Monica bought a stereo for $2000 and arranged end of quarter payments of $300 (except for a smaller final payment) including interest at 9% p.a. compounded monthly. For full marks, in your Rough Work please construct the Full Amortization Schedule for the debt. Show all the totals. Additionally 4. The Total of All Interest Paid. 5. The Total of All Payments.

Monica bought a stereo for $2000 and arranged end of quarter payments of $300 (except for a smaller final payment) including interest at 9% p.a. compounded monthly. For full marks, in your Rough Work please construct the Full Amortization Schedule for the debt. Show all the totals. Additionally 4. The Total of All Interest Paid. 5. The Total of All Payments.

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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Michael Sanchez purchased a condominium for $64,000. He made a 20% down payment and financed the balance with a 30 year, 5% fixed-rate mortgage. (Round your answers to the nearest cent. Use this table, if necessary.) (a) What is the amount (in $) of the monthly principal and interest portion, PI, of Michael's loan? $ (b) Construct an amortization schedule for the first four months of Michael's mortgage. PaymentNumber MonthlyPayment(in $) MonthlyInterest(in $) Portion Usedto ReducePrincipal(in $) LoanBalance(in $) 0 $ 1 $ $ $ $ 2 $ $ $ $ 3 $ $ $ $ 4 $ $ $ $ (c) If the annual property taxes are $1,640 and the hazard insurance premium is $670 per year, what is the total monthly PITI of Michael's loan (in $)? $
Alexandra took out a mortgage of $791,000 for a house and just made the 79th end of month payment. Interest on the loan was 4.43% compounded monthly and the mortgage has a period of 19 years. Round ALL answers to two decimal places if necessary. 1) What are her monthly payments? P/Y = I/Y = % BAL= $ positive value) C/Y = PV = $ PMT= $ N = FV = $ 2) What is her current outstanding balance after the 79th payment? (enter a
On April 1, the home mortgage balance was $226, 000 for the home owned by Susan Thomas. Theinterest rate for the loan is 8 percent. Assuming that Susan makes the April monthly mortgage payment of $1808, calculate the following: (a) The amount of interest included in the April payment (round your answer to the nearest cent). (b) The amount of the monthly mortgage payment that will be used to reduce the principal balance. (C) The new balance after Susan makes this monthly mortgage payment. (a)| Interest amount: $ (b) Principal reduction: $ (c) New balance: $
am. 113.
Wade Ellis buys a new car for $16,447.22. He puts 10% down and obtains a simple interest amortized loan for the rest at at 11.5% interest for four years. (Round your answers to the nearest cent.) (a) Find his monthly payment.$ (b) Find the total interest.$ (c) Prepare an amortization schedule for the first two months of the loan. PaymentNumber PrincipalPortion InterestPortion TotalPayment Balance 0 $ 1 $ $ $ $ 2 $
(ANSWER LETTER C ONLY AT THE BOTTOM OF THE PAGE) Michael Sanchez purchased a condominium for $94,000. He made a 20% down payment and financed the balance with a 30 year, 5% fixed-rate mortgage. (Round your answers to the nearest cent. Use this table, if necessary.) (a) What is the amount (in $) of the monthly principal and interest portion, PI, of Michael's loan? -$403.69 PaymentNumber MonthlyPayment(in $) MonthlyInterest(in $) Portion Usedto ReducePrincipal(in $) LoanBalance(in $) 0 $75200 1 $403.69 $313.33 $90.36 $75,109.64 2 $403.69 $312.96 $90.73 $75,018.91 3 $403.69 $312.58 $91.11 $74,927.80 4 $403.69 $312.20 $91.49 $74,836.31 If the annual property taxes are $1,640 and the hazard insurance premium is $670 per year, what is the total monthly PITI of Michael's loan (in $)?
A grocery store sells for $346,500 and a 5% down payment is made. A 15-year mortgage at 4% is obtained Compute an amortization schedule for the first 3 months. Round your answers to two decimal places, if necessary. The value of the mortgage is $329,175 and the monthly payment is $2435.90. Part: 0/3 Part 1 of 3 Payment number Interest Payment on Principal Balance of Loan
Carla borrowed $1010.00 from the Central Bank at 8.8% per annum calculated on the monthly unpaid balance. She agreed to repay the loan in blended payments of $220.00 per month. Construct a complete repayment schedule for the loan including totals for Amount Paid, Interest Paid, and Principal Repaid. Complete the repayment schedule below. (Round to the nearest cent as needed.) Payment Number Balance Before Payment Amount Paid Interest Paid Principal Repaid Balance After Payment S1010.00 1 $1010.00 $220.00
Shirley Trembley bought a house for $185,300. She put 20% down and obtains a simple interest amortized loan for the rest at 6 3 8 % for thirty years. (Round your answers to the nearest cent.) (a) Find her monthly payment.$ (b) Find the total interest.$ (c) Prepare an amortization schedule for the first two months of the loan. PaymentNumber PrincipalPortion InterestPortion TotalPayment Balance 0 $ 1 $ $ $ $ 2 $ $ $ $ (d) Most lenders will approve a home loan only if the total of all the borrower's monthly payments, including the home loan payment, is no more than 38% of the borrower's monthly income. How much must Shirley make to qualify for the loan?$ per month
Michael Sanchez purchased a condominium for $83,000. He made a 20% down payment and financed the balance with a 30 year, 5% fixed-rate mortgage. (Round your answers to the nearest cent. Use this table, if necessary.) (a) What is the amount (in $) of the monthly principal and interest portion, PI, of Michael's loan? $ (b) Construct an amortization schedule for the first four months of Michael's mortgage. PaymentNumber MonthlyPayment(in $) MonthlyInterest(in $) Portion Usedto ReducePrincipal(in $) LoanBalance(in $) 0 $ 1 $ $ $ $ 2 $ $ $ $ 3 $ $ $ $ 4 $ $ $ $ (c) If the annual property taxes are $1,610 and the hazard insurance premium is $760 per year, what is the total monthly PITI of Michael's loan (in $)? $ Table 14-1: Monthly Payments to Amortize Principal and Interest per $1,000 Financed Monthly Payments(Necessary to amortize a loan of $1,000) InterestRate (%) 5Years 10Years 15Years 20Years 25Years 30Years 35Years 40Years…
am. 113.
Darlene applies for an installment loan to consolidate her credit cards. The loan is to be paid in 60 monthly installments with an APR of 16%. Her total balance is $17000. Compute her monthly payment. $413 O $283 O $460 O $370

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