7. The remainder on a home loan is refinanced by a bank. The refinanced loan is a 15-year loan for $176,200 scheduled to be paid off using monthly payments. The annual percentage rate for the loan is 3.15% a. Identify the APR for this loan in decimal form. Use four decimal place accuracy. b. Identify the number of payments per year used in the loan payment formula. C. Calculate the monthly payment required to pay off this loan.

7. The remainder on a home loan is refinanced by a bank. The refinanced loan is a 15-year loan for $176,200 scheduled to be paid off using monthly payments. The annual percentage rate for the loan is 3.15% a. Identify the APR for this loan in decimal form. Use four decimal place accuracy. b. Identify the number of payments per year used in the loan payment formula. C. Calculate the monthly payment required to pay off this loan.

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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Similar questions

For a short-term cash requirement of 85,000 TL, a 12-month maturity loan with equal installments will be withdrawn from the bank. If the monthly interest rate is 1.75, prepare the loan payment table (loan amortization table) by finding the monthly payment amount.
To borrow $2,400, you are offered an add-on interest loan at 10.4 percent with 12 monthly payments. Compute the 12 equal payments. Use the amount you borrowed and the monthly payments you computed to calculate the APR of the loan. Then, use that APR to compute the EAR of the loan. Note: Do not round intermediate calculations and round your final answer to 2 decimal places. Equal payment Effective annual rate. %
For a short-term cash requirement of $ 85,000, a 12-month term loan with equal installments will be drawn from the bank. If the monthly interest rate is 1.75, prepare the loan payment table (loan amortization table) by finding the monthly payment amount.
1. An installment loan is repaid a. in a single payment after a specified period of time. b. in equal payments over a specified period of time. 2. The amount of an installment loan depends on a. the amount financed, the number of payments, and the annual percentage rate. b. whether the borrower can afford to make a down payment. 3. With each monthly payment on an installment loan, the amount you owe to principal a. decreases. b. increases. 4. With each monthly payment on an installment loan, the percentage of your payment allocated to principal a. decreases. b. increases. 5. The final payment of an installment loan consists of a. the previous balance only. b. the previous balance plus current month's interest. 6. The finance charge on an 18-month, $5,000 installment loan is less thalon a a. 12-month, $5,000 installment loan. b. 24-month, $5,000 installment loan. Chap
Calculate the finance charge (in $), the finance charge per $100 (in $), and the annual percentage rate for the installment loan by using the APR table, Table 13-1. (Round dollar amounts to the nearest cent.) AmountFinanced Number ofPayments MonthlyPayment FinanceCharge Finance Chargeper $100 APR $13,000 36 $467.00 $ $ %
a. Use the appropriate formula to determine the periodic deposit. b. How much of the financial goal comes from deposits and how much comes from interest? Periodic Deposit Rate $? at the end of each month 3.5% compounded monthly Click the icon to view some finance formulas. a. The periodic deposit is $. (Do not round until the final answer. Then round up to the nearest dollar as needed.) Formulas b. S of the $220,000 comes from deposits and S comes from interest. (Use the answer from part (a) to find these answers. Round to the nearest dollar as needed.) A= In the provided formulas, P is the deposit made at the end of each compounding period, r is the annual interest rate of the annuity in decimal form, n is the number of compounding periods per year, and A is the value of the annuity after t years. P[(1+r)²-1] T Time 10 years A= nt P= Financial Goal $220,000 响 nt [(¹-3) - X SEX
Mr. Bean wants to borrow $9,100 for three years. The interest rate is 7.1% compounded monthly. a. What quarterly payments are required on the loan? (Do not round intermediate calculations and round your final answer to 2 decimal places.) PMT = 24 b. What will be the balance owed on the loan at the start of the third year? Balance owed=
Please send me the solution of the question and answer thanjs
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 $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)
(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

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