5. Albert secured a loan today worth Php350,000.00 at 5.5% interest compounded monthly to finance a construction project today. The loan is settled by making equal monthly payments at the end of each month for one year. Construct a loan amortization schedule illustrating the settlement of the loan

Q: A loan of $400,000 with 5% APR for 30 years with monthly payment plan was received for purchasing a…

A: Initial loan (L) = $400000 r = 5% per annum = 0.41667% per month n = 30 years = 360 months Let M be…

Q: A loan in the amount of $280,000, is contracted over a period of 25 years to finance the purchase of…

A: Here,

Q: A man secured a ₱ 9,771 loan at 2 % interest rate. Find the annual amortization to extinguish it in…

A: Present Value of Annuity Due refers to a concept which determines the value of cash flows at present…

Q: 0,000 mortgage was amortized over 20 years by monthly repayments. The interest rate on the mortgage…

A: Loans are paid by the monthly payment and these are fixed payments and these carry the payment for…

Q: a. Calculate the size of payments. 0.00 Round to the nearest cent b. Fill in the partial…

A: Monthly payments refer to the specified amount that a borrower is required to repay on a loan each…

Q: Čreate a loan amortization table using the following information: Amount of the loan: $500,000…

A: Data given: Amount of loan = $500,000 N= 30 years Interest rate  in year 1= 3%    Working:: Interest…

Q: A borrower is purchasing a property for $325,000. She is considering the following three loans: Loan…

A: EMI or monthly mortgage payments are the fixed amount paid by the borrower to the lender that…

Q: b) A man borrowed GH¢164,000 from a bank to help finance the purchase of a store. The bank charges…

A: Interest is the cost of borrowing money. It can be simple or compounded.

Q: A loan of $50,000 is to be amortized in 15 level annual payments. The interest rate for the first 5…

A: Annual instalment of loan is calculated based on present value of annuity formula. Effective…

Q: 1. Alice has a Php660,000.00 debt that is need to be repaid at the end of 5 years. The debtor…

A: The sinking fund is a funding account that is used to put money aside to make the debt payment. The…

Q: John Doeber borrowed $125,000 to buy a house. His loan cost was 11% and he promised to repay the…

A: Step 1: Given data :Loan amount (P): $125,000Annual interest rate (r): 11%Amortization period (n):…

Q: Mr. O got a 5 year, 100,000 dollars balloon commercial loan. The annual interest rate is 6% and the…

A: Loan amount (L) = $100000 r = 6% per annum = 0.5% per month n = 30 years = 360 months Let X =…

Q: You are offered loans from two competing lenders on the purchase of a $6.5 million property for a…

A: DataLoan 1Loan 2Loan-to-Value62.50%70.00%Rate6.375%6.875%Fees (Total)$55,000$77,000

Q: A firm purchases 100 acres of land for $200,000 and agrees to remit 16 equal annual end-of-year…

A: Dear student, kindly check the answer in the explanation box below.Explanation:Part 1: Answer:The…

Q: ABC Realty sold a piece of land for P250,000. A down payment of P50,000 was made and the remainder…

A: Present Value of Loan = Present Value Factor x Cash Flow during the period

Q: Akuse Tours company secures a loan of GHS200,000 over 2 years at 10.5% compounded quarterly year to…

A: A person or a company or a business takes loan for buying something that it cannot otherwise afford…

Q: Today, Cari purchased a car worth P1.5 million. A down payment of P150,000.00 has been made, and the…

A: Amortization of Loan  Calculation of Equalized Payment ( instalment )

Q: Riley takes out a loan L of 3000 dollars to buy a car at an effective annual rate of interest of 6%.…

A: The mortgage is the obligation to pay back the debt amount taken as a loan for satisfying the need…

Q: Donald received a loan of $22,000 at 3.25% compounded monthly. She had to make payments at the end…

A: Using excel PMT to calculate the size of the payment

Q: n financing a new shopping center, the owner receives a loan of P1M at the beginning of each 6…

A: Deferred annuity refers to a contract payment wherein the account holder is promised to receive a…

Q: Robert has borrowed $339,000 to purchase a house in the current year at 5.5% interest rate, with a…

A: Mortgage/ Borrowings:  Borrowings are the loan which is taken by the individual to meet its…

Q: Find the future value of a deposit of $15000 at 6% interest compounded monthly for 11 years.

