You borrow $205,000; the annual loan payments are $29,274.57 for 30 years. What interest rate are you being charged? Round your answer to the nearest whole number. %
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You borrow $205,000; the annual loan payments are $29,274.57 for 30 years. What interest rate are you being charged? Round your answer to the nearest whole number.
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- You borrow $160,000; the annual loan payments are $24,368.03 for 30 years. What interest rate are you being charged? Round your answer to two decimal places.You borrow $85,000; the annual loan payments are $8,273.59 for 30 years. What interest rate arc you being charged?Suppose you purchase a home and obtain a 15-year fixed-rate loan of $195,000 at an annual interest rate of 6.0%. a) What is your monthly payment? N: months I %: P.V: $ PMT: $ F.V: 0 P/Y: 12 C/Y: 12 b) Of the first month's mortgage payment, how much is interest? HINT: I=Prt Interest: I=$ c) Of the first month's mortgage payment, how much is applied to the principal? HINT: PMT - Interest Amount Applied to Principal: $ d) How much is your outstanding balance after the first month’s payment? HINT: Principal - Amount Applied to Principal Outstanding Balance after first payment: $
- You borrow $230,000; the annual loan payments are $20,430.31for 30 years. What interest rate are you being charged?Suppose you borrow $15,000 and then repay the loan by making 12 monthly payments of $1,297.92 each. What rate will you be quoted on the loan? NO EXCELSuppose you obtain a mortgage loan of $210,000 at an annual interest rate of 5.0%. How much less is the interest paid over the life of a 10-year loan than over the life of a 25-year loan? Round your answer to the nearest cent.
- Suppose you borrow $8500 for a term of five years at a simple interest and 8.25% APR. how much is the total (principal plus interest) you must pay back on the loan?Find the interest rates earned on each of the following. Round your answers to the nearest whole number. a. You borrow $700 and promise to pay back $777 at the end of 1 year. % b. You lend $700 and the borrower promises to pay you $777 at the end of 1 year. % c. You borrow $88,000 and promise to pay back $550,376 at the end of 15 years. % d. You borrow $20,000 and promise to make payments of $6,687.60 at the end of each year for 5 years. %a. If you borrow $2,200 and agree to repay the loan in five equal annual payments at an interest rate of 12%, what will your payment be? b. What will your payment be if you make the first payment on the loan immediately instead of at the end of the first year?
- Suppose you take a 6 year loan of $50,000 with an annual interest rate of 13% and monthly payments starting at the end of year 1. What are the monthly loan payments? Enter your response below.Find the interest rates earned on each of the following. Round your answers to the nearest whole number. You borrow $720 and promise to pay back $792 at the end of 1 year. % You lend $720 and the borrower promises to pay you $792 at the end of 1 year. % You borrow $65,000 and promise to pay back $160,938 at the end of 8 years. % You borrow $8,000 and promise to make payments of $2,219.30 at the end of each year for 5 years. %You have just taken a 30-year mortgage loan for $200,000. The annual percentage rate on the loan is 6%, and payments will be made monthly. Estimate your monthly payments. A). $1,245.55 B). $1,188.07 C). $1,205.01 D). $1,199.10 E). $1,263.89 in excel