Use PMT =to determine the regular payment amount, rounded to the nearest cent. The cost of a home is financed with a $120,000 20-year- nt1-fixed-rate mortgage at 4%.a. Find the monthly payments and the total interest for the loan.b. Prepare a loan amortization schedule for the first three months of the mortgage.a. The monthly payment is $(Do not round until the final answer. Then round to the nearest cent as needed.)

To find- Use PMT = Prn1 - 1 + rn-nt to determine the regular payment amount, rounded to the nearest…

Answered: P Use PMT = to determine the regular…

Advanced Engineering Mathematics

10th Edition

ISBN:9780470458365

Author:Erwin Kreyszig

Publisher:Erwin Kreyszig

Chapter2: Second-order Linear Odes

Section: Chapter Questions

Problem 1RQ

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To help with the startup costs of his new dental practice, Tony is taking out a $56,000 amortized loan for 10 years at 8.5% annual interest. His monthly payment for this loan is $694.32. Fill in all the blanks in the amortization schedule for the loan. Assume that each month is of a year. Round your answers to the nearest cent. 12 Principal payment New loan Payment number Interest payment balance $ () 1 $55,402.59 60 $242.91 $451.41 $33,841.96 61
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Consider the first payment against a $200,000 mortgage that last for 25 years. Fixed repayments are made on a monthly basis. The first row of the amortization schedule is shown below. Payment # Payment Interest Debt Payment Balance 1 d 716.67 p1 b1 2 … … … … Calculate d, the fixed monthly payments that are made. Round your answer to the nearest cent.
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Use PMT= to determine the regular payment amount, rounded to the nearest cent. The cost of a home is financed with a $200,000 40-year fixed-rate mortgage at 4% HOT a. Find the monthly payments and the total interest for the loan. b. Prepare a loan amortization schedule for the first three months of the mortgage. a. The monthly payment is $835.9 (Do not round until the final answer. Then round to the nearest cent as needed.) The total interest for the loan is is $201232 (Use the answer from part a to find this answer, Round to the nearest cent as needed.) b. Fill out the loan amortization schedule for the first three months of the mortgage below. Interest Principal Payment Number 1 2 3 (Use the answer from part a to find these answers, Round to the nearest cent as needed.) $ Loan Balance
Calculate the missing information for the loan. Round percents to the nearest tenth and days to the next higher day when necessary. Principal Rate(%) Time(days) InterestMethod Interest Maturity Value(in $) $3,300 % 162 Exact $220 $
A loan of $1,544 at 10.75% interest compounded semi-annually is to be repaid in four years in equal semi-annual payments. Complete an amortization schedule for the loan. Adjust the final payment so the balance is zero. Fill out the amortization schedule below. (Round to the nearest cent as needed. Do not include the $ symbol in your answers.) Payment Amount of Interest Applied to Balance Number Payment Payment Principal $1,544 1 2 3 4 5 6 7 8 $ $ JUL S $ $ $ S UL SA $ S $ $ $
Calculate the simple interest and maturity value. (Do not round intermediate calculations. Round your answers to the nearest cent.) $ Principal 6,200 Interest rate 3% Time 12 mo. Simple interest Maturity value
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Using the appropriate annunity formula calculate the monthly payment amount for a $44,010.54 truck. With an average interest rate of 4.03% for 72 months.

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