Homework Answers
| PVOrdinary Annuity = C*[(1-(1+i/100)^(-n))/(i/100)] |
| C = Cash flow per period |
| i = interest rate |
| n = number of payments |
| 100000= Cash Flow*((1-(1+ 6/1200)^(-30*12))/(6/1200)) |
| Cash Flow = 599.5505 |
| PVOrdinary Annuity = C*[(1-(1+i/100)^(-n))/(i/100)] |
| C = Cash flow per period |
| i = interest rate |
| n = number of payments |
| PV= 599.5505*((1-(1+ 6/1200)^(-24*12))/(6/1200)) |
| PV = 91397.95 |
| Please ask remaining parts seperately, questions are unrelated |
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Question 39 (1 point) A monthly payment mortgage of $100,000 at 6 percent annual interest for...
Humphrey purchases a 100,000 home. Mortgage payments are to be made monthly for 30 years, with...
Humphrey purchases a 100,000 home. Mortgage payments are to be made monthly for 30 years, with the first payment to be made one month from now. The annual effective rate of interest is 5 percent. After 10 years, the amount of each monthly payment is increased by 325.40 in order to repay the mortgage more quickly. Calculate the amount of interest paid over the duration of the loan. ADAPT note: The monthly payments after 10 years are still firm, not...
Estimate the affordable monthly mortgage payment, the affordable mortgage amount, and the affordable hom...
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The program is in python :) Write a code program to calculate the mortgage payment. The...
The program is in python :)
Write a code program to calculate the mortgage payment. The equation for calculating the mortgage payment is: M = P (1+r)n (1+r)n-1 Where: M is your monthly payment P is your principal r is your monthly interest rate, calculated by dividing your annual interest rate by 12. n is your number of payments (the number of months you will be paying the loan) Example: You have a $100,000 mortgage loan with 6 percent annual...
ii. Frank Lewis has a 30-year, $100,000 mortgage with a nominal interest rate of 10 percent and monthly compoundin...
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Frank Lewis has a 30-year, $100,000 mortgage with a nominal interest rate of 10 percent and monthly compounding. Wh...
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A. What would be your monthly mortgage payment if you pay for a $250,000
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A 30-year mortgage has an annual interest rate of 5.25 percent and a loan amount of $175,000. What are the monthly mortgage payments? (Round your answer to 2 decimal places.) Payment A 30-year mortgage has an annual interest rate of 4.65 percent and a loan amount of $225,000. (Hint: Use the "IPMT" and "PPMT" functions in Excel.) What are the interest and principal for the 84th payment? (Round your answers to 2 decimal places.) Interest Principal A 20-year mortgage has...
plz help LESSON 84 The Monthly Payment Most mortgage loans are repaid in equal payments. Each...
plz
help
LESSON 84 The Monthly Payment Most mortgage loans are repaid in equal payments. Each payment includes an amount for payment of interest and an amount for payment of the principal of the loan. The amount of interest is calculated using the simple interest formula. Each payment you make decreases the amount of the principal you owe. PRINCIPAL PAYMENT - MONTHLY PAYMENT - INTEREST PAYMENT NEW PRINCIPAL - PREVIOUS PRINCIPAL PRINCIPAL PAYMENT Complete the table below. Mortgage Amount Interest...
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Amoritization (a) Calculate the monthly payment for a car loan of $23,600.00 at an annual interest rate of 7.75% to be paid off in 5 years. (b) Calculate the monthly payment for a mortgage of $273,486...
Amoritization (a) Calculate the monthly payment for a car loan of $23,600.00 at an annual interest rate of 7.75% to be paid off in 5 years. (b) Calculate the monthly payment for a mortgage of $273,486.00 at an annual interest rate of 3.49% to be paid off in 15 years. (c) Calculate the monthly payment for a personal loan of $39,232.00 at an annual interest rate of 12.99% to be paid off in 3 years
Humphrey purchases a 100,000 home. Mortgage payments are to be made monthly for 30 years, with the first payment to be made one month from now. The annual effective rate of interest is 5 percent. After 10 years, the amount of each monthly payment is increased by 325.40 in order to repay the mortgage more quickly. Calculate the amount of interest paid over the duration of the loan. ADAPT note: The monthly payments after 10 years are still firm, not...
Estimate the affordable monthly mortgage payment, the affordable mortgage amount, and the affordable home purchase price for the following situation. Use Exhibit 7-6. Exhibit 7-7. (Round your intermediate and final answers to the nearest whole dollar.) Monthly gross income Other debt (monthly payment) 15-year loan at Down payment to be made (percent of purchase price) Monthly estimate for property taxes and insurance $3,498 25e 6 percent 15 percent 180 Affordable monthly mortgage payment Affordable mortgage amount Affordable home purchase Exhibit...
The program is in python :)
Write a code program to calculate the mortgage payment. The equation for calculating the mortgage payment is: M = P (1+r)n (1+r)n-1 Where: M is your monthly payment P is your principal r is your monthly interest rate, calculated by dividing your annual interest rate by 12. n is your number of payments (the number of months you will be paying the loan) Example: You have a $100,000 mortgage loan with 6 percent annual...
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...
A 30-year mortgage has an annual interest rate of 5.25 percent and a loan amount of $175,000. What are the monthly mortgage payments? (Round your answer to 2 decimal places.) Payment A 30-year mortgage has an annual interest rate of 4.65 percent and a loan amount of $225,000. (Hint: Use the "IPMT" and "PPMT" functions in Excel.) What are the interest and principal for the 84th payment? (Round your answers to 2 decimal places.) Interest Principal A 20-year mortgage has...
plz
help
LESSON 84 The Monthly Payment Most mortgage loans are repaid in equal payments. Each payment includes an amount for payment of interest and an amount for payment of the principal of the loan. The amount of interest is calculated using the simple interest formula. Each payment you make decreases the amount of the principal you owe. PRINCIPAL PAYMENT - MONTHLY PAYMENT - INTEREST PAYMENT NEW PRINCIPAL - PREVIOUS PRINCIPAL PRINCIPAL PAYMENT Complete the table below. Mortgage Amount Interest...
glancing A home mortgage with monthly payments for 30 years is available at 6% interest. The home you are buying costs $120,000, and you have saved $12.000 to meet the requirement for a 10% down payment. The lender charges "points" of 2% of the loan value as a loan origination and processing fee. This fee is added to the initial balance of the loan (a) What is your monthly payment? (b) If you keep the mortgage until it is paid...
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