Number of Years for the LoanAnnual Interest3102030Rate4%$29.53$22.58$10.12$6.06$4.775%29.9723.0310.616.605.376%30.4223.4911.107.166.008%31.3424.4112.138.367.3410%32.2725.3613.229.658.7812%33.2126.3314.3511.0110.29A borrower took out a mortgage loan for 20 years in the amount of $95,000 with an annual interest rate of 12%.a. Use the table of monthly payments on $1,000 loan, to find the monthly payment for this mortgage. $b. Find the total interest paid on the loan. $

Given:P = $95,000r = 12% or 0.12t = 20 yearsn = 12 Solution:a). - From the given table, the monthly…

Answered: Number of Years for the Loan Annual…

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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Question 13 How much principal will be repaid during the first year of end-of-month payments of $760 on a $39,000 loan at 11% compounded monthly? $6,342.20 O $1.254.75 O $7,005.20 O $5.081.11 O$3.055.63
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 A B Balance $ 14,000.00 Annual Rate 13.00% Monthly Rate Minimum Percentage Minimum Payment Additional $ с Month 2.50% $40.00 D E F G Calculate additional monthly payment required to pay off balance in 7 years. Minimum Total Payment Payment Interest Principal Balance H I J K
Nina buys a new sport utility vehicle for $35,000. She trades in her old truck and receives $10,000, which she uses as a down payment. She finances the balance at 4.5% APR over 48 months. Before making her 12th Number of 4.0% Payments (Financ 30 5.25 payment, she decides to pay off the loan. Answer parts a) through d) below. 36 6.29 48 8.38 a) Use the given table to determine the total interest Nina would pay if all 48 payments were made. Nina would pay S in interest (Round to the nearest cent as needed.) b) What were Nina's monthly payments? Nina's monthly payments were S (Round to the nearest cent as needed) c) How much interest will Nina save by paying off the loan early? Nina will save S. (Round to the nearest cent as needed.) d) What is the total amount due to pay off the loan? The payoff amount is S- (Round to the nearest cent as needed.)
Before purchasing a used car, Cody Lind checked www.kbb.com to learn what he should offer for the used car he wanted to buy. Then he conducted a carfax.com search on the car he found to see if the car had ever been in an accident. The Carfax was clean so he purchased the used car for $14,150. He put $1,500 down and financed the rest with a 48-month, 8.5% loan. What is his monthly car payment by table lookup? (Use Table 14.2) Note: Do not round intermediate calculations. Round your answer to the nearest cent. Monthly payment
Conchita has made a $210,400 loan for a home. Her 22-year fixed-rate loan has an interest rate of 6.00%. Create an amortization schedule for the first two payments. E Click the icon to view the table to find the monthly payment of principal and interest per $1,000 of the amount financed. Complete the table for the first month below. Monthly End-of-month Month payment Interest Principal principal 1 (Round to the nearest cent as needed.) Complete the table for the second month below. Monthly рayment End-of-month Month Interest Principal principal 2 (Round to the nearest cent as needed.)
Donald Simmons purchased a leather living room set for $5250, paying $750 down. The balance was financed for 19 equal monthly payments, and Donald agreed to pay a $612 finance charge. Using the annual percentage rate (APR) table, calculate the following. (Round all answers to the nearest hundredth.) 1. Amount financed: 2. Annual percentage rate (APR): $0 % Ś
Name Principal Interest rate Total Interest per year Term (in Total months) Interest to be paid Total loan amount to be paid I Peter $3500 5% 36 Rich 2700 4.5% 48 Julio 4200 7% 24 Mary 6800 6% 18 Robert 3000 5.5% 8. Nora 5500 8.75% 6. Jacky 4750 9.5% 11 Ted 7500 6.5% 36 Marvin 14000 7.5% 40 Oli 18000 5% 48
Stephen has just purchased a home for $162,000. A mortgage company has approved his loan application for a 30-year fixed-rate loan at 5.00%. Stephen has agreed to pay 30% of the purchase price as a down payment. How much would Stephen's monthly payment increase for a 20-year mortgage over a 30-year mortgage? E Click the icon to view the table of the monthly payment of principal and interest per $1,000 of the amount financed. The monthly payment would increase by S. (Round to the nearest cent as needed.)
Stephen has just purchased a home for $146,000. A mortgage company has approved his loan application for a 30-year fixed-rate loan at 4.75%. Stephen has agreed to pay 30% of the purchase price as a down payment. Find the down payment, amount of mortgage, and monthly payment. Click the icon to view the table of the monthly payment of principal and interest per $1,000 of the amount financed. The down payment is about S . (Round to the nearest cent as needed.)
Question 19 What is the effective semi-annual interest rate of a loan 8.45% quoted annual interest rate compounded monthly? %4.23 4.545% 6.25% 4.3%
Franklin's new snowmobile cost $9,500. After his down payment of $1,500, he financed the remainder at 10% for 3 years. Use the table to find the monthly payment for the amortized loan. Find the total interest paid on the loan. Click the icon to view a table of monthly payments on a $1,000 loan. The monthly payments for this loan are $. (Round to the nearest cent as needed.) Enter your answer in the answer box and then click Check Answer. ? 1 part remaining Clear All Greck Answer javascript:doExercise(5); Copyright © 2020 Pearson Education Inc. All rights reserved. | 99 a 近

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