What is the outstanding balance after the 23rd payment interval of a 16-year loan for $14...
What is the outstanding balance after 23 payments on a 20-year mortgage that has monthly payments of $1062.32 and an interest rate of 6.696 compounded monthly? Oa Ob $144 302.54 $134 302.54 $134 402.54 $143 402.54 Od
1) Enter your answer in this format: 1.23 (hundredths) A. Benji made a down payment of $28,660 on a house. The monthly loan payment for the house is $2,121 for 20 years. The nominal annual interest on the loan is 12%, compounded monthly. What was the original sale price of the house? B. Benji has a quarterly loan payment of $4,820 for 3 years. The bank charges a nominal annual interest rate of 3% compounded quarterly for the loan. If...
What is the monthly payment size of a 21-year mortgage for $169 600 and an interest rate of 7.2% compounded semi-annually? Oa Oь OC Od $1926.11 $1211.96 $1169.11 $1296.11
Problem 2: The quarterly payment on a 15‐year construction loan is $1867.50. The loan’s interest rate is a 6.40% annual percentage rate (APR) and payments are end‐of‐quarter. (a) What is the builder’s loan amount? (b) What is the loan’s effective annual rate (EAR)? (c) What will the loan balance be immediately after the 39th payment is made?
How much interest is paid in the 53rd monthly payment interval of a loan for $43 200? The loan is amortized at a rate of 9.17% compounded annually over 7 years. O a Ob Oc $111.11 $444.11 $411.11 $144.11
13-19 odd please 13. A $10,000 loan is to be amortized for 10 years with quarterly payments of $334.27. If the interest rate is 6% compounded quarterly, what is the unpaid balance immediately after the sixth payment? 14. A debt of $8000 is to be amortized with 8 equal semi- annual payments of $1288.29. If the interest rate is 12% compounded semiannually, find the unpaid balance immediately after the fifth payment. 15. When Maria Acosta bought a car 2 years...
You took a 5 year, $100,000 loan. The loan has equal principal payments. The loan carries a 6% annual interest rate and is paid back in annual payments. 1. What is the outstanding balance of the loan after 3 years? 2. Compute an amortization table for the loan. 3. What is the interest payment on the fourth installment?
5) A loan is being repaid by 2n level payments (with the first payment 1 period after the start of the loan) at an effective interest rate of j per period. Just after the nth payment, the outstanding balance on the loan is 3/4 of the initial outstanding balance on the loan. a) Find vj". b) What is the ratio of interest to principal reduction in the n+1st payment? (i.e In+1/PR.n+1)
Please choose one answer A,B,C, or D thank you A bank is negotiating a loan. The loan can either be paid off as a lump sum of $100,000 at the end of five years, or as equal annual payments at the end of each of the next five years. If the interest rate on the loan is 8%, what annual payments should be made so that both forms of payment are equivalent? OA. $17,046 OB. $23,864 OC. $13,637 OD, $27,274
A demand loan of $8000.00 is repaid by payments of $4000.00 after two years, $4000.00 after four years, and a final payment after seven years. Interest is 9% compounded monthly for the first two years, 10% compounded quarterly for the next two years, and 10% compounded semi-annually thereafter. What is the size of the final payment? The final payment is $ . (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places...