176.08 should be added to last payment i.e. 33rd installment to pay the loan in full.
This problem is a complex financial problem that requires several skills, perhaps some from previous sections....
This problem is a complex financial problem that requires several skills, perhaps some from previous sections. Clark and Lana take a 30-year home mortgage of $125,000 at 7.4%, compounded monthly. They make their regular monthly payments for 5 years, then decide to pay $1300 per month. (a) Find their regular monthly payment. (Round your answer to the nearest cent.) $ 865.47 Correct: Your answer is correct. (b) Find the unpaid balance when they begin paying the $1300. (Round your answer...
This problem is a complex financial problem that requires several skills, perhaps some from previous sections. Clark and Lana take a 30-year home mortgage of $121,000 at 7.5%, compounded monthly. They make their regular monthly payments for 5 years, then decide to pay $1300 per month. (a) Find their regular monthly payment. (Round your answer to the nearest cent.) $ 9075 Incorrect: Your answer is incorrect. (b) Find the unpaid balance when they begin paying the $1300. (Round your answer...
a. Show a time line of when the loans will be taken. Unsubsidized Stafford Loan Limits Freshman $6,000 Sophomore 6,000 Junior 7.000 Senior 7,000 b. What will be the loan balance when Gavin graduates after his fourth year of school? c. What is the loan balance six months after graduation? d. Using the standard repayment plan and a 6.8 percent APR interest rate, compute the monthly payments Gavin owes after the grace period. integrated mini-case Paying on your Stafford Loan...
On your student loans, if possible, try to make interest-only payments while you are still in school. If interest is not repaid, it folds into principal after graduation and can cost you hundreds (or thousands) of extra dollars in finance charges. For example, Sara borrowed $5000 at the beginning of her freshman year and another $4,000 at the beginning of her junior year. The interest rate (APR) is 9% per year, compounded monthly, so Sara's interest accumulates at 0.75% per...
If money earns 6.36% compounded quarterly, what single payment in three years would be equivalent to a payment of $3,230 due two years ago, but not paid, and $800 today? Round to the nearest cent Next Question Question 3 of 4 Two payments of $17,000 and $2,600 are due in 1 year and 2 years, respectively. Calculate the two equal payments that would replace these payments, made in 3 months and in 4 years if money is worth 10.5% compounded...
-Response 23269220 tags- a vefuestion3217135,1 1 POINTS PREVIOUS ANSWERS TANAPMATH7 4.3.002. NY NOTES ASK YOUR TEAG a lo of dollars over years with best charged at the rate of rear compounded ind the period payment required to m P 60,000, = 5, 1), m= 6 times a year. Round your answer to the nearest cent.) 1 POINTS PREVIOUS ANSWERS TANAPMATH74.3.004. Y NOTESLAXY RTLAC Find the periodic payment Required to amortire a loan of dollars over t years with interest charged...
A $12,000 loan is to be amortized for 10 years with quarterly payments of $383.06. If the interest rate is 5%, compounded quarterly, what is the unpaid balance immediately after the sixth payment? (Round your answer to the nearest cent.)
A group of private investors purchased a condominium complex for $3 million. They made an initial down payment of 15% and obtained financing for the balance. If the loan is to be amortized over 11 years at an interest rate of 9.1%/year compounded quarterly, find the required quarterly payment. (Round your answer to the nearest cent.) $
1.-Determine the payment to amortize the debt. (Round your answer to the nearest cent.) Quarterly payments on $15,500 at 3.7% for 6 years $ 2.- A MasterCard statement shows a balance of $510 at 13.5% compounded monthly. What monthly payment will pay off this debt in 1 year 10 months? (Round your answer to the nearest cent.) $ 3.- Find the unpaid balance on the debt. (Round your answer to the nearest cent.) After 7 years of monthly payments on...
2) since 2007, a particular fund returned 13.5% compounded monthly. How much would a $6000 investment in this phone have been worth after two years? Round your answer to the nearest cent. 3.) In the following ordinary annuity, the interest is compounded with each payment, and the payment is made at the end of the compounding.. Find the accumulated amount of the annuity. Round your answer to the nearest cent. $5500 annually at 5% for 10 years. in the following ordinary annuity,...