Examine the loan of $210,000, 15-year mortgage with an APR of 3.8%. The borrower paid an extra $100 each month towards the principal. Determine the ending balance after the first month? Payment Beginning Monthly Extra Towards Towards Number Balance Payment Payment Interest Principal 1 210,000.00 a. 100.00 1,050.00 822.10 2 100.00 1,045.89 826.21 3 100.00 d. 830.34 4 100.00 1,037.61 5 100.00 1,033.43 b. a. 208,351.69 a. 207,521.35 a. 206,686.86 a. 838.67 Ending Balance 209,177.90 C. 207,521.35 206,686.86 205,848.19

Q: Using this table as needed, calculate the required information for the mortgage. (Round dollars to…

A: Therefore, the number of $1000's financed is 168.3.

Q: Determine the monthly principal and interest payment for a 20​-year mortgage when the amount…

A: The monthly payment can be computed using the payment per thousand dollars corresponding to the…

Q: You borrow $11,000 over a 5-year term. The loan is structured as an amortized loan with annual…

A: Loan installment is that which is paid by borrower to lender for a specified period of time. This…

Q: Prepare an amortization schedule for the first 3 payments (in $) of a $66,000 mortgage at 5% for 20…

A: Present Value Annuity Factor=1-1+rate-timerate

Q: Complete the first payment of the amortization schedule. (Do not round until the final answer. Then…

A: A mortgage payment is a regular commitment that a borrower makes to a lender in order to pay back a…

Q: Consider a $100,000, 30-year, 6.6% mortgage with monthly payments. What portion of the payments…

A: A mortgage refers to a covered loan borrowed to purchase a property with the property itself acting…

Q: The interest amount on a $46,500 loan was $24,785.95. The interest rate charged on loan was 9.20%…

A: Future value of a loan refers to the total amount that will be due at the end of the loan term,…

Q: Make an amortization table to show the first two payments for the mortgage. Amount of Annual…

A: Interest = Opening End of month principal * rate per period  Principal repayment = monthly payment -…

Q: A home is purchased for $229,000 with an amortized loan over 30 years at an interest rate of 4.6%.…

A: Purchase price =                 2,29,000         Loan Tenure =  30 years       Interest rate =…

Q: Make an amortization table to show the first two payments for the mortgage. Amount of Annual…

A: Amortization is a repayment schedule which is generally used by lenders such as banks, financial…

Q: Complete the following table by using Table 15.1. (Do not round intermediate calculations. Round…

A: Mortgage amount (L) = Selling price - Down payment = $237000 - $47400 = $189600 r = 6% = 0.5% per…

Q: Consider a $230,000 home mortgage in which the payment per month is $945.38 for a thirty-year…

A: A Loan refers to the amount of money taken by one party named borrower from the other party named…

Q: A $135 000 mortgage is amortized by making monthly payments of $974.37. If interest is 4.92%…

A: Since interest rate is compounded semiannually, first we need to calculate monthly mortgage rate by…

Q: Purchase price of home Down Mortgage Interest payment amount Monthly payment Mortgage рayment Total…

A: As there are multiple sub parts only the first three can be solved according to company’s…

Q: calculate the required information for the mortgage

A: An amortisation of loan is a type of loan. In this type of loan the borrower makes scheduled and…

Q: Investigate the effect of the term on simple interest amortized auto loans by finding the monthly…

A: Given,  The loan amount is $13,000 Rate is 8 7/8%

Q: The balance on a mortgage was $43,000 and an interest rate of 4.25% compounded semi-annually was…

A: Monthly Payment: The amount that is due each month in order to pay off the loan within the allotted…

Q: Find the monthly payment needed to amortize principal and interest for the​ fixed-rate mortgage.…

A: Calculate the monthly payment as follows:

Q: Using this table as needed, calculate the required information for the mortgage. Number Table…

A: Borrowings are the liability of the company which is used to finance the requirement of the funds.…

Q: Make an amortization table to show the first two payments for the mortgage.   Amount of mortgage…

A: The amortization table is prepared to show the amount of monthly payments which include the…

Q: What is the effective annual interest rate on the loan? Car purchased for $29,000 with a 5 year loan…

A: Compound = n = Monthly = 12Interest Rate = r = 9%

Q: Find the total monthly payment, including taxes and insurance, for the following loan. Term of…

A: A mortgage is a loan taken out for the purchase of real estate. The real estate being purchased acts…

Q: Annual % rate: 5.9% Amt of Mort: $180,000 Unpaid Balance: Monthly Payent: $1067.65 Number of Monthly…

A: Loans are paid by equal monthly payments and the unpaid balance is the present value of payments…

Q: Using this table as needed, calculate the required information for the mortgage. (Round dollars to…

A:

Q: Find the amount (in $) of interest on the loan.

A: Interest: It refers to the monetary charge paid by the borrower to the lender for taking a loan. It…

Q: Use the ordinary interest method to compute the time (in days) for the loan. Round your answer up to…

A: Ordinary interest is a method of interest calculation where the principal amount remains the same…

Q: What is the total interest paid on a for $200,000 loan with 30 year mortgage at 7% annual. Assume…

A: A mortgage loan is a special loan provided by financial institutions to their customers to purchase…

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.