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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.
Dinero Bank offers you a five-year loan for $50,000 at an annual interest rate of 7.5 percent. What will your annual loan payment be?
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- Western Bank offers you a $10,000, 6-year term loan at 7 percent annual interest. What is the amount of your annual loan payment?Prescott Bank offers you a $22,000, 6-year term loan at 10 percent annual interest. What will your annual loan payment be?I. M. Greedy Mortgage Bank offers you a $60,000, eleven-year term loan at a 5% annual interest rate to help you buy a home. What will your annual loan payment be?
- Pursell Bank offers you a five-year loan for $100,000 at an annual interest rate of 6.8 percent. What will your annual loan payment be? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Annual loan paymentIf you borrow $2,800 and agree to repay the loan in five equal annual payments at an interest rate of 12%, what will your payment be?First bank offers you a car loan at an annual interest rate of 10% compounded monthly. What effective annual interest rate is the bank going to charge you?
- You are offered an add-on loan for $4,500 at 18% for 5 years. What is the monthly payment? What is the amount of interest? What is the true interest rate cost of this loan? If you could pay the same loan above at a compound rate: What would the monthly payment be? What would the amount of interest be? 3. Prepare a monthly payment schedule for each loan above using Excel, and submit it.A friend asks you for a loan of $1,000 and offers to pay you back at the rate of $90 per month for 12 months. Using an annual interest rate of 10%, find the net present value (to you) of loaning your friend the money.Prescott Bank offers you a five-year loan for $62,000 at an annual interest rate of 6.25 percent. What will your annual loan payment be? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)
- A customer of your bank comes for a car loan 10000 OMR. He is charged with an interest rate of 5% per year. The customer expects a monthly repayment schedule from you, to plan his repayment. Provide a loan amortization schedule for a monthly repayment of 1 year. (Amortization factor is 0.952 )You receive a 10-year subsidized student loan of $29,000 at an annual interest rate of 4.8%. What are your monthly loan payments for this loan when you graduate? (Round your answer to the nearest cent.)You borrow $1,000 from the bank and agree to repay the loan over the next year in 12 equal monthly payments of $90. However, the bank also charges you a loan initiation fee of $20 which is taken out of the initial proceeds of the loan. Taking into account the impact of the initiation fee, what is the effective annual interest rate on the loan?