Homework Answers
| Req 1. | ||||
| Annual rate of interest | 3.57% | |||
| Monthly rate of interest (3.57/12) | 0.2975% | |||
| Loan amount | 145000 | |||
| Annuity PVF at 0.2975% for 180 periods | 139.21275 | |||
| Monthly Payment (145000/139.21275) | 1041.57 | |||
| Req 2. | ||||
| Number of total instalment | 180 | |||
| Less: Number of instalment paid | 110 | |||
| Number of instalments left | 70 | |||
| Monthly payment | 1041.57 | |||
| Annuity factorr for 70 periods at 0.2975% | 63.10753 | |||
| Outstanding balance of Loan | 65730.91 | |||
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6, A individual is borrowing 145,000 for a 15 year loan at 3.57% per year compounded...
6. A individual is borrowing 145,000 for a 15 year loan at 3.57% per year compounded...
6. A individual is borrowing 145,000 for a 15 year loan at 3.57% per year compounded monthly. Calculate her monthly payment. 7. For the loan described under Q6, what would be the amount owed to the bank if the individual decides to sell the house immediately after the 110h mortgage payment?
6. A dealer offers a $35,000 car with a downpayment of $3,000 and 65 easy monthly...
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An individual is borrowing $165,000 for a 25 year loan at 4.0% per year compounded monthly. Compute the monthly payment. Immediately after his 108th monthly payment he decides to refinance at a lower rate of 3% per year compounded monthly for 100 monthly payments. What would be his new monthly payment and how much interest will he save? Draw the cash flow diagrams. Please show your work with the formula you use to solve this problem. Thanks!
Q1 Mr. Smith borrowed $189,500 at 3.75% per year compounded monthly. Loan is for 20 years....
Q1 Mr. Smith borrowed $189,500 at 3.75% per year compounded monthly. Loan is for 20 years. Compute the monthly payment. Q2 For the same loan in Q1, compute how many months it will take to pay the loan off, if Mr. Smith pays $100 extra to the monthly amount you computed earlier Q3. For the same loan and payment you computed in Q1, compute the amount Mr. Smith owes to the bank immediately after the 89th monthly payment. Q4. Follow...
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Question 15 Jenny takes out a loan of $27,000 from Bendigo Bank for her small business at 11.00% p.a. compounded monthly and promises to pay it back over six years with equal monthly payments. Twenty-two months after taking out the loan (just after the twenty-second payment is made), she decides to refinance her loan at a lower rate of 8.00% p.a. compounded monthly offered by Qudos Bank for the remaining term of the loan. Assuming she can do so immediately...
Five years ago, Diane secured a bank loan of $380,000 to help finance the purchase of...
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Sam inherited $2 million at age 20 and put this amount in an investment account earning an rate of return of 5.5%, compounded monthly. Today, Sam turns to age 50 and deposits the accumulated amount from the inheritance in a 25-year annuity due plan at an
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Sarah secured a bank loan of $190,000 for the purchase of a house. The mortgage is...
Sarah secured a bank loan of $190,000 for the purchase of a house. The mortgage is to be amortized through monthly payments for a term of 15 years, with an interest rate of 3%/year compounded monthly on the unpaid balance. She plans to sell her house in 10 years. How much will Sarah still owe on her house at that time? (Round your answer to the nearest cent.)
find the following for a 15 year loan of 145,000 with a interest rate of 3.75%....
find the following for a 15 year loan of 145,000 with a interest rate of 3.75%. what is the monthly payment
Assume that you have a 30 year fully-amortized fixed rate mortgage for your home. Your loan...
Assume that you have a 30 year fully-amortized fixed rate mortgage for your home. Your loan amount is $300,000 with a 3% annual interest rate. After 28 years, you would like to sell the property. What is your loan balance at the end of 28 years? Assume that you have a 30 year fully-amortized fixed rate mortgage for your home. Your loan amount is $300,000 with a 3% annual interest rate and your balloon payment is $50,000. What is your...
6. A individual is borrowing 145,000 for a 15 year loan at 3.57% per year compounded monthly. Calculate her monthly payment. 7. For the loan described under Q6, what would be the amount owed to the bank if the individual decides to sell the house immediately after the 110h mortgage payment?
6. A dealer offers a $35,000 car with a downpayment of $3,000 and 65 easy monthly payments of $539.99. How much monthly interest rate is he charging? 7. A individual is borrowing 195,000 for a 15 year loan at 3.57% per year compounded monthly. Calculate her monthly payment. 8. For the loan described under Q7, what would be the amount owed to the bank if the individual decides to sell the house immediately after the 89th mortgage payment? 9. A...
Q1 Mr. Smith borrowed $189,500 at 3.75% per year compounded monthly. Loan is for 20 years. Compute the monthly payment. Q2 For the same loan in Q1, compute how many months it will take to pay the loan off, if Mr. Smith pays $100 extra to the monthly amount you computed earlier Q3. For the same loan and payment you computed in Q1, compute the amount Mr. Smith owes to the bank immediately after the 89th monthly payment. Q4. Follow...
Question 15 Jenny takes out a loan of $27,000 from Bendigo Bank for her small business at 11.00% p.a. compounded monthly and promises to pay it back over six years with equal monthly payments. Twenty-two months after taking out the loan (just after the twenty-second payment is made), she decides to refinance her loan at a lower rate of 8.00% p.a. compounded monthly offered by Qudos Bank for the remaining term of the loan. Assuming she can do so immediately...
Sarah secured a bank loan of $190,000 for the purchase of a house. The mortgage is to be amortized through monthly payments for a term of 15 years, with an interest rate of 3%/year compounded monthly on the unpaid balance. She plans to sell her house in 10 years. How much will Sarah still owe on her house at that time? (Round your answer to the nearest cent.)
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