A man has 4240,000 home loan for 20 years at a nominal rate of 4.5% convertible monthly. He makes fixed principal repayment of $1000 each month. Find, a. his loan balance after 12 years b. his 100th month payment c. the sum of amount of interest paid in the 5 th year (from 49th month to 60th month).

A man has 4240,000 home loan for 20 years at a nominal rate of 4.5% convertible monthly. He makes fixed principal repayment of $1000 each month. Find, a. his loan balance after 12 years b. his 100th month payment c. the sum of amount of interest paid in the 5 th year (from 49th month to 60th month).

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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John received a loan of $40,500, 6 years ago. The interest rate charged on the loan was 4.68% compounded quarterly for the first 6 months, 5.46% compounded semi-annually for the next 2 years, and 5.88% compounded monthly thereafter. a. Calculate the accumulated value of the loan at the end of the first 6 months. Round to the nearest cent b. Calculate the accumulated value of the loan at the end of the next 2 year period. Round to the nearest cent c. Calculate the accumulated value of the loan today. Round to the nearest cent d. Calculate the amount of interest charged on this loan over the past 6 years. jamie wants to double his money in 9 years in an investment fund. What quarterly compounding interest rate do you suggest that he looks for?
A couple borrows $300,000 at an APR of 4.8% compounded monthly on a 30-year mortgage with monthly payments of $1,574. (a) How much of the first payment goes to interest? (b) Find the total interest paid over the life of the loan. (c) After making their 70th payment, they refinance the loan at an APR of 3.6% compounded monthly for 15 years. The refinanced amount includes the unpaid balance from the original loan plus a refinance charge of $2,000. Find the new monthly payment. (d) Find the amount saved by refinancing.
What is the principal part of the 22nd monthly loan payment for a home mortgage loan of $175,000 at 6% interest for 30 years?
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A bank loaned John Smith $3,000 for three years compounded annually at 9%. How much interest was John required to pay on the loan? Use the $1.00 future value table or the future value and compound interest formula.
Mark borrows $300,000 on a mortgage loan to be repaid on an equal monthly payment over 15-year period. Each payment is made at the end of each month. The bank (lender) charges 12.30% compounded semi-annually (in Canada this is a requirement). The mortgage term is for 5 years. Find the amount of interest paid after 23 months? please answer fast i give upvote
Joe is settling his debt by paying P50,000 at the beginning of every 6 months for 3 years. If the loan bears an interest of 9% compounded monthly, how much is the loan? *
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John obtained a loan of $25,000 at 4.6% compounded monthly. How long (rounded up to the next payment period) would it take to settle the loan with payments of $2,810 at the end of every month? Express the answer in years and months, rounded to the next payment period
Desidero Garcia got a simple interest amortized loan for $20,000 at 7 3/8 % for five and half years. Find the monthly payment and the total interest that will be paid.
Lisa has a $37,500 student loan at 3.15% compounded quarterly amortized over 16 years with payments made at the end of every month. a. What is the size of Lisa's payments at the end of every month? Round to the nearest cent b. What was the principal portion of payment 64? Round to the nearest cent c. What was the size of Lisa's' final payment? Round to the nearest cent.
İlhan got a loan of 10.000 TL with a maturity of 10 years with an annual effective interest of 9%. At the end of each year, it pays interest on the loan and a deposit on the debt repayment fund of 8% effective interest. Calculate the total amount of payments İlhan made during the 10-year period.

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