Find the monthly house payment necessary to amortize the following loan. In order to purchase a home, a family borrows $70,000 at 12% for 15 years. What is the monthly payment? $840.12
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![Question 11
Find the monthly house payment necessary to amortize the following loan.
In order to purchase a home, a family borrows $70,000 at 12% for 15 years. What is the monthly payment?
$840.12](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F30e94ad3-c3c6-45eb-bd89-0bd9e1850cc4%2F96a332a5-6589-4d3c-8dc7-dfbae302d192%2Fghs80ea_processed.jpeg&w=3840&q=75)
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- A department store has offered you a credit card that charges interest at 1.05% per month, compounded monthly. a. What is the nominal interest (annual percentage) rate for this credit card? b. What is the effective annual interest rate?Mr. Benedito, a grocery store owner, borrows $50,000.00 from a loan shark, handing him a $77,000.00 promissory note with a maturity of 6 months. What is the annual and monthly simple interest rate charged by the loan shark?QUESTION 4 A cash flow consists of $100 income at the end of Year 1, $200 at the end of Year 2, $300 at the end of Year 3, and so forth for ten years. What is the equivalent uniform annual cash flow? Use i = 10%.
- Derek borrows $294,333.00 to buy a house. He has a 30-year mortgage with a rate of 5.79%. After making 124.00 payments, how much does he owe on the mortgage?You buy a house and finance the purchase with a $600,000 mortgage. What are your monthly payments if the mortgage is for 30 years and the nominal annual mortgage interest rate is 5.00%?I need help please
- Chris makes a deposit of $500 into his savings account at the beginning of each year for the next 20 years. If the account earns 5% interest rate per year compounded annually, what will be the future value at the end of 20 years?Need to calculate.You buy a car for $27000. You get a loan at 7% interest compounded yearly. You will have 60 equal monthly payments of 5543.63 each month. How much total interest will you have payed on the car loan once all of your payments are complete..17. What is the effective annual interest rate if the nominal interest rate is 6%, compounded monthly?
- How is this to be initiated?Assume, you want to get $1,000 after 5 years. How much equal amount of money do you need to deposit in an account that earns 12% annual interest to get that money? Check you answer with interest table.QUESTION 4 You will deposit 18,285 at 10% simple interest rate for 6 years, and then move the amount you would receive to an investmen. account at 12 % compound rate for another 3 years. How much money would you have at the end of the entire period ?
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