A: As per the guidelines if multiple questions are asked at once, then the solution for the first…

Q: Peter just borrowed a $50,000 business loan from the  bank at 5% annual interest. He must repay the…

A: Given, Loan borrowed is $50,000 Interest rate is 5% Term of loan is 5 years.

Q: 1. Mary made a loan of P58,000 to supply her new business. It is to be amortized by ten equal…

A: We need to use RATE function in excel to calculate interest rate. Formula is =RATE(NPER,-PMT,PV)

Q: The Happy Hang Glide Company is purchasing a building and has obtained a $150,000 mortgage loan for…

A: Present Value of Ordinary Annuity refers to the concept which dictates the present value of a sum of…

Q: A man borrowed K6,000 a 7% and agrees to pay back by making equal payments at end of every month for…

A: Amortization schedule: A table that details the regular payments for an amortizing debt is called an…

Q: an employee obtain a loan of 10000 at the rate of 6% compounded annually in order to repair his…

A: Amortized loan refers to a loan where the principal amount of the loan is paid over the life of the…

Q: Using MS Excel A couple purchased a house and lot and signed a mortgage contract with a bank for…

A: Monthly payment  of the amortization loan can be calculated in excel using the PMT function.   PMT…

Q: Excellent bank has offered you, a GHC 60,000 35year loan to purchase equipment in your Factory. The…

A: Interest is an amount which is charged on deposited or borrowed amount on loan period. It is a cost…

Q: A $40,000 mortgage taken out on June 1 is to be repaid by monthly payments rounded up to the nearest…

A: A type of loan in which the borrower has to make a schedule for the periodic payment regarding both…

Q: Marshall recently obtained a 5-year, $50,000 loan. The loan carries 10 percent compound annual…

A: The payments discussed here are a form of annuity wherein an equal payment is made each period.

Q: A borrows $2100 for 15 years at an annual effective interest rate of 11%. A can repay this loan…

A: A sinking fund is a reserve of money that is set aside by a company or organization to repay a debt…

Q: 1. Mr. M. Rogue obtains a loan of P60,000.00 to be paid by equal periodic payment at the end of each…

A: The periodic payment is calculated by dividing the loan amount from the present value factor. It…

Q: 2) A 30 year $100,000 loan is made with effective annual interest i = 9% for the first 10 years and…

A: Loan amortization is the process of reimbursement of loan periodically by the borrower of the loan…

Q: A businessman wishes to borrow an amount of K3 million for a term of 5 years. The agreed rate of…

A: Annual Repayment- Repayment is proceeding of paying back money earlier borrowed from a lender.…

Q: Ryan must pay off a loan of $4,000 in 3 years. Use the appropriate formula to find the amortization…

A: Amortization: When the debt is paid off in regular installments and principal of loan is repaid till…

Q: Complete an amortization schedule for the following loan. The loan amount is $100,000 at 3. 5 %…

A: Note: The following problem has been solved using excel.

Q: following loan is fully amortizing. The loan is for $12,000 at 5% interest to be repaid over three…

A: Loan amortization can be defined as paying a fixed amount of money as loan repayment over a fixed…

Q: An employee obtained a loan of P11,000 at the rate of 7% compounded annually in order to build a…

A: An amortisation schedule contains opening balance, payment , interest charged and closing…

Mortgages

A mortgage is a formal agreement in which a bank or other financial institution lends cash at interest in return for assuming the title to the debtor's property, on the condition that the obligation is paid in full.

Mortgage

The term "mortgage" is a type of loan that a borrower takes to maintain his house or any form of assets and he agrees to return the amount in a particular period of time to the lender usually in a series of regular equally monthly, quarterly, or half-yearly payments.