How much is your monthly payment? use monthly compunding formula
Q: You would like to buy a new car and will need to borrow $25,000 to do so. Your loan will be repaid…
A: EMI or monthly payment of loans is the payment which the borrower makes every month towards loan…
Q: You want to buy a $183,000 home. You plan to pay 10% as a down payment, and take out a 30 year loan…
A: The down payment is the amount of cash paid while purchasing the home. The down payment decreases…
Q: You bought a house for $175,000. The bank requires a 25% down payment; it will provide a 30 year…
A: Given:
Q: You want to buy a $190,000 home. You plan to pay 10% as a down payment, and take out a 30 year loan…
A: According to Bartleby guidelines, if a question involves multiple sub-parts, then 1st sub 3 parts…
Q: You need a 30 year fixed rate mortgage to buy a new home for $400,000. Your mortgage bank will lend…
A: Mortgage/ Borrowings Borrowings are the loan which is taken by the individual to meet its financial…
Q: You want to buy a $175,000 home. You plan to pay 20% as a down payment, and take out a 30 year loan…
A: We have a mortgage transaction on a home. We have to find some amounts based on the mortgage.
Q: You want to buy a house, and a local bank will lend you $100,000. The loan will be fully amortized…
A: Monthly loan payment: It is the amount of money that is given to the lender by the borrower on the…
Q: Suppose you take out a 36-month installment loan to finance a delivery van for $26,100. The payments…
A: Loan amount = $26,100 Monthly payments = $989 Total finance charges = $9504 Loan period = 36 months…
Q: Suppose you borrow $21,000 from your bank to buy a car. You agree to pay $433.89 per month for 60…
A: As per the time value of money, a dollar is worth more today than the same dollar in the future.…
Q: ou can afford a $1,250.00 per month mortgage payment. You can get a loan at 7% interest for 30…
A: When we make a mortgage payment we pay fixed monthly amounts as payments towards the mortgage.…
Q: A friend asks to borrow $47 from you and in return will pay you $50 in one year. If your bank is…
A: The present value of money is the discounted value of future cash flows. The future value is the…
Q: You want to buy a car, and a local bank will lend you $25,000. The loan will be fully amortized over…
A: Monthly Loan Payment = PV*(r*(1+r)n)((1+r)n-1) where: PV is the present value of the loan r is the…
Q: You are considering purchasing a new home. You will need to borrow AED 4,000,000 to purchase the…
A: Monthly Payment refers to the payment that is to be paid monthly for a specific period of time to…
Q: What is the payoff amount for the loan?
A: Present value illustrates the current value of a sum of money that will be received or paid in the…
Q: HAN ON
A: Downpayment amount=20/100*124000=24800 So Loanable value =12400-24800=99200 Given interest rate =…
Q: You need a $6000 loan to buy a used car. Your bank offers a 4-year loan at 9% APR. Calculate your…
A: We have to use the following formula of the monthly payment by using the following formula: Monthly…
Q: You want to buy a $33,000 car. The company is offering a 5% interest rate for 5 years. What will…
A: The calculation of a loan's monthly payment is the subject of the topic. This is a typical financial…
Q: You are looking to get a 30 year mortgage at 4%. You can afford $1,000 per month. a) What is the…
A: A mortgage is a type of loan used to purchase a property or real estate. The borrower (homebuyer)…
Q: You want to buy a car, and a local bank will lend you $15,000. The loan will be fully amortized over…
A: A loan is an agreement between two parties where an amount is forwarded in exchange for a promise of…
Q: Suppose you purchase a house using a 30-year fixed rate mortgage. The APR on the loan is 3.2% and…
A: The current price of the house is computed by computing the present worth of the house. The formula…
Q: A friend asks to borrow $53.00 from you and in return will pay you $56.00 in one year. If your bank…
A: Present value refers to the discounted value of future cash flows.future value is the compounded…
Q: over 4 years with monthly payments. Calculate your monthly payment.
A: Information Provided: Amount borrowed = $15,000 Interest rate = 3.3% Term = 4 years or 48 months
Q: You want to buy a car, and a local bank will lend you $10,000. The loan will be fully amortized over…
A: Given: Loan Amount $10,000Annual Nominal Interest Rate 9%Number of Payments = 5 years * 12 months60…
Q: suppose that you decide to borrow $15,000 for a new car. you can select one of the following loans,…
A: a.Loan ALoan Amount (pv) = $15,000Interest Rate (rate) = 5.9%Time Period = 3 YearsNumber of Payments…
Q: are buying a house and will borrow $197,000 on a 25-year fixed rate mortgage with monthly payments…
A: Mortgage loans are paid by monthly payments and these monthly payment carry the payment for interest…
Q: You can afford a $450 per month car payment. You've found a 3 year loan at 5% interest. How big of a…
A: Personal finance encompasses financial decisions and strategies that individuals make to manage…
Q: you can afford a $350 per month car payment. you found a three-year loan at 7% interest. how big of…
A: We need to use present value of loan formula below to calculate amount of loan for given…
Q: You want to buy a $135,000 home. You plan to pay 20% as a down payment, and take 6.9% interest for…
A: Loans are paid by the equal monthly payments that carry the payment for principal amount and also…
Q: the amount of the down payment?
A: “Since you have posted a question with multiple sub-parts, we will solve the first three subparts…
Q: Solve the following problems. Round your results to the nearest cent as needed. You need a loan to…
A: P = $24,200 (loan amount),(monthly interest rate),n=6×12 (number of months in 6 years).
