Only need the answer for question 25.....information to answer the question is found in question 24
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Only need the answer for question 25.....information to answer
the question is found in question 24...
(d) A property developer has introduced a scheme to help people buy a house. Previously, a person...
(d) A property developer has introduced a scheme to help people buy a house. Previously, a person could buy a $250,000 home through a 25% deposit paid once, followed by a mortgage loan for the reminder of the value, repaid over 100 monthly payments at 12% per annum. Today, people can get a mortgage on a $250,000 home with a deposit of only 5%, repaying the remainder of the loan in 100 monthly payments at 24% per annum. Determine the...
Need help with this question, keep getting it wrong. Prepare an amortization schedule for a five-year...
Need help with this question, keep getting it wrong.
Prepare an amortization schedule for a five-year loan of $60,000. The interest rate is 9 percent per year, and the loan calls for equal annual payments (Do not round intermediate calculations and round your answers to 2 decimal places, e.g. 32.16. Leave no cells blank - be certain to enter "0" wherever required.) Year Beginning Balance Total Payment Interest Payment Principal Payment Ending Balance b. How much interest is paid in...
1) Enter your answer in this format: 1.23 (hundredths) A. Benji made a down payment of...
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...
Sarah secured a bank loan of $200,000 for the purchase of a house. The mortage is...
Sarah secured a bank loan of $200,000 for the purchase of a house. The mortage is amortized through monthly payments of $1,687.71 for a term of 15 years, at an interest rate of 6% per year compounded monthly. a. Determine the total amount of interest to be paid over the life of this loan. b. If she sells her house in 5 years, how much will Sarah still owe on her house (what is her outstanding principal in 5 years)?
Question 4: Application of Time Value of Money to Mortgages (30 marks) Shanna wants to buy...
Question 4: Application of Time Value of Money to Mortgages (30 marks) Shanna wants to buy a house costing $325,000 and has obtained a loan from TD Bank. A minimum down payment of 15% would be required and the bank will provide the difference. Her grandparent have told her that they will cover her down payment. a. TD Bank has quoted her mortgage interest rate is 4.5%; this rate would be compounded semi- annually, while her payments would be made...
Answer 5-14 please Scenario: You want to buy a house in Ypsilanti's up and coming Normal...
Answer 5-14 please
Scenario: You want to buy a house in Ypsilanti's up and coming Normal Park neighborhood. You find a cute home that is going for $210.500. You talk to your bank and with 10%down, you can talke out a 30 year mortgageS.3%Jinterest Home purchase questions: How much will the down payment on the house be? 2. How much will you need to finance for the home loan? 3. How much will your monthly payment be (round to 2...
Aya and Harumi would like to buy a house..
Aya and Harumi would like to buy a house and their dream house costs $500,000. They have $50,000 saved up for a down payment but would still need to take out a mortgage loan for the remaining $450,000 and they’re not sure whether they could afford the monthly loan payments. The bank has offered them an interest rate of 4.25%, compounded monthly. How much would they have to be able to afford to pay each month in order to pay off...
i need part B and the rest on excel Question 1 Prepare the amortization schedule for...
i need part B and the rest on excel Question 1 Prepare the amortization schedule for a thirty-year loan of $100,000. The APR is 3% and the loan calls for equal monthly payments. The following table shows how you should prepare the amortization schedule for the loan. a. Interest Principal Ending Month lPayment Payment Payment Balance Beginning ota S100,000.00 b. Use the annuity formula to find how much principal you still owe to the bank at the end of the...
Jonah has been looking for a house. He found one he liked for $300,000. Jonah can...
Jonah has been looking for a house. He found one he liked for $300,000. Jonah can afford a loan payment of $1,200 a month. He would like a 30-year loan. The bank is offering mortgage loans at a nominal annual interest rate of 6%, compounded monthly. How much of a down payment will Jonah need to make if he wants to buy this house?
6. A company issued a 25-year bond two years ago at a coupon rate of 5.3...
6. A company issued a 25-year bond two years ago at a coupon rate of 5.3 percent. The bond makes semiannual coupon payments. If the bond currently sells for 105 percent of its par value of $1,000, what is the YTM? 7. Bond X makes semiannual payments. The bond pays a coupon rate of 7 percent, has a YTM of 6.2 percent, and has 13 years to maturity. Bond Y makes semiannual payments. This bond pays a coupon rate of...
(d) A property developer has introduced a scheme to help people buy a house. Previously, a person could buy a $250,000 home through a 25% deposit paid once, followed by a mortgage loan for the reminder of the value, repaid over 100 monthly payments at 12% per annum. Today, people can get a mortgage on a $250,000 home with a deposit of only 5%, repaying the remainder of the loan in 100 monthly payments at 24% per annum. Determine the...
Need help with this question, keep getting it wrong.
Prepare an amortization schedule for a five-year loan of $60,000. The interest rate is 9 percent per year, and the loan calls for equal annual payments (Do not round intermediate calculations and round your answers to 2 decimal places, e.g. 32.16. Leave no cells blank - be certain to enter "0" wherever required.) Year Beginning Balance Total Payment Interest Payment Principal Payment Ending Balance b. How much interest is paid in...
Question 4: Application of Time Value of Money to Mortgages (30 marks) Shanna wants to buy a house costing $325,000 and has obtained a loan from TD Bank. A minimum down payment of 15% would be required and the bank will provide the difference. Her grandparent have told her that they will cover her down payment. a. TD Bank has quoted her mortgage interest rate is 4.5%; this rate would be compounded semi- annually, while her payments would be made...
Answer 5-14 please
Scenario: You want to buy a house in Ypsilanti's up and coming Normal Park neighborhood. You find a cute home that is going for $210.500. You talk to your bank and with 10%down, you can talke out a 30 year mortgageS.3%Jinterest Home purchase questions: How much will the down payment on the house be? 2. How much will you need to finance for the home loan? 3. How much will your monthly payment be (round to 2...
i need part B and the rest on excel Question 1 Prepare the amortization schedule for a thirty-year loan of $100,000. The APR is 3% and the loan calls for equal monthly payments. The following table shows how you should prepare the amortization schedule for the loan. a. Interest Principal Ending Month lPayment Payment Payment Balance Beginning ota S100,000.00 b. Use the annuity formula to find how much principal you still owe to the bank at the end of the...
6. A company issued a 25-year bond two years ago at a coupon rate of 5.3 percent. The bond makes semiannual coupon payments. If the bond currently sells for 105 percent of its par value of $1,000, what is the YTM? 7. Bond X makes semiannual payments. The bond pays a coupon rate of 7 percent, has a YTM of 6.2 percent, and has 13 years to maturity. Bond Y makes semiannual payments. This bond pays a coupon rate of...
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