11. Construct a partial mortage schedule for Problem 9, showing the first teo payments, last two payments, total payments made and interest paid (assume that the rounded payments from (a) were made) {context needed-> 9. Henry received a mortgage of $80,000 that was amortized over three years and fixed at an interest rate if 2.7% compounded semi-annually. a.) What was the sixe of the monthly payments if they were rounded up to the next $500? [Answer: $2500.00] b.) Whar was the size of the final payment (if the rounded payment from (a) were made) [Answer: $661.84]
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- Consider a home mortgage of $17500 at a fixed APR of %6 for 15 years. a. Calculate the monthly payment. b. Determine the total amount paid over the term of the loan. c. Of the total amount paid, what percentage is paid toward the principal and what percentage is paid for interest. Please show all work computaion explanation formulas clearly with stepsDetermine A) Determine the monthly interest rate i charged by Coco-me-Loan B) How much is the principal repaid during the 4th month? C) What is the principal loan balance after 7th monthly amortization payment?Prepare the first row of a loan amortization schedule based on the following information. The loan amount is for $17,900 with an annual interest rate of 09.00%. The loan will be repaid over 22 years with monthly payments. 1. What is the Loan Payment? 2. What portion of this payment is Interest? 3. What portion of this payment is Principal? 4. What is the Loan balance after first monthly payment?
- A mortgage for a condominium had a principal balance of $44,100 that had to be amortized over the remaining period of 5 years. The interest rate was fixed at 4.92% compounded semi-annually and payments were made monthly. a. Calculate the size of the payments. Round up to the next whole number SUBMIT QUESTION SAVE PROGRESS SUBMIT ASSIGNM 12°C Partly sunny ENGThe loan below was paid in full before its due date: (a). Obtain the value of h from the annual percentage rate table. Then (b) use the actuarial method to find the amount of unearned interest, and (c) find the payoff amount. Regular Monthly Payment $494.14 APR 4.0% Remaining Number of Scheduled Payments after Payo!! 12 Click the icon to view the annual percentage rate table. (b) The unearned interest is (Round to the nearest cent as needed) (c) The payoff amount is $(Round to the nearest cent as needed)Determine the monthly payment for the installment loan. Use the installment payment formula m = 1- Amount Financed (P) $1,440 O A. $179.15 B. $35.15 O C. $125.26 O D. $366.02 P n 1+) - not Annual Percentage Rate (r) 8% Number of Payments per Year (n) 12 Time in Years (t) 4
- The loan below was paid in full before its due date. (a) Obtain the value of h from the annual percentage rate table. Then (b) use the actuarial method to find the amount of unearned interest, and (c) find the payoff amount. Regular Monthly Payment $414.84 APR 4.0% Remaining Number of Scheduled Payments after Payoff 18 Click the icon to view the annual percentage rate table. ... (a) h= $3.20 (b) The unearned interest is $ (Round to the nearest cent as needed.)Complete the first three lines of an amortization schedule for the following loan. Assume monthly payments. amount, $6000; rate, 9%; time, eighteen months Fill out the amortization schedule below, assume monthly payments and round all values to the nearest cent. Payment Amount of Interest Applied to Number Payment Payment Principal 2 3 $ $ $ Balance $6000 $ $a. Complete an amortization schedule for a $12,000 loan to be repaid in equal installments at the end of each of the next three years. The interest rate is 11% compounded annually. If an amount is zero, enter "0". Do not round intermediate calculations. Round your answers to the nearest cent. Beginning Repayment Ending Year Balance Payment Interest of Principal Balance $4 b. What percentage of the payment represents interest and what percentage represents principal for each of the three years? Do not round intermediate calculations. Round your answers to two decimal places. % Interest % Principal Year 1: % Year 2: % Year 3: % % %24 %24 %24 %24 3.
- Consider a 30-year home mortgage of $100,000 at 6% per year. What is the monthly payment? Use Theorem 1 as attached to make an amortization schedule of the first 6 months: Month (k) Principal P(k) Interest I(k) Balance due B(k) 1 2 3 4 5 6 where P(k) is the amount paid to the principal in the k’th payment, I(k) is the amount paid to interest in the k’th payment, B(k) is the balance due after the k’th payment.The loan below was paid in full before its due date. (a) Obtain the value of h from the annual percentage rate table. Then (b) use the actuarial method to find the amount of unearned interest, and (c) find the payoff amount. Regular Monthly Payment $445.22 Remaining Number of Scheduled Payments after Payoff 6 APR 11.0% Click the icon to view the annual percentage rate table. (a) h=$ (b) The unearned interest is $ (c) The payoff amount is $ (Round to the nearest cent as needed.) (Round to the nearest cent as needed.)4 (5) Assume a 30-year mortgage loan for $250,000 for 30 years at an annual rate of 6%. What would be your fixed annual and monthly payments? Enter the inputs into the appropriate cells 5 in column B and set this up so that your answers are displayed as positive values. Round all values to two places after the decimal point. 6 (6) For the loan in #5 , prepare the first two monthly payment rows of the amortization table. 7 8 LOAN AMOUNT 9 TERM OF LOAN N YEARS 10 ANNUAL INTEREST RATE 11 TERM OF LOAN IN MONTHS 12 MONTHLY INTEREST RATE 13 FIXED LOAN PAYMENT (ANNUAL) 14 FIXED LOAN PAYMENT (MONTHLY) 15 16 17 18 19 20 21 22 AMORTIZATION TABLE PAYMENT 1 2 BEGINNING BALANCE FIXED PAYMENT INTEREST PRINCIPAL ENDING BALANCE