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 to the nearest cent.) $ (c) How many payments of $1300 will it take to pay off the loan? Give the answer correct to two decimal places. monthly payments (d) Use your answer to part (c) to find how much interest they save by paying the loan this way. (Round your answer to the nearest cent.) $
Homework Answers
Add Answer to:
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....
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...
S e wiastoep 05032 -11 points HarMathAp 12 6.5.040. My Notes This problem is a complex financial problem that requi...
S e wiastoep 05032 -11 points HarMathAp 12 6.5.040. My Notes This problem is a complex financial problem that requires several skills, perhaps some from previous sections. Ask Your Tea Clark and Lana take a 30-year home mortgage of $128,000 at 7.2%, compounded monthly. They make their regular monthly payments for 5 years, then decide to pay $1100 per month (a) Find their regular monthly payment. (Round your answer to the nearest cent.) (6) Find the unpaid balance when they...
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. During four years of college, Nolan MacGregor's student loans are $4,000, $3,500, $4,400, and $5,000 for freshman year through senior year, respectively. Each loan amount gathers interest of 2%, compounded quarterly, while Nolan is in school and 3%, compounded quarterly, during a 6-month grace period after graduation. (a) What is the loan balance in dollars) after the grace period? Assume the freshman year loan...
A young couple buying their first home borrow $85,000 for 30 years at 7.5%, compounded monthly,...
A young couple buying their first home borrow $85,000 for 30 years at 7.5%, compounded monthly, and make payments of $594.33. After 3 years, they are able to make a one-time payment of $2,000 along with their 36th payment. (a) Find the unpaid balance immediately after they pay the extra $2,000 and their 36th payment. (Round your answer to the nearest cent.) (b) How many regular payments of $594.33 will amortize the unpaid balance from part (a)? Give the answer...
A young couple buying their first home borrow $55,000 for 30 years at 7.1%, compounded monthly, and make payments of $36...
A young couple buying their first home borrow $55,000 for 30 years at 7.1%, compounded monthly, and make payments of $369.62. After 4 years, they are able to make a one-time payment of $2000 along with their 48th payment. (a) Find the unpaid balance immediately after they pay the extra $2000 and their 48th payment. (Round your answer to the nearest cent.) (b) How many regular payments of $369.62 will amortize the unpaid balance from part (a)? (Round your answer...
When Gustavo and Serrana bought their home, they had a 5.9% loan with monthly payments of...
When Gustavo and Serrana bought their home, they had a 5.9% loan with monthly payments of $870.60 for 30 years. After making 78 monthly payments, they plan to refinance for an amount that includes an additional $35,000 to remodel their kitchen. They can refinance at 4.8% compounded monthly for 25 years with refinancing costs of $625 included with the amount refinanced. (a) Find the amount refinanced. (Round your answer to the nearest cent.) $ 167661.87 Correct: Your answer is correct....
Use PMT = to determine the regular payment amount, rounded to the nearest cent. The cost...
Use PMT = to determine the regular payment amount, rounded to the nearest cent. The cost of a home is financed with a $190,000 20-year fixed-rate mortgage at 3.5%. a. Find the monthly payments and the total interest for the loan. b. Prepare a loan amortization schedule for the first three months of the mortgage. a. The monthly payment is $ 1101.92. (Do not round until the final answer. Then round to the nearest cent as needed.) The total interest...
PH Use PMT = - to determine the regular payment amount, rounded to the nearest cent....
PH Use PMT = - to determine the regular payment amount, rounded to the nearest cent. The cost of a home is financed with a $110,000 30-year fixed-rate mortgage at 4%. -nt a. Find the monthly payments and the total interest for the loan. b. Prepare a loan amortization schedule for the first three months of the mortgage. a. The monthly payment is $525.16. (Do not round until the final answer. Then round to the nearest cent as needed.) The...
PC to determine the regular payment amount, rounded to the nearest cent The cest of a home is financed with a $120...
PC to determine the regular payment amount, rounded to the nearest cent The cest of a home is financed with a $120 000 40-year fed-tate Use PMT- mortgage at 5% a. Find the monthly payments and the total interest for the loan b. Prepare a loan amortization schedule for the first three months of the mortgage The total interest for the loan is $ 157,747 20 (Use the answer from part a to find this answer. Round to the nearest...
