Compare the monthly payment and total payment for the following pair of $180,000 loan options. Assume that both loans are fixed rate and have the same closing costs. Option 1: A 30-year loan at an APR of 4.65%. Option 2: A 15-year loan at an APR of 3.85% Find the Total Payment for Option 1.

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Advanced Math

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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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Calculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days for a payment to be received and recorded and that the month is 30 days long. (Round your answer to th nearest cent.) tA Balance: $400 Rate: 16% Payment: $50 Method: Adjusted balance
For each of the above loan term options, calculate the equivalent simple annual interest rate.
Suppose you want to purchase a $322,000 home, and you have the required $60,000 down payment in savings. Complete the table below for a mortgage option presented by a mortgage broker. Principal Interest Rate Terms (years) Payment Total of Payments over Life of Loan Total Interest Paid over Life of Loan $262,000 3.750% 20
Compare the monthly payments and total loan costs for the following pairs of loan options. Assume that both loans are fixed rate and have the same closing costs. You need a $190,000 loan. Option 1: a 30-year loan at an APR of 7.5%. Option 2: a 15-year loan at an APR of 7%. Find the monthly payment for each option. The monthly payment for option 1 is $ The monthly payment for option 2 is $ (Do not round until the final answer. Then round to the nearest cent as needed.) Find the total amount paid for each option. The total payment for option 1 is $ The total payment for option 2 is $ (Use the answers from the previous step to find this answer. Round to the nearest cent as needed.)
You purchased a car on January 1, 2022 with a 10,000 dollar loan. Your loan carries an interest rate of 6% per year convertible monthly. You will pay 1150 per month starting February 1, 2022, plus an additional 2200 on August 1, 2022. The last payment will be a partial payment. Determine for how many months you will be making loan payments, including the last partial payment
Please complete all of the parts. Attached is an example.
Kalani Canfield purchases a deluxe hot tub for $6575. The sales tax is 6.25% of thepurchase price.a. What is the total cost, including sales tax?b. If Kalani makes a down payment of 20% of the total cost, find the down payment.c. Assuming Kalani finances the remaining cost at an annual interest rate of 7.8%for 3 years, find the monthly payment.