As one of the loan officers for Grove Gate Bank, calculate the monthly principal and interest, PI (in $), using this table and the monthly PITI (in $) for the mortgage. (Round dollars to the nearest cent.)Termof Loan(years)AnnualMonthlyPITIAmountInterestMonthlyPIPropertyAnnualInsuranceFinancedRateTax$124,7006.75%15$2,370$1,355Prepare an amortization schedule for the first 3 payments (in $) of a $78,000 mortgage at 5% for 20 years. Use this table. (Round your answers to the nearest cent.)Payment Number Monthly Payment Monthly Interest Portion Used to Reduce PrincipalLoan Balance$|$|124242%24Using this table as needed, calculate the required information for the mortgage. (Round dollars to the nearest cent.)TableMonthlyPayment(in $)TermNumberTotalAmountInterestof $1,000sFinancedof LoanFactorInterestFinancedRate(years)(in $)(in $)$162,3007.25%15$$$

Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

As one of the loan officers for Grove Gate Bank, calculate the monthly principal and interest, PI (in s), using this table and the monthly PETI (in $) for the mortgage. (Round dellars to the nearest cent.) Term Annual Annual Monthly PITI Amount Interest Monthly PI of Loan Property Тах Financed Rate Insurance (years) $124,700 6.75% 15 $2,370 $1,355

As one of the loan officers for Grove Gate Bank, calculate the monthly principal and interest, PI (in s), using this table and the monthly PETI (in $) for the mortgage. (Round dellars to the nearest cent.) Term Annual Annual Monthly PITI Amount Interest Monthly PI of Loan Property Тах Financed Rate Insurance (years) $124,700 6.75% 15 $2,370 $1,355

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Use the actuarial method to find the payoff amount for the loan paid in full before its due date. Amount Financed: $9000 Regular Monthly Payment. $189 02 Total Number of Payments scheduled: 60 Loan repaid in full instead of making: 12th payment
You are the loan department supervisor for a bank. This installment loan is being paid off early, and it is your task to calculate the rebate fraction, the finance charge rebate (in $), and the payoff for the loan (in $). (Round dollars to the nearest cent.) AmountFinanced Number ofPayments MonthlyPayment PaymentsMade RebateFraction FinanceChargeRebate LoanPayoff $4,600 36 $165.33 32 $ $ :)
se the exact interest method (365 days) and the ordinary interest method (360 days) to compare the amount (in $) of interest for the loan. (Round your answers to two decimal places.) Principal Rate (%) Time (days) Exact Interest Ordinary Interest $186,500 5.75 51 $ $
You are the loan department supervisor for a bank. This installment loan is being paid off early, and it is your task to calculate the rebate fraction, the finance charge rebate (in $), and the payoff for the loan (in $). (Round dollars to the nearest cent.) Amount Number of Financed Payments $1,900 18 Monthly Payments Payment Made $121.89 15 Rebate Fraction Finance Charge Rebate Loan Payoff
Use chart and round to nearest cent
Calculate the table factor, the finance charge, and the monthly payment (in $) for the loan by using the APR table, Table 13-1. (Round your answers to the nearest cent.) AmountFinanced Number ofPayments APR TableFactor FinanceCharge MonthlyPayment $6,500 36 10% $ $ $
You are the loan department supervisor for a bank. This installment loan is being paid off early, and it is your task to calculate the rebate fraction, the finance charge rebate (in $), and the payoff for the loan (in $). (Round dollars to the nearest cent.) Amount Number of Financed Payments $1,700 18 Monthly Payment $125.89 Payments Made 13 Rebate Fraction Finance Charge Rebate Loan Payoff
Use the exact interest method (365 days) and the ordinary interest method (300 days) to compare the amount (in 1) of interest for the loan. (Round your answers to two decimal places.) Principal Rate (6) Time (days) Exect Interest Ordinary Interest $196,500 $C 9.75 51
You have just been hired as a loan officer at a national bank. Your first assignment is to calculate the amount of the periodic payment (in $) required to amortize (pay off) the following loan being considered by the bank (use Table 12-2). (Round your answer to the nearest cent.) LoanPayment PaymentPeriod Term ofLoan (years) NominalRate (%) Present Value(Amount of Loan) $ every month 1 1 4 6 $30,000
Calculate the finance charge (in $) and the annual percentage rate for the installment loan by using the APR formula. (Round dollar amounts to the nearest cent and percentages to one decimal place.) AmountFinanced Number ofPayments MonthlyPayment FinanceCharge APR $18,300 72 $424.08 $ %
Calculate the finance charge (in $) and the annual percentage rate for the installment loan by using the APR formula. (Round dollar amounts to the nearest cent and percentages to one decimal place.) Amount Number of Financed Payments $18,500 72 Monthly Payment $424.08 $ tA Finance Charge APR %
Calculate the finance charge (in $) and the annual percentage rate for the installment loan by using the APR formula. (Round dollar amounts to the nearest cent and percentages to one decimal place.) Amount Financed 18,200 Number of Payments = 72 Monthly Payment = 424.08 Solve for Finance Charge and APR