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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Math

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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For each of the above loan term options, calculate the equivalent simple annual interest rate.
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.)
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Please complete all of the parts. Attached is an example.
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%
Lucas purchases a 3,000 par value 12-year bond with 3% semiannual coupons for 2,760. He is able to reinvest his coupon payments at a nominal rate of 4% convertible semiannually. Calculate his nominal annual yield rate convertible semiannually over the 12-year period.
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.