Q: You have two monthly car payments of $400 each left on your car. If the interest rate is 0.75…
A: Monthly Payment (PMT) = $400Monthly interest rate (r) = 0.75% or 0.0075Number of periods (n) = 2…
Q: You want to buy a new car. You can afford payments of $250 per month and can borrow the money at an…
A: The term mortgage refers to a type of loan that is for the long term, and it usually has the asset…
Q: ut an $8,000 car loan that calls for 7 annual payments of $2,400 each. What is the interest rate?
A: Annual payments are made for payment of loan which carry the interest and payment of principal…
Q: A customer of your bank comes for a car loan 10000 OMR. He is charged with an interest rate of 5%…
A: Fixed monthly payment =P× r ×(1+r)n(1+r)n-1 Where : P = Loan amount r = monthly rate of interest n =…
Q: ou want to borrow $27,000 from your local bank to buy a new car. you can afford to make monthly…
A: The given problem can be solved using RATE function in excel. RATE function computes interest rate…
Q: You want to buy a car, and a local bank will lend you $20,000. The loan would be fully amortized…
A: The loan is an agreement between two parties where an amount is forwarded on a promise of repayment…
Q: Suppose your gross monthly income is $5,200 and your current monthly payments are $425. If the bank…
A:
Q: You are going to buy a new car worth $24,500. The dealer computes your monthly payment to be $514.55…
A: The time value of money is a concept in finance that recognizes the idea that a sum of money has…
Q: A customer of your bank comes for a car loan 10000 OMR. He is charged with an interest rate of 5%…
A: Given Information : Amount of loan : 10,000 OMR Interest rate : 5% annual Tenure : 12 months
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Solved in 2 steps
- You are going to buy a house and borrow $542474 with a 30-year mortgage. Your interest rate is 3.37%. What will be your monthly payment? (Remember that you need a monthly "r" and a monthly "t".) Answer:You want to buy a $243,000 home. You plan to pay 10% as a down payment, and take out a loan with a rate of 8% for the rest. a) How much is the loan amount going to be? $ b) What will your monthly payments be if you have a 30-year loan? $ c) What will your monthly payments be if you have a 15-year loan? $ d) What is the total amount paid to the bank over the 30-years? $ e) Whatis the total amount paid to the bank over the 15-years? $ f) Find the total interest paid for the 30-year loan. $ g) Find the total interest paid for the 15-year loan. $You want to buy a car, and a local bank will lend you $25,000. The loan will be fully amortized over 5 years (60 months), and the nominal interest rate will be 9% with interest paid monthly. What will be the monthly loan payment? What will be the loan's EAR? Do not round intermediate calculations. Round your answer for the monthly loan payment to the nearest cent and for EAR to two decimal places. Monthly loan payment: $ .............. EAR: ........%
- Use Excel to answer this question: You want to borrow money from your bank to purchase a car. The maximum amount you are willing to pay is $450 per month. How much can you borrow if the loan lasts for 7 years, your first payment starts today, and the interest rate is 4.5% APR under monthly compounding? $32,495.13 O$29,489.45 O $31,576.98 O $27,456.87You decide that you can spend 600 as a monthly payment for a new car. Your bank offers car loans at 5.5% APR for 3 years. How much can you borrow? Round your answer to the nearest dollar.You find a house that you would really like to purchase that is listed for $337000. The bank offers you a loan at 5% APR for 30 years. Calculate your monthly payment. Round your answer to the nearest cent.
- You can afford a $950 per month mortgage payment. You've found a 30 year loan at 8% interest. a) How big of a loan can you afford? b) How much total money will you pay the loan company? c) How much of that money is interest?You take out a 14-year personal loan for $13000 at rate of 8.1% which compounds 4 times per year. After 1 years, you refinance the loan and get a 13-year loan at a rate of 6.48%. a) When you first get the loan, how much is your payment? $ 390.24 Correct b) Make a spreadsheet for your loan balance, interest, and payments. After 1 years of paying, how much do you owe? $ c) Adjust your spreadsheet for the new interest rate starting when you refinance in year 1. What is your new payment? $Suppose that you decide to borrow $14,000 for a new car. You can select one of the following loans, each requiring regular monthly payments. Installment Loan A: three-year loan at 5.5% Installment Loan B: five-year loan at 6.4% a. Find the monthly payments and the total interest for Loan A. The monthly payment for Loan A is $. (Do not round until the final answer. Then round to the nearest cent as needed.) The total interest for Loan A is $. (Round to the nearest cent as needed.) b. Find the monthly payments and the total interest for Loan B. The monthly payment for Loan B is $. (Do not round until the final answer. Then round to the nearest cent as needed.) The total interest for Loan B is $. (Round to the nearest cent as needed.) c. Compare the monthly payments and the total interest for the two loans. Determine which loan is more economical. Choose the correct answer below. OA. The five-year loan at 6.4% is more economical. OB. The three-year loan at 5.5% is more economical.
- Suppose that you decide to borrow $35,000 for a new car. You can select one of the following loans, each requiring regular monthly payments: Installment Loan A: three-year loan at 6% Installment Loan B: five-year loan at 9%. Find the monthly payments and the total interest for Loan A. Find the monthly payments and the total interest for Loan B. Compare the monthly payments and total interest for the two loans. Use this formula to find the monthly payments:Suppose that after the 6-month grace period after you graduate college, you have $63,000 in student loan debt. If you plan on paying back your loans using the standard repayment plan, you will be paying your loans off in 10 years. You may assume an interest rate of 5.05% which will compound daily. In order to find your monthly payment, you will first need to find your daily payment since the interest is compounded daily. What is your daily payment? [Select] What is your monthly payment for a month with 30 days? [Select]You can afford a $300 per month car payment. You've found a 5 year loan at 7% interest. How big of a loan can you afford? Round your answer to the nearest cent.
