Property worth $249,000.00 can be purchased for 15% down and monthly mortgage payments of $1325.00 for...
Property worth $249,000.00 can be purchased for 15% down and monthly mortgage payments of $1325.00 for 25 years. What effective annual rate of interest is charged?
The effective annual rate of interest is ___ % ?
(Round the final answer to two decimal places as needed. Round all intermediate values to six decimal places as needed.)
Homework Answers
![NPER = number of a payment periods payments = pmt = pv = initial amount Periodic rate = Rate [ 249000*0.85] 300 $1,325 $211,6](http://img.homeworklib.com/questions/d07f3150-7116-11ea-8435-4dd5c6fccba5.png?x-oss-process=image/resize,w_560)
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Property worth $249,000.00 can be purchased for 15% down and
monthly mortgage payments of $1325.00 for...
Property worth $249,000.00 can be purchased for 15% down and monthly mortgage payments of $ 1325.00...
Property worth $249,000.00 can be purchased for 15% down and monthly mortgage payments of $ 1325.00 for 25 years. What effective annual rate of interest is charged?
Property worth $249 comma 000.00 can be purchased for 8% down and monthly mortgage payments of...
Property worth $249 comma 000.00 can be purchased for 8% down and monthly mortgage payments of $ 1500.00 for 25 years. What effective annual rate of interest is charged? The effective annual rate of interest is ______%.
Property worth 185,000.00 can be purchased for 5% down and quarterly mortgage payments of $3500.00 for...
Property worth 185,000.00 can be purchased for 5% down and quarterly mortgage payments of $3500.00 for 25 years. What effective annual rate of interest is charged?
A property was purchased for $7261.00 down and payments of $876.00 at the end of every...
A property was purchased for $7261.00 down and payments of $876.00 at the end of every month for 5 years. Interest is 3% per annum compounded quarterly. What was the purchase price of the property? How much is the cost of financing? The purchase price of the property was $ . (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) The cost of financing is $ 1. (Round the...
A property was purchased for $9127.00 down and payments of $768.00 at the end of every...
A property was purchased for $9127.00 down and payments of $768.00 at the end of every year for 9 years. Interest is 9 % per annum compounded quarterly What was the purchase price of the property? How much is the cost of financing? The purchase price of the property was ? (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) The cost of financing is ? (Round the final...
A $130,000 mortgage amortized by monthly payments over 20 years is renewable after five years (a)...
A $130,000 mortgage amortized by monthly payments over 20 years is renewable after five years (a) If interest is 5.22% compounded annually, what is the size of each monthly payment? (b) Find the total interest paid during the first year. (c) Compute the interest included in the 26th payment. (d) If the mortgage is renewed after five years at 4.10% compounded annually, what is the size of the monthly payment for the renewal period? (0) Construct a partial amortization schedule...
Please help thank you. A $87,000 mortgage is to be amortized by making monthly payments for...
Please help thank you.
A $87,000 mortgage is to be amortized by making monthly payments for 15 years. Interest is 8.1% compounded semi-annually for a seven-year term. (a) Compute the size of the monthly payment. (b) Determine the balance at the end of the seven-year term. (c) If the mortgage is renewed for a seven-year term at 7% compounded semi-annually, what is the size of the monthly payment for the renewal term? (a) The size of the monthly payment is...
A car valued at $13,900 can be purchased for 5 % down and monthly payments of $400 for three years. What is the nom...
A car valued at $13,900 can be purchased for 5 % down and monthly payments of $400 for three years. What is the nominal rate of interest compounded annually? The nominal rate of interest is% compounded annually (Round to two decimal places as needed.)
A car valued at $13,900 can be purchased for 5 % down and monthly payments of $400 for three years. What is the nominal rate of interest compounded annually? The nominal rate of interest is% compounded...
Hunan bought a car priced at $15,800 for 15% down and equal monthly payments for four...
Hunan bought a car priced at $15,800 for 15% down and equal monthly payments for four years. If interest is 9% compounded monthly, what is the size of the monthly payment? The monthly payment is $___? (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimals places as needed.)
A $209,000 mortgage for 30 years for a new home is obtained at the rate of...
A $209,000 mortgage for 30 years for a new home is obtained at the rate of 8,5% compounded monthly. Find (a) the monthly payment, (b) the interest in the first payment, (c) the principal repaid in the first payment, and (d) the finance charge. (a) The monthly payment on the mortgage is $ (Round the final answer to two decimal places as needed. Round all intermediate values to six decimal places as needed) (b) The interest in the first payment...
A property was purchased for $7261.00 down and payments of $876.00 at the end of every month for 5 years. Interest is 3% per annum compounded quarterly. What was the purchase price of the property? How much is the cost of financing? The purchase price of the property was $ . (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) The cost of financing is $ 1. (Round the...
A $130,000 mortgage amortized by monthly payments over 20 years is renewable after five years (a) If interest is 5.22% compounded annually, what is the size of each monthly payment? (b) Find the total interest paid during the first year. (c) Compute the interest included in the 26th payment. (d) If the mortgage is renewed after five years at 4.10% compounded annually, what is the size of the monthly payment for the renewal period? (0) Construct a partial amortization schedule...
Please help thank you.
A $87,000 mortgage is to be amortized by making monthly payments for 15 years. Interest is 8.1% compounded semi-annually for a seven-year term. (a) Compute the size of the monthly payment. (b) Determine the balance at the end of the seven-year term. (c) If the mortgage is renewed for a seven-year term at 7% compounded semi-annually, what is the size of the monthly payment for the renewal term? (a) The size of the monthly payment is...
A car valued at $13,900 can be purchased for 5 % down and monthly payments of $400 for three years. What is the nominal rate of interest compounded annually? The nominal rate of interest is% compounded annually (Round to two decimal places as needed.)
A car valued at $13,900 can be purchased for 5 % down and monthly payments of $400 for three years. What is the nominal rate of interest compounded annually? The nominal rate of interest is% compounded...
A $209,000 mortgage for 30 years for a new home is obtained at the rate of 8,5% compounded monthly. Find (a) the monthly payment, (b) the interest in the first payment, (c) the principal repaid in the first payment, and (d) the finance charge. (a) The monthly payment on the mortgage is $ (Round the final answer to two decimal places as needed. Round all intermediate values to six decimal places as needed) (b) The interest in the first payment...
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