i. Determine the outstanding balance on your current loan for the remaining 240 payments.  ii. If you refinance your loan at an annual rate of 7 percent, calculate the new monthly  payment for another 20 years.

Q: The original amount that was borrowed for your home mortgage was 175,000 dollars, to be repaid…

A: Monthly payment (EMI) is calculated by present value of annuity formula. where r is APR and n is…

Q: You have purchased a house and take out a $600,000 loan with a 30 year term at 5% nominal annual…

A: Information Provided: Loan amount = $600,000 Year = 30 Interest rate = 5% compounded monthly

Q: Please help me,  I need fast solution please .

A: The objective of this question is to determine the new duration it would take to pay off a mortgage…

Q: You take out a 10-year installment loan for $220,000 and will make 40 quarterly payments of…

A: Amortization Table A document that details the monthly loan payment amount is known as an…

Q: Your friend has just arranged to purchase a $400,000 home with no down payment. The mortgage has a…

A: Value of home =$400,000 Interest Rate (r) = 3.5%/12 = 0.291667% Years = 30 Terms(n) = 30*12=360 Let…

Q: You purchase a home for $434,000 by making a down payment of 15% and financing the remaining amount…

A: First we need to use loan amortgage formula below to calculate monthly payment.  where P=Loann…

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Q: Suppose you wish to purchase heavy equipment machinery and a commercial bank will lend you $65,000…

A: Amount lent = $65,000 Loan period = 5 years* 12 = 60 Nominal interest rate = 8%/12 = 0.6667%

Q: You take out a 30-year $100,000 mortgage loan with an APR of 6% and monthly payments. In 12 years…

A: Principal balance Amount outstanding and owing for satisfying the payoff the amount of an underlying…

Q: You bought a house worth $324,000. You paid 25% of the purchase price in cash and arranged a…

A: The worth of House is $324,000 The down payment is 25% The time period of the mortgage is 25 years…

Q: You take out a 20-year $260,000 mortgage loan with an APR of 9% and monthly payments. In 14 years…

A: Principal BalanceThe principal balance, in case of a mortgage loan is the amount due to pay for an…

Q: Assume that you borrow $5000 and pay back the $5000 plus $250 in interest at the end of the year.…

A: Real interest rate: Principle = $5,000 Interest = $250 Interest rate =  2505,000×100%=5%

Q: You want to take out a $179,000 mortgage (home loan). The interest rate on the loan is 4.1 %, and…

A: After making payments for 15 years, you will still owe approximately $116,143 on your mortgage.…

Q: Consider a home mortgage of $150,000 at a fixed APR of 6% for 25 years. a. Calculate the monthly…

A: Solution:- When an amount is borrowed, it can either be repaid as a lump sum payment or in…

Q: a. What is your annual payment on the loan? b. Construct a mortgage amortization. c. What fraction…

A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

Q: You borrow $90,000; the annual loan payments are $12,852.25 for 30 years. What interest rate are you…

A: Interest :  It is the total amount payment on loan taken or fund borrowed by any person . it may be…

Q: What must be your annual quoted rate (APR)? After paying the loan for 5 years, you’re allowed to pay…

A: The annual rate of interest for a loan, often referred to as the annual interest rate or annual…

Q: A mortgage for $100,000 is made with initial payments of $500 per month for the first year. The…

A: Given: The mortgage is $100,000 The initial payment is $500 The rate of interest is 9%

Q: 7 years ago a fixed rate mortgage for $ 100,000 was issued which would fully amortize monthly in 20…

A: Here, Loan Amount is $100,000 Interest Rate is 8% Time Period of Loan is 20 years Time left for the…

Q: Suppose you purchased a house 7 years ago and took out a mortgage for $400,000 with a 5.6% interest…

A: Here,

Q: A borrower has secured a 30 year, $131.000 loan at 8% with monthly payments. Fifteen years later,…

A: Loan Amount = $131,000 Time period = 30 Years  Interest rate = 8%

Q: Consider a home mortgage of $225,000 at a fixed APR of 4.5% for 30 years. a. Calculate the monthly…

A: Mortgage type of loan is backed by some collateral  security against the loan. It is a secured loan.…

Q: Suppose you put $100 into a savings account today, the account pays a nominal annual interest rate…

A: Future Value Future Value is the value which is measured at a specified date at a given interest…

Q: Five years ago, you took out a 5/1 adjustable rate mortgage and the 5-year fixed rate period has…

A: The remaining balance refers to the amount still outstanding after making the principal repayments…

Q: You take out a 14-year personal loan for $13000 at rate of 8.1% which compounds 4 times per year.…

A: A loan refers to a contract where a borrower is provided money by the lender on the promise of…

Q: The amount that is borrowed on your house mortgage was $175,000 dollars to be repayed through…

A: An annuity is a series of cash flows for a particular period. In this series, each cash flow…

Q: You purchase a home for $438,000 by making a down payment of 15% and financing the remaining amount…

A: Monthly payment refers to the amount that is being paid every month either in the beginning or end…

Q: You have just purchased a new warehouse. To finance the purchase, you've arranged for a 30-year…

A: mortgage value = n = 30 x 12 = 360

Q: Consider a 20-year mortgage for $174,334 at an annual interest rate of 5%. After 8 years, the…

A: Time period = 20 years  Value of mortgage = $174,344 Annual interest rate = 5% Refinancing time…

Q: Consider a home mortgage of $200,000 at a fixed APR of 3% for 25 years. a. Calculate the monthly…

A: The series of payments discussed above is an annuity wherein an equal payment is made every month.

Q: You purchase a home and secure a 30 year equal payment loan for $200,000 at a interest rate of 5.25%…

A: The number of months to stay will be around 6 months.

Q: A borrower takes out a 30-year adjustable rate mortgage loan for $200,000 with monthly payments. In…

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Q: you borrowed $400 from a friend and promised to repay the loan by making three annual payments at…

A: Loan amount is equal to the present value of payment done based on time value of money..

Q: What will be the principal balance at the end of the four-year term? (Do not round intermediate…

A: The given problem can be solved using FV and PMT function in excel. FV function computes outstanding…

Q: A borrower has secured a 30 year, $131,000 loan at 8% with monthly payments. Fifteen years later,…

A: Loan Amount is $131,000 Time Period of Loan is 30 years Interest Rate is 8% Compounding Period is…

Q: A $230,000 mortgage has a stated annual rate of 4.5% on a 30 year loan. Approximately how many…

A: Stated annual interest rate is the rate of interest that  does not take into account the effect of…

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

A: Dear student, kindly check the answer in the explanation box below.Explanation:Part 1: Answer:The…

Q: You have just purchased a home and taken out a $550,000 mortgage. The mortgage has a 30-year term…

A: Mortgage amount $                 5,50,000.00Mortgage tenure, years30.00Compounding…

Q: You are planning to borrow $500,000 on a 20-year fully amortized mortgage. The interest rate is 8%…

A: Loan Calculations:a. Effective Monthly Rate:An 8% interest rate compounded semi-annually translates…