Susan just purchased her first house valued at $200000. She paid a down payment of $20000, and took out a fixed rate mortgage loan for the balance from the bank. The loan is payable in monthly installments over a 15 year period at interest rate 6% per year. How much is her monthly mortgage payment?
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- Susan just purchased her first house valued at $200000. She paid a down payment of $20000, and took out a fixed rate mortgage loan for the balance from the bank. The loan is payable in monthly installments over a 15 year period at interest rate 6% per year. How much is her monthly mortgage payment?A family needs to take out a 15-year home mortgage loan of $170,000 through a local bank. Annual interest rates for 15-year mortgages at the bank are 3.5% compounded monthly. (a) Compute the family's monthly mortgage payment under this loan. (b) How much interest will the family pay over the life of the loan?Abigail received a 15 year loan of $280,000 to purchase a house. The interest rate on the loan was 5.80% compounded semi-annually. a. What is the size of the monthly loan payment? b. What is the balance of the loan at the end of year 2? c. By how much will the amortization period shorten if Abigail makes an extra payment of $30,000 at the end of year 2?
- Charlotte wants to get a loan for $598000 to buy a house. The bank charges an annual interest rate of 2.01%. The loan period is 15 years. How much is the monthly mortgage payment? A. ($3,851) B. ($3,099) O C.($3,028) O D. ($4,678)Alexandra took out a mortgage of $791,000 for a house and just made the 79th end of month payment. Interest on the loan was 4.43% compounded monthly and the mortgage has a period of 19 years. Round ALL answers to two decimal places if necessary. 1) What are her monthly payments? P/Y = I/Y = % BAL= $ positive value) C/Y = PV = $ PMT= $ N = FV = $ 2) What is her current outstanding balance after the 79th payment? (enter aAmber received a 15 year loan of $245,000 to purchase a house. The interest rate on the loan was 5.70% compounded semi-annually. a. What is the size of the monthly loan payment? b. What is the balance of the loan at the end of year 4?c . By how much will the amortization period shorten if Amber makes an extra payment of $30,000 at the end of year 4?
- Jada and Izaak borrowed $40,000 at 5.53% compounded quarterly as a second mortgage loan against their current home. Repayment amount is $750 at the end of every month. a. How many payments are required to repay the loan? Number of payments 61 b. Use the given information to complete the amortization table below. Determine the missing values for the first two payment intervals, the last two payment intervals, and the totals. Report results to the nearest cent. Payment Amount Number Paid ($) 0 1 2 N - 1 N Total 750.00 750.00 : : 750.00 2,175.72 X 47,175.72 X Interest Paid ($) 183.49 192.61 10.58 6.96 : : : X 6,432.68 X X X Principal Repaid ($) 566.51 557.39 : 739.42 1,425.72 X 40,000 X X X Outstanding Balance ($) 40,000.00 39,433.49 38,876.10 : X 1,425.72 X 0.00Please show full steps along with concept.Shirley Trembley bought a house for $185,300. She put 20% down and obtains a simple interest amortized loan for the rest at 6 3 8 % for thirty years. (Round your answers to the nearest cent.) (a) Find her monthly payment.$ (b) Find the total interest.$ (c) Prepare an amortization schedule for the first two months of the loan. PaymentNumber PrincipalPortion InterestPortion TotalPayment Balance 0 $ 1 $ $ $ $ 2 $ $ $ $ (d) Most lenders will approve a home loan only if the total of all the borrower's monthly payments, including the home loan payment, is no more than 38% of the borrower's monthly income. How much must Shirley make to qualify for the loan?$ per month
- Jada and Izaak borrowed $40,000 at 5.53% compounded quarterly as a second mortgage loan against their current home. Repayment amount is $750 at the end of every month. a. How many payments are required to repay the loan? Number of payments b. Use the given information to complete the amortization table below. Determine the missing values for the first two payment intervals, the last two payment intervals, and the totals. Report results to the nearest cent. Payment Amount Number Paid ($) 0 1 2 : N - 1 N Total 750.00 750.00 : 750.00 Interest Paid ($) : : Principal Repaid ($) : : Outstanding Balance ($) 40,000.00 ⠀ : 0.00Cassandra received a 30 year loan of $320,000 to purchase a house. The interest rate on the loan was 3.70% compounded semi-annually. a. What is the size of the monthly loan payment? Round to the nearest cent b. What is the balance of the loan at the end of year 3? Round to the nearest cent c. By how much will the amortization period shorten if Cassandra makes an extra payment of $30,000 at the end of year 3? years and monthsmTara has just bought a house for $930,000 with a 30% down payment and a 70% mortgage loan for 20 years at the interest rate of 2.19%, compounded monthly. She is scheduled to repay interest and principal every month over the loan period unless she sells the house at some point and fully pay off the loan. Question A Display here the formulae for calculating the Periodic (Annuity) Loan Payment, Interest Expense, Principal Repayment and Outstanding Loan Balance.
