Use PMT=PL|Cto determine the regular payment amount, rounded to the nearest dollar. The price of antT-home is $221,000. The bank requires a 20% down payment and three points at the time of closing. The cost of the homeis financed with a 30-year fixed-rate mortgage at 10%. Complete parts (a) through (e) below.a. Find the required down payment.b. Find the amount of the mortgage.$c. How much must be paid for the three points at closing?$(Round to the nearest dollar as needed.)d. Find the monthly payment (excluding escrowed taxes and insurance).Pound to the nearest dollar se neaded gagac. How much must be paid for the three points at closing?(Round to the nearest dollar as needed.)d. Find the monthly payment (excluding escrowed taxes and insurance).(Round to the nearest dollar as needed.)e. Find the total cost of interest over 30 years.(Round to the nearest dollar as needed.)

Answered: Image /qna-images/answer/c16ab08d-0849-482c-949a-01605a492ccc.jpg

Answered: Use PMT= P י | כ to determine the…

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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Use PMT = . Round to the nearest dollar. Suppose that you borrow $10,000 for four years at 7% toward the purchase of a car. Find the monthly payments and the total interest for the loan. A.$281; $13,488 B.$239; $1472 C.$624; $19,952 D.$239; $11,472
Please don't provide handwritten solution... Cindy borrows 13,500 for 12 years at an annual effective interest rate of i. She accumulates the amount necessary to repay the loan by a sinking fund. Cindy makes a payment P at the end of each of the 12 years of the loan period; each includes payment on the loan at an annual effective interest rate of i and payment into a sinking fund on which the annual effective interest rate is 4%. If the annual effective rate on the loan had been 2i instead of i, Cindy's total annual payment would have been 1.2 P. Find P
The credit card with the transactions described on the right uses the average daily balance method to calculate interest. The monthly interest rate is 1.5% of the average daily balance. Calculate parts a-d using the statement on the right. Transaction Description Previous balance, $6230.00 October 1 Billing date October 5 Payment October 7 Charge: Visit to Doctor October 12 Charge: Groceries October 21 Charge: Car Repairs October 31 End of billing period Payment Due Date: November 9 Transaction Amount a. Find the average daily balance for the billing period. Round to the nearest cent. The average daily balance for the billing period is $ (Round to the nearest cent as needed.) c. Find the balance due on November 1. The balance due on November 1 is $. (Use the answer from part b to find this answer.) $400.00 credit $30.00 $70.00 $260.00 b. Find the interest to be paid on November 1, the next billing date. Round to the nearest cent. The interest to be paid on November 1 is $ (Use the…
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
A to determine the regular payment amount, rounded to the nearest dollar. In terms of paying less in interest, which is more economical nt Use PMT= HT for a $210,000 mortgage: a 30-year fixed-rate at 7% or a 20-year fixed-rate at 6.5%? How much is saved in interest? Select the correct choice below and fill in the answer box within your choice. (Do not round until the final answer. Then round to the nearest thousand dollars.) OA. The 20-year 6.5% loan is more economical. The buyer will save approximately $ B. The 30-year 7% loan is more economical. The buyer will save approximately $ in interest. in interest.
i just need correct answer.
Businesses that offer repayment plans for purchases are required by law to disclose the interest rate. But that doesent mean they go out of there way to let you know what it is. you have to read all the paper work. Find the interest rate for the following purchase. For a 312 square-foot family room, you choose carpert that costs $1.43 per square foot. The tax rate is 6.1%, and your offered 24 payments of 27.19. round to one decimal place, if necessary.

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