Fast pls solve this question correctly in 5 min pls I will give u like for Svtrik Dave currently makes monthly payments towards a 22-year mortgage of $260000 with an interest rate of 14.4% compounded monthly. After making the 69th payment, Dave refinanced his mortgage at an interest rate of 8.4% compounded monthly. If he still makes the same monthly payments, how many number of payments of full payments are required to pay of the remainder of the loan? How large will Dave's final drop payment be?

Q: Nick’s car loan requires payments of $472.77 at the end of every month for five years, including…

A:

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

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

Q: You are approved for a $200 000 mortgage to purchase a house. You are given two options, both with…

A: Two loans are identical except that one is paid bi-weekly (in every 2 weeks, hence 2 times in a…

Q: Let's assume you took out a $300,000, 30-year mortgage with an annual interest rate of 8% and…

A: Monthly payment (P) = $2201.29 Loan amount (L) = $300000 Remaining payments (n) = 180 r = 8% per…

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 that your Stafford loans plus accumulated interest total $31,811 at the time that you start…

A: Installment is the amount of periodic payments a borrower has to make in order to repay his loan in…

Q: You owe $24,000 on student loans at an interest rate of 5.45% compounded monthly. You want to pay…

A: Given loan amount is Interest Rate is Time period since number of payments is monthly total number…

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

A: PV is the worth of a sum of money in the present, as opposed to the value it will have in the future…

Q: QUESTION 4 Assume you take out a $2000 loan for 30 months at 9% APR. How much of the first month's…

A: Using financial calculator

Q: Theory of Interest Compute for the time Value of Money Assume the date today December 13,2022.…

A: We need to use NPER formula in excel to calculate time or number of periods to be taken to repay the…

Q: Vikas has just taken out a USD$1,000,000 mortgage at an interest rate of 6% per year. If the…

A: We need to use loan amortization formula to calculate monthly payment of loan.WhereP = LoanPMT =…

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: Question 9 Avi is expecting to get a $372,000 15 year mortgage. If the interest rate on the mortgage…

A: Absolutely! We can calculate the monthly payment for Avi's mortgage manually using the following…

Q: you want to purchase a car for 48000 in 9 years the bank has a guaranteed apr of 6.5 percent if you…

A: Annuity refers to the set of periodic payments made by the investor into an investment account or by…

Q: You borrow $22997 to buy a car. You will have to repay this loan by making equal monthly payments…

A: The monthly payment of a loan refers to the regular payment of the amount for a fixed loan amount.…

Q: We Pay Insurance Company will pay you $1,575 each quarter for 25 years. You want to earn a minimum…

A: The concept of time value of money will be used here. This concept states that worth of money…

Q: 2. A consumer loan has a scheduled payment of P 2,000 every quarter for 3 years. If money is worth…

A: Quarterly payment (P) = P 2000 Period = 3 Years Number of payments (n) = 5 Interest rate = 9%…

Q: y terms require the first payment to be made at the moment the money is lent $42 every month, the…

A: Value of loan is the present value of payments done based on time value of money and interest rate…

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: a. If Simon makes the minimum monthly payment and makes no other charges, how many months will it be…

A: By rearranging the PV of ordinary annuity formula, we can solve for the missing value. The formula…

Q: Alice has a balance of $19.000 on her credit card. The card carries a 22.00% annual rate of…

A: The given details are:Initial balance on credit card: $19,000Annual rate of interest: 22%The minimum…

Q: A certain college graduate borrows 8658 dollars to buy a car. The lender charges interest at an…

A: Installment is the amount of periodic payment a borrower has to make to its lender in order to pay…

Q: Calculate the monthly mortgage payment. Round to the nearest cent. $120,000 is financed for 15 years…

A: Amount=120000 Rate=4.5% number of years=15 We have to calculate monthly payments For this we will…

Q: Suppose that you can only qualify for a monthly mortgage payment of $787.35 (on a $165,000, 30-year…

A: Compound = monthly = 1230 Year Monthly Payment = p = $787.35Present Value of Mortgage = pv =…

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: Peter makes a deposit at the end of every month nto a savings account that earns interest at 5.4%…

A: There is need of financial planning needed for needs of tomorrow so we should prepare systematically…

Q: i. How much interest will you pay on the loan ii. If the interest is compounded once a year instead…

A: Hi There, Thanks for posting the question. As per our Q & A honour code, we must answer the…

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: Sierra and Chris borrowed $64,000 at 6.03% compounded monthly as a second mortgage loan against…

A: Amortization schedule refers to the statement showing the beginning and ending balance, interest and…

Q: Kyle was supposed to pay Erin $6,700 6 months ago and $720 in 5 months. If he wants to repay this…

A:

Q: On a 15-year, $200K mortgage at 4% APR, how much interest will you pay in ONLY the second year if…

A:

Q: Consider a 30-year, fixed-rate mortgage for $120,000 at a nominal rate of 6% with monthly payments.…

A: Loan amount(PV)=$120,000 Duration (n)=30*12=360 periods Rate per period(i)=0.0612=0.005 Monthly…

Q: Emon is securing a 7-year balloon mortgage for $280,000 to finance the purchase of his first home.…

A: Balloon payment is the final payment made at the end of mortgage loan to payoff the outstanding loan…

Q: To purchase a house for $215 000, you make a 15% down payment and finance the rest with a mortgage…

A: Given, Purchase Price = $215,000 Down Payment = 15% of $215,000 = $32,250 Loan Amount =…

Q: a.  If the interest rate on the loan is 12%, how long will it take for her to repay the loan fully?…

A: The formula to determine the time period (n) is as follows:If we were to solve this question…

Q: Don't use Ai solution

A: To determine the impact of switching to an accelerated bi-weekly payment plan on a mortgage of…

Q: took out a $300,000, 30-year mortgage interest rate of 8% and monthly payments of $2,201.29. Because…

A: Given data, Monthly rate(r) =0.08/12=0.006667 n=180 payments remaining Monthly payments =$ 2201.29…

Q: Wing Sze has a mortgage for $400,155.00. The term of the mortgage is 5 years, and the amortization…

A: Moirtagage amount is 400,155.00 rate of interest (r) is 8.250% Compounded monthly Therefore; r=…

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.