he following loan is a simple interest amortized loan with monthly payments. $7000, 7%, 4 years (a) Find the monthly payment. (Give your answer to the nearest cent.) Payment $ 189.58 X (b) Find the total interest for the given simple interest amortized loan. (Give your answer to th Total interest $ 2100

Q: What is the APR on this loan?

A: Interest is the cost of borrowing a loan. It is the excess amount over the principal borrowing.…

Q: What would the monthly payment be? It is a zero amortizing loan

A: Given  Pv=300000*75%=225000 i=6%/12=0.5% n=30*12=360 Pv=pmt*(1-(1+i)^-n)/i

Q: Suppose you take out a mortgage for $265000 at 2.88% interest, compounded monthly, for 20 years!…

A: Compounding frequency refers to the number of times a sum of money is compounded within a year. This…

Q: Suppose you take out a loan for 180 days in the amount of $15,500 at 13% ordinary interest. After 40…

A: answer principal amount = $15,500 rate of interest = 13% partly payment  after 40days  partly…

Q: You borrow a five-year $13,000 loan with monthly payments of S250. What is the annual percentage…

A: PV = 13000, PMT = -250, N = 5*12, FV = 0 use rate function in Excel monthly rate = 0.48%

Q: 6. Assume an elderly couple owns a $140,000 home that is free and clear of mortgage debt. A reverse…

A: a. The monthly payment on this Reverse Annuity Mortgage (RAM) is $1,152.16. b. The following is the…

Q: You have approached your bank for a 30 year mortage loan in the sum of $2,160,000. The bank has…

A: Monthly payments refers to the periodic payment of repayment of a loan. Monthly payments includes…

Q: Find the monthly payment (in $) and the total interest (in $) for a mortgage of $46,000 at  5 1/4 %…

A: Monthly payment=4.14Total interest=$42,987.20So, the monthly payment is $4.14 and the total interest…

Q: rescott Bank offers you a five-year loan for $69,000 at an annual interest rate of 8.5 percent. What…

A: The value of money changes with time. Therefore, the time value of money considers the worth of…

Q: Assume the monthly payment of a loan amount of $400,000 is $1450. How long will it take to retire…

A: The loans are paid by the monthly payments and these are fixed and equal types of payments and they…

Q: Consider a home mortgage of $200,000 at a fixed APR of 6% for 30 years. a. Calculate the monthly…

A: Here, Mortgage Amount (PV) is $200,000 APR (r) is 6% Time Period (n)  is 30 years Compounding Period…

Q: Find the maturity value FV of the given loan amount. (Round your answer to the nearest cent.) $1,200…

A: Future value of an amount is the compounded value where the principal and interest earns further…

Q: Suppose you take out a mortgage for $170000 at 3.12% interest, compounded monthly, for 15 years.…

A: Monthly payment refers to an amount that is being paid every month for the repayment of the loan…

Q: Use PMT = to determine the regular payment amount, rounded to the nearest cent. The cost of a home…

A: Cost of House is $110,000 Time period is 20 years or 20×12=240 months Interest rate is 3%  Monthly…

Q: Suppose you want to apply for a loan of $500,000 with repayment tenure of 5 years. The interest rate…

A: The objective of the question is to calculate the Annual Percentage Rate (APR) of the loan. The APR…

Q: What is the total cost of interest with the new interest rate?

A: Loan is financial agreement where a person (lender) lends lump-sum money to other person (borrower)…

Q: Complete the following amortization chart by using Table 15.1.  Note: Round your "Payment per…

A: An amortized loan is a borrowing that is repaid slowly. Every payment comprises principal repayment…

Q: Find the maturity value FV of the given loan amount. (Round your answer to the nearest cent.) $1,200…

A: ,

Q: Find the monthly payment (in $) and the total interest (in $) for a mortgage of $46,000 at 5% for 40…

A: Here, To Find: Monthly payment =? Total Interest =?

Q: Xander takes out a loan for $260000 at an interest rate of 4.8%p.a. compounded monthly. The minimum…

A: Repayment of loan is made in fixed instalments which includes portion of principal as well as…

Q: onsider a loan at 4.125% APR on 6 years for a $23,000 car a. Estimate the monthly payment (using…

A: Equated Monthly Installments are one part of the equally divided monthly outgoes to clear off an…

Q: aks.1

A: The objective of the question is to calculate the down payment, loan principal and monthly loan…

Q: I hope you could write the formula and process more clearly. Thank you

A: The monthly payment for the mortgage is approximately £1,137.15.Explanation:Here's how to calculate…

Q: Amount Rate Time ​$63,000 12​% 3 years table of monthly payments on a​ $1,000…

A: Loan amount (PV) = $ 63000 Annual interest rate  = 12% Monthly interest rate (R) = 12%/12 = 1%…

Q: Find the total amount that must be repaid on the following note described. $8,593 borrowed at 18.5%…

A: Simple Interest is the method in which we calculate the interest on a specific principal amount at a…

Q: If you borrow $100,000 at an annual interest rate of 10% for six years, what is the annual payment…

A: Given:

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 Interest rate is 8 7/8%

Q: Use the following amortization chart: Selling price of home Down payment Principal (loan) Rate of…

A: Number of monthly payment periods = Number of years*12 = 30×12 = 360

Q: Prepare an amortization schedule for the first 3 payments (in $) of a $68,000 mortgage at 5% for 20…

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

Amortized Loans

The term "amortization" refers to spreading the value of a loan or a debt over a series of regular payments or installments comprising of both the principal and interest amount. It generally involves the process where in the value of a loan or an intangible asset is written down over its maturity period.