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he take 8 years to pay off the
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A man decides to pay $250 per month at 5%/a compounded monthly to pay off a...
Please round to 2 decimal places. A recent college graduate buys a new car by borrowing $18,000 at 7.2%, compounded monthly, for 5 years. She decides to pay $369 instead of the monthly payment require...
Please round to 2 decimal
places.
A recent college graduate buys a new car by borrowing $18,000 at 7.2%, compounded monthly, for 5 years. She decides to pay $369 instead of the monthly payment required by the oan. (a) What is the monthly payment required by the loan? (Round your answer to the nearest cent.) $358.12 How much extra did she pay per month? (Round your answer to the nearest cent.) s 10.88 b) How many $369 payments will she...
5) A man agrees to pay $300 per month for 48 months to pay off a...
5) A man agrees to pay $300 per month for 48 months to pay off a car loan. If interest of 12% per annum is charged monthly, how much did the car originally cost? How much interest was paid? 6) Chase Bank was offering a 30-year fixed-rate mortgage of 7.38%. George and Debby Ashton purchased a house for $180,000. After putting 20% down as a down payment. they finance the balance with Chase Bank. a. Determine the size of the...
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
3. In 2005, Justin buys a condominium that sells for $195,000. The bank is requiring a...
3. In 2005, Justin buys a condominium that sells for $195,000. The bank is requiring a minimum down payment of 15%. He obtains a 30-year mortgage at 4.2%/year interest What was his down payment? a) 195000 0.15-AI90 b) What is their monthly payments? c) If he pays the minimum payment each month, how much interest does he end up paying over the life of the mortgage? d) He decides to pay an extra $150 each month. How long will it...
3. In 2005, Justin buys a condominium that sells for $195,000. The bank is requiring a...
3. In 2005, Justin buys a condominium that sells for $195,000. The bank is requiring a minimum dow payment of 15%. He obtains a 30-year mortgage at 4.2%/year interest. a) What was his down payment? b) What is their monthly payments? c) If he pays the minimum payment each month, how much interest does he end up paying over the life of the mortgage? d) He decides to pay an extra $150 each month. How long will it take him...
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...
A family has a $142,847, 25-year mortgage at 4.8% compounded monthly (A) Find the monthly payment...
A family has a $142,847, 25-year mortgage at 4.8% compounded monthly (A) Find the monthly payment and the total interest paid. (B) Suppose the family decides to add an extra $100 to its mortgage payment each month starting with the very first payment. How long will it take the family to pay off the mortgage? How much interest will the family save? (A) Monthly payment: $ (Round to two decimal places.)
Problem Set 1. A man is paying off a debt of $15,000 with regular payments of...
Problem Set 1. A man is paying off a debt of $15,000 with regular payments of $300 at the end of each month. Annual interest is 18% compounded monthly. (a) Find the exact amount of time to at least five decimal places that it will take to pay off this loan. (b) Determine the size of the balloon payment to be made to pay off the loan at the time of the last regular payment. (c) Determine the size of...
Consider a mortgage of $150,000 at an interest rate of 3.6% APR compounded monthly for 30...
Consider a mortgage of $150,000 at an interest rate of 3.6% APR compounded monthly for 30 years. 1. What would your monthly payment (PI) be? 2. How much interest would you pay over the 30 years note? 3. If you pay an extra $600 each month, how long would it take to pay off the loan? 4. Refer to #3, how much interest would you pay? 5. What would be your monthly payment if you wanted to pay off the...
James King bought a house three years ago that cost $750,000. James put up 20% deposit and borrowed the rest from FC Bank at a rate of 7.2% per annum, compounded monthly, for 10 years. Three months ag...
James King bought a house three years ago that cost $750,000. James put up 20% deposit and borrowed the rest from FC Bank at a rate of 7.2% per annum, compounded monthly, for 10 years. Three months ago, FC Bank notified James that after the last monthly payment for the third year, the interest rate on his loan will increase to 9.6% per annum, compounded monthly, in line with market rates. Also, from the fourth year of his loan James...
Please round to 2 decimal
places.
A recent college graduate buys a new car by borrowing $18,000 at 7.2%, compounded monthly, for 5 years. She decides to pay $369 instead of the monthly payment required by the oan. (a) What is the monthly payment required by the loan? (Round your answer to the nearest cent.) $358.12 How much extra did she pay per month? (Round your answer to the nearest cent.) s 10.88 b) How many $369 payments will she...
5) A man agrees to pay $300 per month for 48 months to pay off a car loan. If interest of 12% per annum is charged monthly, how much did the car originally cost? How much interest was paid? 6) Chase Bank was offering a 30-year fixed-rate mortgage of 7.38%. George and Debby Ashton purchased a house for $180,000. After putting 20% down as a down payment. they finance the balance with Chase Bank. a. Determine the size of the...
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
3. In 2005, Justin buys a condominium that sells for $195,000. The bank is requiring a minimum down payment of 15%. He obtains a 30-year mortgage at 4.2%/year interest What was his down payment? a) 195000 0.15-AI90 b) What is their monthly payments? c) If he pays the minimum payment each month, how much interest does he end up paying over the life of the mortgage? d) He decides to pay an extra $150 each month. How long will it...
3. In 2005, Justin buys a condominium that sells for $195,000. The bank is requiring a minimum dow payment of 15%. He obtains a 30-year mortgage at 4.2%/year interest. a) What was his down payment? b) What is their monthly payments? c) If he pays the minimum payment each month, how much interest does he end up paying over the life of the mortgage? d) He decides to pay an extra $150 each month. How long will it take him...
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...
A family has a $142,847, 25-year mortgage at 4.8% compounded monthly (A) Find the monthly payment and the total interest paid. (B) Suppose the family decides to add an extra $100 to its mortgage payment each month starting with the very first payment. How long will it take the family to pay off the mortgage? How much interest will the family save? (A) Monthly payment: $ (Round to two decimal places.)
Problem Set 1. A man is paying off a debt of $15,000 with regular payments of $300 at the end of each month. Annual interest is 18% compounded monthly. (a) Find the exact amount of time to at least five decimal places that it will take to pay off this loan. (b) Determine the size of the balloon payment to be made to pay off the loan at the time of the last regular payment. (c) Determine the size of...
Consider a mortgage of $150,000 at an interest rate of 3.6% APR compounded monthly for 30 years. 1. What would your monthly payment (PI) be? 2. How much interest would you pay over the 30 years note? 3. If you pay an extra $600 each month, how long would it take to pay off the loan? 4. Refer to #3, how much interest would you pay? 5. What would be your monthly payment if you wanted to pay off the...
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