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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- 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.John wants to buy a property for $121,250 and wants an 80 percent loan for $97,000. A lender indicates that a fully amortizing loan can be obtained for 30 years (360 months) at 9 percent interest; however, a loan fee of $4,800 will also be necessary for John to obtain the loan. Required: a. How much will the lender actually disburse? b. What is the APR for the borrower, assuming that the mortgage is paid off after 30 years (full term)? c. If John pays off the loan after five years, what is the effective interest rate? d. Assume the lender also imposes a prepayment penalty of 2 percent of the outstanding loan balance if the loan is repaid within eight years of closing. If John repays the loan after five years with the prepayment penalty, what is the effective interest rateYour parents shop around and a different bank is willing to lend them a $750,000 30-year mortgage with payments of $4,865 per month. What is the implied APR of this loan?
- Mr. Green wishes to purchase a house selling for $125,000. The bank requires a 20 % down payment and a payment of two points at the time of closing. What is the cost of two points on the mortgage?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…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 7.45% 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 negotiate a lower interest ratemake a higher down paymenttry to bargain for a higher sale pricetry to bargain for a lower sale pricemake a lower down paymenttry to negotiate a higher interest rate (c) Chuck spoke with his bank's loan officer, who has agreed to finance the deal with a 6.95% loan if Chuck can pay 20% down. What…Chuck Wells is planning to buy a Winnebago motor home. The listed price is $145,000. Chuck can get a secured add-on interest loan from his bank at 7.45% for as long as 60 months if he pays 15% down. Chuck's goal is to keep his payments below $3,400 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 $3,400? 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 make a higher down payment make a lower down payment try to bargain for a higher sale price try to negotiate a higher interest rate try to negotiate a lower interest rate (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.…John wants to buy a property for $105,000 and wants an 80% loan for $84,000. A lender indicates that a fully amortizing loan can be obtained for 30 years at 8% interest: loan origination fee of $3,500, which will be deducted from the contract amount, will also be necessary for John to obtain the loan. What is the effective interest rate for the borrower, assuming that the mortgage is paid off after 30 years? Answer in % form and round to 2 decimal places. You may approximate the annual rate by multiplying the monthly rate by 12.
- you are buying a house and will borrow $225,000 on a 30-year fixed reate mortgage with monthly payments to finance the purchase. your loan officer has offered you a mortgage with an APR of 4.3%. Alternatively, she tells you that you can “ buy down ” the interest rate to 4.05% if you pay points up front on the loan is 1 % ( one percentage point) of the loan value. you believe that you will live in the house for only eight years before selling the house and buying another house. this means that in eight years, you will pay off the remaining balance of the original mortgage. how many points, at most, would you be willing to pay to buy down the interest rate? Question) maximum points?Please answer C and D.Yogesh
