Spike buys a car from John's Auto Mart for $5,000. He finances the car from the dealer and agrees to make payments of $180 per month for 3 years. What is the yield to maturity on this fixed payment loan?
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- John wants to buy a property for USD 105,000 and once on 80% loan for USD 84000. A lender indicates that a fully amortizing loan can be obtained for 30 years at 8% interest payable monthly. However a loan origination fee of USD 3500 will be necessary for John to obtain the loan.Required:a) how much will the lender actually distributeb) what is the effective interest rate for the borrower assuming that the mortgage is paid off after 30 yearsC) if John pays the loan after five years what is the effective interest rate and why it's different from the effective interest in (b)abovePedro buys a condo for $629,000, with a down payment of $40,000. He takes out a 30-year mortgage for $589,000 at an annual interest rate of 3%. What do the monthly payments need to be to amortize this loan?Tony is offering two repayment plans to Phil for a long overdue loan. Offer 1 is to receive a visit from an enforcer and the debt is due in full at once. Offer 2 is to pay back $4000 at the end of the year at an interest rate of 25% until Phil pays off the loan principal. Phil owes Tony $13000. How long will it take for Phil to pay off the loan if he takes offer 2?
- Martin is buying a house for $325,000 and he has 15% for a down payment. Find the monthly payment necessary to amortize this mortgage if it is financed at 5.75% for 30 years. Prepare an amortization schedule for the first two months of his mortgage. How much would be paid for this house if the loan were kept to term? How much would be paid in interest? Amount financed: Monthly payment: Total paid if the loan is kept to term: Total interest paid: End of Month 1 2 Portion towards interest Portion towards principle Balance of principleAmna has a housing loan of $50,000 over 15 years with a 6% interest rate. According to the Bank he will be paying $422 monthly on this loan. What is the amount of interest and principal for the first and second installment? Assume that you have saved money for a down payment on your dream house, but you still need to borrow $12000 from your bank to complete the deal. The bank offers you a 30-year mortgage at an annual rate of 7%. Calculate a) Monthly payment/EMI b) Principal Amount and Interest for the first three months. Answer as soon as possible plsss!!Peter and Julia decide on a 15 year mortgage valued at $165,000. They are doing some financial comparisons of two similar loan options. Loan A: 4.5% annual interest rate resulting in monthly payments of $1262.24 Loan B: 4% annual interest rate resulting in monthly payments of $1220.49 What is the total payback for each loan? (Assume only the minimum payment is made each month.) How much more interest will Peter and Julia pay if they choose Loan A? Provide your answer below: Loan A =$ Loan B =$ They will pay $ more interest if they choose Loan A.
- Will has a 30-year mortgage on a $100,000 loan for his house in Florida. The interest rate on the loan is 6% per year (nominal interest), payable monthly at 0.5% per month. Solve, a. What is Will’s monthly payment? b. If Will doubles his payment from Part (a), when will the loan be completely repaid?Chuck Wells is planning to buy a Winnebago motor home. The listed price is $175,000. Chuck can get a secured add-on interest loan from his bank at 7.35% for as long as 60 months if he pays 15% down. Chuck's goal is to keep his payments below $4,100 per month and amortize the loan in 42 months. (a) Find Chuck's monthly payment (in $) with these conditions. (Round your answer to the nearest cent.) $ Can he pay off the loan and keep his payments under $4,100? Yes, under these conditions, Chuck will meet his goal.No, the monthly payment is too high. (b) What are Chuck's options to get his payments closer to his goal? (Select all that apply.) try to negotiate a lower interest ratetry to negotiate a higher interest ratemake a lower down paymenttry to bargain for a higher sale pricemake a higher down paymenttry to bargain for a lower sale price (c) Chuck spoke with his bank's loan officer, who has agreed to finance the deal with a 6.85% loan if Chuck can pay 20% down. What…Chuck Wells is planning to buy a Winnebago motor home. The listed price is $185,000. Chuck can get a secured add-on interest loan from his bank at 7.35% for as long as 60 months if he pays 15% down. Chuck's goal is to keep his payments below $4,300 per month and amortize the loan in 42 months. (a) Find Chuck's monthly payment (in $) with these conditions. (Round your answer to the nearest cent.) $ 4257.64 × Can he pay off the loan and keep his payments under $4,300? Yes, under these conditions, Chuck will meet his goal. No, the monthly payment is too high. (b) What are Chuck's options to get his payments closer to his goal? (Select all that apply.) □ □ □ □ □ make a lower down payment try to bargain for a lower sale price make a higher down payment try to negotiate a higher interest rate try to bargain for a higher sale price try to negotiate a lower interest rate
- Chuck Wells is planning to buy a Winnebago motor home. The listed price is $185,000. Chuck can get a secured add-on interest loan from his bank at 7.35% for as long as 60 months if he pays 15% down. Chuck's goal is to keep his payments below $4,300 per month and amortize the loan in 42 months. (a) Find Chuck's monthly payment (in $) with these conditions. (Round your answer to the nearest cent.) $ Can he pay off the loan and keep his payments under $4,300? Yes, under these conditions, Chuck will meet his goal. No, the monthly payment is too high. (b) What are Chuck's options to get his payments closer to his goal? (Select all that apply.) try to negotiate a higher interest rate make a higher down payment make a lower down payment try to bargain for a higher sale price try to negotiate a lower interest rate try to bargain for lower sale price (c) Chuck spoke with his bank's loan officer, who has agreed to finance the deal with a 6.85% loan if Chuck can pay 20% down. What will Chuck's…Chuck Wells is planning to buy a Winnebago motor home. The listed price is $155,000. Chuck can get a secured add-on interest loan from his bank at 7.35% for as long as 60 months if he pays 15% down. Chuck's goal is to keep his payments below $3,600 per month and amortize the loan in 42 months. (a) Find Chuck's monthly payment (in $) with these conditions. (Round your answer to the nearest cent.)Chuck Wells is planning to buy a Winnebago motor home. The listed price is $155,000. Chuck can get a secured add-on interest loan from his bank at 7.35% for as long as 60 months if he pays 15% down. Chuck's goal is to keep his payments below $3,600 per month and amortize the loan in 42 months. (a) Find Chuck's monthly payment (in $) with these conditions. (Round your answer to the nearest cent.) $ * Can he pay off the loan and keep his payments under $3,600? __Yes, under these conditions, Chuck will meet his goal. __No, the monthly payment is too high. (b) What are Chuck's options to get his payments closer to his goal? (Select all that apply.) __try to bargain for a lower sale price __try to negotiate a lower interest rate __try to bargain for a higher sale price __make a lower down payment __make a higher down payment __try to negotiate a higher interest rate (c) Chuck spoke with his bank's loan officer, who has agreed to finance the deal with a 6.85% loan if…
