ance the entre purchase at an annual rate of 13 pecent compounde 1 over the ide of the loan (Annuity number of periods) You've junt bought a new fat-screen TV for $4,000 and the store you bought from offers to let you t monthly if you take the financing and make monthly payments of $110, how long will it take to pay off the loan? How much will you pay a. The number of years it will take to pay off the loan years Round to one decimal place

Q: consider a mortgage loan for 180,000 what is the payment if it has a 15 yr ratest 3.5% with closing…

A: Point It refers the upfront payment made by the borrower to the lender so as to reduce the interest…

Q: What is the monthly house payment on a 15 year $190,000 mortgage at 6.75% annual interest?

A: Given details are : Loan Amount = $190000 Time period = 15 years Interest rate = 6.75% From these…

Q: What would the monthly payment be? It is a zero amortizing loan

A: Given  Pv=300000*75%=225000 i=6%/12=0.5% n=30*12=360 Pv=pmt*(1-(1+i)^-n)/i

Q: You take out a 28-year mortgage loan for $757000. The annual interest rate of the loan that you pay…

A: Mortgage loan is a type of loan where a person puts his asset on Collateral to the lender to get a…

Q: Suppose you take out a mortgage for $265000 at 2.88% interest, compounded monthly, for 20 years!…

A: Compounding frequency refers to the number of times a sum of money is compounded within a year. This…

Q: wer takes out a 10-year mortgage loan for $300,000 with an interest rate of 7%. What portion of the…

A: Interest payments:Interest payments refer to the amount of money that is paid by a borrower to a…

Q: Baghiben

A: The objective of this question is to calculate the monthly payment for a car loan. The loan amount…

Q: A family has a $95,877, 25-year mortgage at 5.1% compounded monthly (A) Find the monthly payment and…

A: A written agreement through which a lender gets the right to take the property that is put as a…

Q: and you You have decided to refinance your mortgage. You plan to borrow whatever is outstanding on…

A: Present value is the value of loan or future periodic payments at the present date.

Q: You purchase a home for $299,000. You make a down payment of 13% and finance the remaining amount…

A: Formulas:

Q: You bought a Tesla Model 3 for $30,451 and the auto loan is 60-month fixed rate loan with interest…

A: A loan refers to a contract between two parties where money is forwarded by one party to the other…

Q: Suppose a bank offers you an 6 25% interest rate on a 30-year mortgage to be paid back with monthly…

A: Monthly payment (C) = $1700 Monthly interest rate (r) = 0.00520833333333333 (i.e. 0.0625 / 12)…

Q: You just bought a house for $334, 000 with a 12% down payment. The remainder is financed by a fully…

A: Cost of the house = $334,000Down payment = $334,000 x 12% = $ 40,080Loan amount = cost of the house…

Q: You need to have OMR 15000 in five years to payoff a home loan. You can invest in an account that…

A: Given:

Q: ques 1

A: Detailed explanation:ABCDE1MonthPayment (PMTPMTPMT)Interest PortionPrincipal Portion21=PMT(0.08/12,…

Q: Suppose you take out a mortgage for $170000 at 3.12% interest, compounded monthly, for 15 years.…

A: Monthly payment refers to an amount that is being paid every month for the repayment of the loan…

Q: Paying off credit card debt: 000.8012=000.5062000.0128 What will be your monthly payment if you have…

A: The time value of money is the idea that an amount of wealth is considerably more right now than it…

Q: number of periods) You've just bought a new flat-screen TV for $2,800 and the store you bought it…

A: Annuity refers to the sum of amount paid or received being compounded at a given rate of interest…

Q: You want to buy a house and will need to borrow $175.000 The interest rate on your loan is 4.93…

A: PMT is often used in financial formulae relating to loans, mortgages, annuities, and other financial…

Q: Daysha bought a house with a mortgage of $395,100. The mortgage is being financed with an interest…

A: We need to use NPER function in excel to calculate number of payments in both ordinary annuity and…

Q: to determine the regular payment amount, rounded to the nearest cent. The cost of a home is financed…

A: Calculation of PMT =[$120000*(0.04/12)]/[1-(1+(0.04/12))(-20*12)]…

Q: Car cost 9000; 1000 down payment; need a loan of 8000; auto financing calculates interest for the…

A: Loan amount= $8000 Time period= 4 years Rate= 10% interest Monthly payment= ?

