2000.00 and $1500.00 were made after five months and ten months, respectively. At the end of one year, you borrowed an additional $3200.00. Eight months later, the line of credit loan was converted into a collateral mortgage loan. What was the amount of the mortgage if the line of credit interest was 6.15% compounded monthly?

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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A mortgage is repaid by making payments of $1800 at the end of every month for 25 years. If interest on the loan is 3.75% compounded semi-annually, what was the principal of the mortgage? O A. $359,249.09 O B. $351,181.15 O C. $352,579.09 O D. $350,899.29 O E. $355,145.23
A loan of $1500 is repaid with a check for $1575. If the annual simple interest rate was 15%, what was the time length of the loan in years? In months?
You take out a 15-year FRM for $500,000. The bank offers 5% interest rate but charges you a loan fee of 5% of the total loan amount. What is the actual cost of borrowing of this mortgage? 0.42% 0.48% 5.00% 5.79%
A banks lends a customer OMR 6,000. At the end of 9 years he repays this amount plus interest. The amount he repays is OMR 10,000. What is the interest rate charged by the bank? What sum must be invested now to provide an amount of OMR 18,000 at the end of 15 years if interest is to accumulate at 8% for the first 10 years and 12% thereafter?
a bank will lend a landlord 10,000 TL. The debt has to be paid back in 24 months with monthly installments of 499 TL each. The first payment is 30 days after receiving 10,000 TL. What is the monthly interest rate your bank receives?
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 $10,000 at 7 and 7/8% interest if the term is the following. (Round all answers to the nearest cent.) (a) 3 years. Payment $312.79 Total interest $ 1260.34 (b) 4 years. Payment $ 243.54 Total interest $ (c) 5 years. Payment Total interest $ $ 202.17 X
Leven Corporation negotiated a short-term loan of $685,000. The loan is due in 10 months and carries a 6.86 interest rate. Use simple interest to calculate the total amount of thetioan. If necessary, round the answer to the nearest cent.
(please step by step solutions) The loan will have a term of 54 months and monthly payments of $385.13. The interest rate on the loan is 8.84% compounded quarterly. What is the amount of money that was borrowed? a$17 310.71 b$17 430.71 c$17 030.71 d$17 130.71 e$20 368.27
Let's say you are a credit analyst in the asset management department of a large bank or insurance company. The credit department is researching an investment in a syndicated loan made to a large firm. The loan is an “amortized loan” with a 7% interest rate payable semi-annually. The original term was 10 years. For analytical purposes, assume the loan trades in $1000 increments. What are the semi-annual payments on the loan? * PLEASE USE EXCEL AND SHOW WHAT FUNCTIONS/FORMULAS YOU USED*
The balance on a mortgage was $45,000 and an interest rate of 4.50% compounded semi-annually was charged for the remaining 5-year term. Monthly payments were made to settle the mortgage. a. Calculate the size of the monthly payments. Round up to the next whole number b. If the monthly payments were set at $939, how long would it take to pay off the mortgage? o years o months Express the answer in years and months, rounded to the next payment period c. If the monthly payments were set at $939, calculate the size of the final payment.
The balance on a mortgage was $43,200 and an interest rate of 5.50% compounded semi-annually was charged for the remaining 3-year term. Monthly payments were made to settle the mortgage. a. Calculate the size of the monthly payments. SO Round up to the next whole number b. If the monthly payments were set at $1,454, how long would it take to pay off the mortgage? 0 years 0 months Express the answer in years and months, rounded to the next payment period c. If the monthly payments were set at $1,454, calculate the size of the final payment. $0.00 Round to the nearest cent

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