Calculate the equal monthly payment of interest and principal for a $750,000 loan fully amortized over...
- Calculate the equal monthly payment of interest and principal for a $750,000 loan fully amortized over 12 years at an annual rate of interest of 5.75%.
Homework Answers
Loan amount = Present value of future monthly payments = monthly payment * [1-(1+i)^-n]/i
i = interest rate per period
n = number of periods
=>
Monthly payment * [1-(1+0.0575/12)^-144]/(0.0575/12) = 750000
=>
monthly payment = 7222.21
Add Answer to:
Calculate the equal monthly payment of interest and principal
for a $750,000 loan fully amortized over...
Fully amortized loan (annual payments for principal and interest with the same amount each year). Chuck...
Fully amortized loan (annual payments for principal and interest with the same amount each year). Chuck Ponzi has talked an elderly woman into loaning him $45,000 for a new business venture. She has, however, successfully passed a finance class and requires Chuck to sign a binding contract on repayment of the $45,000 with an annual interest rate of 7% over the next 20 years. Determine the cash flow to the woman under a fully amortized loan, in which Ponzi will...
Fully amortized loan (annual payments for principal and interest with the same amount each year). Chuck...
Fully amortized loan (annual payments for principal and interest with the same amount each year). Chuck Ponzi has talked an elderly woman into loaning him $40,000 for a new business venture. She has, however, successfully passed a finance class and requires Chuck to sign a binding contract on repayment of the $40,000 with an annual interest rate of 6% over the next 20 years. Determine the cash flow to the woman under a fully amortized loan, in which Ponzi will...
Find the monthly payment needed to amortize a typical $115,000 mortgage loan amortized over 30 years...
Find the monthly payment needed to amortize a typical $115,000 mortgage loan amortized over 30 years at an annual interest rate of 5.3% compounded monthly. (Round your answers to the nearest cent.) $ Find the total interest paid on the loan. $
Find the monthly payment needed to amortize a typical $205,000 mortgage loan amortized over 30 years...
Find the monthly payment needed to amortize a typical $205,000 mortgage loan amortized over 30 years at an annual interest rate of 7.1% compounded monthly. (Round your answers to the nearest cent.) a) $ b) Find the total interest paid on the loan. $
A loan is being amortized by means of level monthly payments at an annual effective interest...
A loan is being amortized by means of level monthly payments at an annual effective interest rate of 8%. The amount of principal repaid in the 12th payment is 1000 and the amount of principal repaid in the eth payment is 3700. Calculate t.
Find the monthly payment needed to amortize a typical $95,000 mortgage loan amortized over 30 years...
Find the monthly payment needed to amortize a typical $95,000 mortgage loan amortized over 30 years at an annual interest rate of 6.9% compounded monthly (Round your answers to the nearest cent.) $623.67 X Enter a number Find the total interest paid on the loan. Anther Vansion
Loan payment Determine the equal, annual, end-of-year payment required each year over the life of the...
Loan payment Determine the equal, annual, end-of-year payment required each year over the life of the loan shown in the following table to repay it fully during the stated term of the loan. (Click on the icon located on the top-right corner of the data table below in order to copy its contents into a spreadsheet.) Principal Interest rate Term of loan (years) $23,000 16% 12 The amount of the equal, annual, end-of-year payment, CF, is $ (Round to the...
Assume that you have a 30 year fully-amortized fixed rate mortgage for your home. Your loan...
Assume that you have a 30 year fully-amortized fixed rate mortgage for your home. Your loan amount is $300,000 with a 3% annual interest rate. After 28 years, you would like to sell the property. What is your loan balance at the end of 28 years? Assume that you have a 30 year fully-amortized fixed rate mortgage for your home. Your loan amount is $300,000 with a 3% annual interest rate and your balloon payment is $50,000. What is your...
you just bought an investment property for $450,000 . The loan is fully amortized over 30...
you just bought an investment property for $450,000 . The loan is fully amortized over 30 years and payments are made monthly You took a loan for 80% of the purchase price to buy the property. The nominal annual rate of interest is 3.9% for this loan. a. How much will your monthly loan payments be? b. How much total interest will you pay over the entire life of the loan? What is your loan balance after exactly 15 years...
