If you borrow $500,000 to buy a house today, what is the amount of your monthly mortgage payment over next 30 years if the bank charges a 3.6% interest rate? Provide cash, interest expense, principal adjustment and pricipal balance for the first 6 months Journalize the third payment

Q: Use the monthly payment formula to answer the question. Round your answer to two decimal places, if…

A: Purchase Price = $648,000Down Payment rate = 10%Compound = monthly = 12Interest rate = r = 7.92 / 12…

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: 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: Find the monthly payment (in $) and the total interest (in $) for a mortgage of $48,000 at  5 1/4%…

A: The monthly payment for a mortgage is made is such a way that the mortgage amortizes to zero by the…

Q: Loan 30-Year Type Mortgage Rate 3.03% 15-Year New Car Mortgage Loan 2.30% 9.20% Used Car Loan 9.45%…

A: When the lender lends a loan to the borrower, he charges a rate of interest on the borrowed amount.…

Q: You plan to purchase a $290,000 house using a 30-year mortgage obtained from your local credit…

A: formula in the below table : Cell reference  ABCDEFGH11 B C D E F G H 22 INTEREST RATE =7.25%/12…

Q: You plan to take a 15-year mortgage in the amount of $400,000 to buy a home.  The bank charges 4%…

A: Given, Mortgage amount is $400,000 Rate is 4% term is 15 years

Q: You borrow $8000 to help pay your college expenses. You agree to repay the loan at the end of 8…

A: From the given information, Principal (P) = $8000 Time (t) = 8 years r = 8% = 0.08 Compounded…

Q: Assume that you will borrow $400, 000 from a bank that charges 4.5 percent interest compounded…

A: Hi there, As per the Q&A honor code, It must be answered the first question when multiple…

Q: You plan to purchase a $310,000 house using a 15-year mortgage obtained from your bank. The mortgage…

A: MS-Excel --> Formulas --> Financials --> PMT

Q: Find the monthly payment needed to amortize a typical $180,000 mortgage loan amortized over 30 years…

A: A mortgage refers to a covered loan that is borrowed for the purchase of a property with the…

Q: te down the loan factor that will be used in calculations, if Magda decides to pay her monthly…

A: Loan factor is the present value factor of monthly annuity considering interest rate and time…

Q: Find the monthly house payments necessary to amortize each  loan. Then calculate the total payments…

A: Under EMI Payment, Both Principal & Interest amount are paying back to the lender over a…

Q: You buy a house for $1,200,000 using a 30-year mortgage.  The annual interest rate is 3%.  Payments…

A: The equivalent annual cost is the periodic payment made towards the acquisition of an asset or…

Q: You take out a 20-year $280,000 mortgage loan with an APR of 6% and monthly payments. In 16 years…

A: Loan amount = $ 280,000 Annual interest rate = 6% Monthly rate = 6%/12 = 0.50% Loan period = 20…

Q: Find the monthly house payments nessary to amortize the following loan. Find total payments and…

A: Loans can be secured and unsecured. The loan is the amount borrower takes from the bank or financial…

Q: The bank will loan you $175,000 to buy a house. The loan terms are as follows; 30 year mortgage with…

A: A mortgage refers to a covered loan taken out for purchasing a property. The collateral for the loan…

Q: The terms of a loan call for monthly payments for 6 years at 9.6 percent interest. If you borrow…

A: The present Value of Ordinary Annuity refers to the concept which dictates today's value of a sum of…

Q: You borrow $300,000 to buy a house; if the annual interest rate is 4% and the term of the loan is 20…

A: Mortgage refers to the covered loan that is borrowed for the purchase of property with the property…

Q: Consider a home mortgage of $125,000 at a fixed APR of 4.5% for 30 years. a. Calculate the monthly…

A: Principal amount (or present value, PV)=$125,000 APR=4.5% Time=30 years a. Monthly payments can be…

Q: You deposit $1,000 into an account every six months to help with your down payment savings for a…

A: Compound Interest = P(1 + r)nP = PrincipleR = Rate of Interest N = Period

Q: The bank offers you a 20 year mortgage for $200,000 at an interest rate of 8%. The term of the…

A: Mortgage loan=$200000Interest rate=r=8%Period=20 yearsFind out monthly payment.As per company…

Q: You borrow $7,000 to help pay your college expenses . You agree to repay the loan at the end of 4…

A: Given information: Principal amount is $7,000 Interest rate is 8% compounded quarterly Number of…

Q: Consider a home mortgage of $225,000 at a fixed APR of 6% for 30 years. a. Calculate the monthly…

A: A mortgage loan is a type of loan used to finance the purchase of a property, typically a home. It…

Q: You are considering a loan with an annual rate of 8%. The mortgage is $130,000 with 180 monthly…

A: Payment Number Interest Payable Principal Payment Balance of Loan 1 ($130000.00*8%*1/12) ($1242.35…

Q: ou have a 30-year mortgage loan for $250,000 with an interest rate of 6% which requires you to make…

A: This pertains to time value of money.  The concept of time value of money tells us that worth of…

Q: You invest $24,050.85 in a savings account today at 5% annual interest.  How much will be in your…

A: Data Given:: Principal (P)= $24,050.85 Interest (i) = 5% per annum ( Note : Assumed Interest is…

Q: You have been approved for a mortgage for a property. The mortgage is for a 20-year period with a…

A: A mortgage is a contract signed by you and a mortgage broker that gives the borrower the power to…

Q: If you have a $125,000 mortgage with a $700.00 monthly payment, payable over 30 years, what interest…

A: Calculation of Interest Rate:The interest rate is 5.38%.Excel Spreadsheet:

Q: You borrow $149,000 to buy a house. The mortgage rate is 7.5% and the loan period is 30 years.…

A: ($1,041.83 x 30 x 12) - $149,000 = $226,059 answer

Q: You are preparing a loan amortization table for a 1-year loan of $1000 with a monthly interest rate…

A: Loan amount (P) = $1000Monthly interest rate (r) = 0.01Monthly period (n) = 12 (i.e. 1 year *…

Q: u take out a 30-year $150,000 mortgage loan with an APR of 12% and monthly payments. In 11 years,…

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