Q: question 1

A: ReferencesTownsend, C. (2022). Annuities. In A Risky Business: An Actuary's Guide to Quantifying and…

Q: What is the monthly house payment on a 10 year $225,000 mortgage at 7.5% annual interest?

A: Given details are : Amount of loan (Present value) = $225000 Time period = 10 years Interest rate =…

Q: If you have a $19,500 car note with a $380.00 monthly payment, payable over 60 months, what interest…

A: In the above question we need to compute the interest rate from following details: Value of card…

Q: You purchase a home for $436,000 by making a down payment of 15% and financing the remaining amount…

A: Particulars Amount ($) a Value of House 436000   Less:    b Down Payment @15% 65400 c…

Q: You have a mortgage for $95,000 at 6.50% for 30 years, monthly payments. The loan has a five percent…

A: An amortized loan is subjected to a prepayment penalty if repaid within a stipulated timeline. The…

Q: You plan to take a 15-year mortgage in the amount of $400,000 to buy a home.  The bank charges 4%…

A: Given, Mortgage amount is $400,000 Rate is 4% term is 15 years

Q: Say that you purchase a house for $206,000 by getting a mortgage for $185,000 and paying a $21,000…

A: House Cost =  $206,000 Down Payment = $21,000 Mortgage Amount = $185,000 Time Period = 25 Years…

Q: Your local bank has offered you a 15-year, $100,000 mortgag. Payments on the mortgage are quaterly…

A: RATE (QUARTERLY)=12/4=3%Mortgage term (QUARTERLY) = 15∗4=60

Q: What's the monthly payment on a 30 year 7% mortgage if you borrowed to buy the house for 200,000…

A: Amortization of a loan refers to the systematic and regular repayment of the loan and interest…

Q: You want to pay off your mortgage on something called an accelerated bi- weekly payment plan. You…

A: Mortgage refers to the process of taking money by the borrower from the lender by keeping something…

Q: Find the monthly payment (in $) and the total interest (in $) for a mortgage of $48,000 at 5% for 40…

A: Monthly payment = P x r x (1 + r)n/[(1 + r)n - 1] where, Principal (P) = 48,000 Monthly interest…

Q: Find the monthly payment (in $) and the total interest (in $) for a mortgage of $46,000 at 5% for 40…

A: Here, To Find: Monthly payment =? Total Interest =?

Q: Find the monthly payment for a 289,500.00 home with 20% down payment. The terms of the mortgage are…

A: The cost of home = 289,500 The down payment = 20%  Interest rate on mortgage = 8.5%  The time period…

Q: How much do you still owe on your auto loan if you have 47 remaining monthly payments of $543 with…

A: Compound = Monthly = 12Number of Payment = n = 47Monthly Payment = p = $543Interest Rate = r = 6.9 /…

Q: aks.1

A: The objective of the question is to calculate the down payment, loan principal and monthly loan…

Q: Suppose you are buying your first home for $144,000, and you have $17,000 for your down payment. You…

A: purchasing price = $144,000 down payment = $17,000 loan amount = $144,000 - 17,000…

Q: None

A: To determine how much mortgage you can afford with a maximum monthly payment of $1,739, given a…

Q: A homeowner can obtain a $250,000, 30-year fixed-rate mortgage at a rate of 6.0% with zero points or…

A: When the lender lends a loan to the borrower, he charges a rate of interest on the borrowed amount.…

Q: You can afford a $800 per month mortgage payment. You've found a 30 year loan at 8% interest a) How…

A: Monthly payment (P) = $ 800 Period = 30  Years Number of monthly payments (n) = 30*12 = 360 Annual…

Q: You take out a mortgage for $320,000 at 3% compounded monthly. What are your monthly payments if the…

A: Mortgage (P) = $320,000 Monthly rate of interest (r) = 0.0025 (0.03 / 12) Monthly Period of mortgage…

Cost of Credit

The cost of credit is an extra amount that the borrower has to pay besides the loan amount. These credit charges may vary from loan to loan. The cost of credit includes interest charges, maintenance charges, and arrangement charges. Some of the costs are mandatorily collected by the lender based on the loan amount and tenure of the loan. The cost of credit is also called finance charges of the credit.