A thirty year monthly payment mortgage loan for 500,000 is offered at a nominal rate of 8.4% convertible monthly. Find the a) Monthly payment, b) The total principal and interest that would be paid on the loan over 30 years c) The balance in 5 years and d
A thirty year monthly payment mortgage loan for 500,000 is offered at a nominal rate of 8.4% convertible monthly. Find thea) Monthly payment,b) The total principal and interest that would be paid on the loan over 30 years c) The balance in 5 years andd) The principal and interest paid over the first 5 years.
Fully amortized loan (annual payments for principal and interest with the same amount each year). Chuck Ponzi has talked an elderly woman into loaning him $45,000 for a new business venture. She has, however, successfully passed a finance class and requires Chuck to sign a binding contract on repayment of the $45,000 with an annual interest rate of 7% over the next 20 years. Determine the cash flow to the woman under a fully amortized loan, in which Ponzi will...
Fully amortized loan (annual payments for principal and interest with the same amount each year). Chuck Ponzi has talked an elderly woman into loaning him $40,000 for a new business venture. She has, however, successfully passed a finance class and requires Chuck to sign a binding contract on repayment of the $40,000 with an annual interest rate of 6% over the next 20 years. Determine the cash flow to the woman under a fully amortized loan, in which Ponzi will...
A loan is being amortized by means of level monthly payments at an annual effective interest rate of 8%. The amount of principal repaid in the 12th payment is 1000 and the amount of principal repaid in the eth payment is 3700. Calculate t.
Find the monthly payment needed to amortize a typical $95,000 mortgage loan amortized over 30 years at an annual interest rate of 6.9% compounded monthly (Round your answers to the nearest cent.) $623.67 X Enter a number Find the total interest paid on the loan. Anther Vansion
Loan payment Determine the equal, annual, end-of-year payment required each year over the life of the loan shown in the following table to repay it fully during the stated term of the loan. (Click on the icon located on the top-right corner of the data table below in order to copy its contents into a spreadsheet.) Principal Interest rate Term of loan (years) $23,000 16% 12 The amount of the equal, annual, end-of-year payment, CF, is $ (Round to the...
you just bought an investment property for $450,000 . The loan is fully amortized over 30 years and payments are made monthly You took a loan for 80% of the purchase price to buy the property. The nominal annual rate of interest is 3.9% for this loan. a. How much will your monthly loan payments be? b. How much total interest will you pay over the entire life of the loan? What is your loan balance after exactly 15 years...
Most questions answered within 3 hours.
-
A sample of steam with a mass of 0.501 g at a temperature of 100
∘C...
asked 3 minutes ago -
A block sits on the floor. (a) What is the magnitude of the
frictional force on...
asked 4 minutes ago -
state one specific part from disability law such as ADA
(Americans with Disability Acts) or policy...
asked 5 minutes ago -
please simplify how vapor pressure lowering is related to a
rise in the boiling point solution
asked 19 minutes ago -
write a java program that does the following
Part one
Use a For loop to compute...
asked 17 minutes ago -
"A student in another class made a claim that many people are
now talking about outlawing...
asked 19 minutes ago -
Test the hypothesis using P-value approach. Be sure to verify
the requirements of the test.
H0:...
asked 1 hour ago -
For a voltaic cell based on the reaction below, which statement
is correct?
Zn(s)+2H+(aq)→Zn2+(aq)+H2(g)
Zn2+(aq) is...
asked 45 minutes ago -
If 20 g of Na2SO4 is reacted with 20 g of
Al(NO3)3 according to the following...
asked 37 minutes ago -
One difference between periodic and perpetual inventory systems
is:
Multiple Choice Cost of goods sold is...
asked 42 minutes ago -
Using the OSHA web site find the OSHA regulation for personal eye
protection. Write a summary...
asked 41 minutes ago -
In 600 words, answer the following
1) Why has the transfer of defense technologies to domestic...
asked 41 minutes ago