Homework Answers
Correct answer------------$487
Working
| Principle amount due | Installment amount | Interest amount | Decrease in principle | Ending balance of loan |
| $ 100,000 | $ 3,042 | $ 500 | $ 2,542 | $ 97,458 |
| $ 97,458 | $ 3,042 | $ 487 | $ 2,555 | $ 94,903 |
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Airline Accessories obtains a $100,000, three-year loan, at 6% interest, with monthly payments of $3,042. What...
A $100,000 loan requires equal annual end-of-year payments of $38,803.35 for three years. a. What is...
A $100,000 loan requires equal annual end-of-year payments of $38,803.35 for three years. a. What is the annual interest rate? b. Construct a loan amortization schedule to include the amount of interest and principal paid each year as well as the remaining balance at the end of each year. Enter the last principal number in year 3: for example in problem 13: you would enter 5735.84 (which was the last principal for 4 years).
Your car loan requires payments of $300 a month for the first year and payments of...
Your car loan requires payments of $300 a month for the first year and payments of $500 per month the second year. The annual interest rate is 6%, and payments begin in one month. What is the present value of this two-year loan?
year amortization period with monthly payments. The lender charges three discount points. What is the A...
year amortization period with monthly payments. The lender charges three discount points. What is the A borrower is offered a mortgage loan for $100,000 with an interest rate of 10 and a effective interest rate if the loan is held to maturity? 1.10.37 2.9.999 4.10
What would be your required monthly payments on a five year loan for a $50,000 boat,...
What would be your required monthly payments on a five year loan for a $50,000 boat, requiring a down payment of $5,000, if payments are due at the end of each month and the interest rate is 8% compounded annually? $912.44 $925.03 $906.44 $912.27
6. Ann obtains a fully amortizing 30 year Fixed Rate Mortgage with monthly payments for $1,250,000...
6. Ann obtains a fully amortizing 30 year Fixed Rate Mortgage with monthly payments for $1,250,000 at 4.38%. What fraction of Ann's 40th payment goes to interest? Write your answer in percent, without the % sign.
Consider a 17-year mortgage loan of $99,022.6347, with an interest rate of 10.00%, assuming monthly payments....
Consider a 17-year mortgage loan of $99,022.6347, with an interest rate of 10.00%, assuming monthly payments. The mortgage balance remaining after making 5 payments is _ _and the total interest expense for the 6th year is 98,076.8; 8,288.5 90,230.66:7,625.42 92.192.19:7,741.19 102,980.64; 8,868.70 101,019.10:8,537.16
Question 8 10 pts Consider a $18,000, three-year loan at an interest rate of 2%, payments to be made monthly. What...
Question 8 10 pts Consider a $18,000, three-year loan at an interest rate of 2%, payments to be made monthly. What is the APR using simple interest? Note: Show your answer in units of percents, use plain numbers with at least two digits after the decimal (e.g., for 12.34%, type 12.34).
ii. Frank Lewis has a 30-year, $100,000 mortgage with a nominal interest rate of 10 percent and monthly compoundin...
ii. Frank Lewis has a 30-year, $100,000 mortgage with a nominal interest rate of 10 percent and monthly compounding. Which of the following statements regarding his mortgage is most correct? a. The monthly payments will decline over time. b. The proportion of the monthly payment that represents interest will be lower for the last payment than for the first payment on the loan. c. The total dollar amount of principal being paid off each month gets larger as the loan...
Frank Lewis has a 30-year, $100,000 mortgage with a nominal interest rate of 10 percent and monthly compounding. Wh...
Frank Lewis has a 30-year, $100,000 mortgage with a nominal interest rate of 10 percent and monthly compounding. Which of the following statements regarding his mortgage is most correct? a. The monthly payments will decline over time. b. The proportion of the monthly payment that represents interest will be lower for the last payment than for the first payment on the loan. c. The total dollar amount of principal being paid off each month gets larger as the loan approaches...
Calculation of Row 8 School Year Loan amount Interest rate per year Monthly payments Total to...
Calculation of Row 8 School Year Loan amount Interest rate per year Monthly payments Total to be paid =(1) * (2) 3.4% Loan term in months (1) 120 120 180 180 $10,000 $20,000 $10,000 $30,000 $70,000 • 3.4% 6.8% 6.8% Total
year amortization period with monthly payments. The lender charges three discount points. What is the A borrower is offered a mortgage loan for $100,000 with an interest rate of 10 and a effective interest rate if the loan is held to maturity? 1.10.37 2.9.999 4.10
6. Ann obtains a fully amortizing 30 year Fixed Rate Mortgage with monthly payments for $1,250,000 at 4.38%. What fraction of Ann's 40th payment goes to interest? Write your answer in percent, without the % sign.
Consider a 17-year mortgage loan of $99,022.6347, with an interest rate of 10.00%, assuming monthly payments. The mortgage balance remaining after making 5 payments is _ _and the total interest expense for the 6th year is 98,076.8; 8,288.5 90,230.66:7,625.42 92.192.19:7,741.19 102,980.64; 8,868.70 101,019.10:8,537.16
Question 8 10 pts Consider a $18,000, three-year loan at an interest rate of 2%, payments to be made monthly. What is the APR using simple interest? Note: Show your answer in units of percents, use plain numbers with at least two digits after the decimal (e.g., for 12.34%, type 12.34).
ii. Frank Lewis has a 30-year, $100,000 mortgage with a nominal interest rate of 10 percent and monthly compounding. Which of the following statements regarding his mortgage is most correct? a. The monthly payments will decline over time. b. The proportion of the monthly payment that represents interest will be lower for the last payment than for the first payment on the loan. c. The total dollar amount of principal being paid off each month gets larger as the loan...
Frank Lewis has a 30-year, $100,000 mortgage with a nominal interest rate of 10 percent and monthly compounding. Which of the following statements regarding his mortgage is most correct? a. The monthly payments will decline over time. b. The proportion of the monthly payment that represents interest will be lower for the last payment than for the first payment on the loan. c. The total dollar amount of principal being paid off each month gets larger as the loan approaches...
Calculation of Row 8 School Year Loan amount Interest rate per year Monthly payments Total to be paid =(1) * (2) 3.4% Loan term in months (1) 120 120 180 180 $10,000 $20,000 $10,000 $30,000 $70,000 • 3.4% 6.8% 6.8% Total
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