Related to Checkpoint 6.3) (Determining the outstanding balance of a loan) Five years ago you took out a $250,000, 25-year mortgage with an ann rate of 11 percent and monthly payments of $2,450.28. What is the outstanding balance on your current loan if you just make the 60th payment? (H If you just make the 60th payment, the outstanding balance on your current loan is $ (Round to the nearest cent.)
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- (Related to Checkpoint 6.3) (Determining the outstanding balance of a loan) Ten years ago you took out a $250,000, 25-year mortgage with an annual interest rate of 10 percent and monthly payments of $2,271.75. What is the outstanding balance on your current loan if you just make the 120th payment? scr If you just make the 120th payment, the outstanding balance on your current loan is $ (Round to the nearest cent) CU IN KY Gen Madison- Madison Healt Insuran port Next core arch COUO O 67°F IMG Cours OMath Chapt 99. CHO FB Prisc F7 FO F10 F11 F12 3 41 6 7 8 VE IR T Y U D F G K M Alt Ctri AltThe following loan is a simple interest amortized loan with monthly payments. $5000, 91%, 4 years (a) Find the monthly payment. (Give your answer to the nearest cent.) Payment $ (b) Find the total interest for the given simple interest amortized loan. (Give your answer to the nearest cent.) Total interest $You can afford a $1350 per month mortgage payment. You've found a 30 year loan at 8% interest. a) How big of a loan can you afford? $ 142,944 b) How much total money will you pay the loan company? $ 486,012. X c) How much of that money is interest? $ 343,058.82 X
- The following loan is a simple interest amortized loan with monthly payments. (Round your answers to the nearest cent.) $7000, 0.085, 4 years (a) find the monthly payment (b) find the total interestThe following loan is a simple interest amortized loan with monthly payments. $7000, 7%, 4 years (a) Find the monthly payment. (Give your answer to the nearest cent.) Payment $189.58 (b) Find the total interest for the given simple interest amortized loan. (Give your answer to the nearest cent.) Total interest $ 2100 XYou can afford a $1400 per month mortgage payment. You've found a 30 year loan at 7.9% interest.a) How big of a loan can you afford? (Round to the nearest cent, as needed.)$b) How much total money will you pay the loan company? (Round to the nearest cent, as needed.)$c) How much of that money is interest? (Round to the nearest cent, as needed.)$
- The following loan is a simple interest amortized loan with monthly payments. $155,000, 9- 9-%, 30 years 2 (a) Find the monthly payment. (Give your answer to the nearest cent.) Payment $ (b) Find the total.interest for the given simple interest amortized loan. (Give your answer to the nearest cent.) Total interest | Enter a number.You can afford a $1450 per month mortgage payment. You've found a 30 year loan at 6% interest. a) How big of a loan can you afford? (Give 2 decimal places} b) How much total money will you pay the loan company? c) How much of that money is interest?Suppose you purchase a home and obtain a 15-year fixed-rate loan of $195,000 at an annual interest rate of 6.0%. a) What is your monthly payment? N: months I %: P.V: $ PMT: $ F.V: 0 P/Y: 12 C/Y: 12 b) Of the first month's mortgage payment, how much is interest? HINT: I=Prt Interest: I=$ c) Of the first month's mortgage payment, how much is applied to the principal? HINT: PMT - Interest Amount Applied to Principal: $ d) How much is your outstanding balance after the first month’s payment? HINT: Principal - Amount Applied to Principal Outstanding Balance after first payment: $
- If a lender makes a simple loan of $500 for 5 years and charges 3%, then the amount that the lender receive at maturity is $ (Round your response to the nearest two decimal place) If a lender makes a simple loan of $2000 for one year and charges $90 interest, then the simple interest rate on that loan is %. (Round your response to the nearest whole number) If a borrower must repay $106.50 one year from today in order to receive a simple loan of $100 today, the simple interest on this loan is OA. 6.0% OB. 6.5% OC. 65% OD. 5.0%Using a spreadsheet program, create an amortization schedule for a 30-year mortgage of $500,000 an annual interest rate of 4.29%. (a) In which month does the amount of principal in a monthly payment first exceed the amount of interest? b) How much interest is repaid for the term of the loan? (Round your answer to the nearest cent.) tf the loan amount was $750,000 instead of $500,000, would the month in which the amount of principal in a monthly payment first exceeded the amount of interest change? Yes NoUsing a spreadsheet program, create an amortization schedule for a 30-year mortgage of $500,000 at an annual interest rate of 4.24%. (a) In which month does the amount of principal in a monthly payment first exceed the amount of interest? _____ (b) How much interest is repaid for the term of the loan? (Round your answer to the nearest cent.) _____$ (c) If the loan amount was $750,000 instead of $500,000, would the month in which the amount of principal in a monthly payment first exceeded the amount of interest change?