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...
S e wiastoep 05032 -11 points HarMathAp 12 6.5.040. My Notes This problem is a complex financial problem that requires several skills, perhaps some from previous sections. Ask Your Tea Clark and Lana take a 30-year home mortgage of $128,000 at 7.2%, compounded monthly. They make their regular monthly payments for 5 years, then decide to pay $1100 per month (a) Find their regular monthly payment. (Round your answer to the nearest cent.) (6) Find the unpaid balance when they...
This problem is a complex financial problem that requires several skills, perhaps some from previous sections. During four years of college, Nolan MacGregor's student loans are $4,000, $3,500, $4,400, and $5,000 for freshman year through senior year, respectively. Each loan amount gathers interest of 2%, compounded quarterly, while Nolan is in school and 3%, compounded quarterly, during a 6-month grace period after graduation. (a) What is the loan balance in dollars) after the grace period? Assume the freshman year loan...
A young couple buying their first home borrow $85,000 for 30 years at 7.5%, compounded monthly, and make payments of $594.33. After 3 years, they are able to make a one-time payment of $2,000 along with their 36th payment. (a) Find the unpaid balance immediately after they pay the extra $2,000 and their 36th payment. (Round your answer to the nearest cent.) (b) How many regular payments of $594.33 will amortize the unpaid balance from part (a)? Give the answer...
Use PMT = to determine the regular payment amount, rounded to the nearest cent. The cost of a home is financed with a $190,000 20-year fixed-rate mortgage at 3.5%. a. Find the monthly payments and the total interest for the loan. b. Prepare a loan amortization schedule for the first three months of the mortgage. a. The monthly payment is $ 1101.92. (Do not round until the final answer. Then round to the nearest cent as needed.) The total interest...
PH Use PMT = - to determine the regular payment amount, rounded to the nearest cent. The cost of a home is financed with a $110,000 30-year fixed-rate mortgage at 4%. -nt a. Find the monthly payments and the total interest for the loan. b. Prepare a loan amortization schedule for the first three months of the mortgage. a. The monthly payment is $525.16. (Do not round until the final answer. Then round to the nearest cent as needed.) The...
PC to determine the regular payment amount, rounded to the nearest cent The cest of a home is financed with a $120 000 40-year fed-tate Use PMT- mortgage at 5% a. Find the monthly payments and the total interest for the loan b. Prepare a loan amortization schedule for the first three months of the mortgage The total interest for the loan is $ 157,747 20 (Use the answer from part a to find this answer. Round to the nearest...
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...
Most questions answered within 3 hours.
-
The random variable X is exponentially distributed, where X
represents the time it takes for a...
asked 1 minute ago -
MATLAB
write a MATLAB function (1) output a third-order polynomial
function with the coefficients as the...
asked 9 minutes ago -
A z-score
communicates a raw score’s "relative standing"
under the normal curve in relation to:
asked 18 minutes ago -
An object is vibrating on a spring with the following equation
of motion:
?=(30 ??)cos((2?)/(160)?)
a)...
asked 17 minutes ago -
Vulcan Flyovers offers scenic overflights of Mount St. Helens,
the volcano in Washington State that explosively...
asked 19 minutes ago -
If organizations do not adapt fast enough and move incrementally
from the twentieth-century model to the...
asked 20 minutes ago -
A helium balloon with 2.5L of gas has a gauge pressure of 10,000
Pa. The balloon...
asked 24 minutes ago -
What is responsible for Jupiter's enormous magnetic field?
asked 40 minutes ago -
At the end of the year, a company offered to buy 5,000 units of
a product...
asked 41 minutes ago -
Implement C++ program for each of the following.
Let D = [-48, -14, -8, 0, 1,...
asked 1 hour ago -
Consider a labor market in which LD = 400 – 4W and LS = 250 +...
asked 1 hour ago -
Let’s say you are teaching a typically-developing young child
how to eat with a spoon. Describe...
asked 59 minutes ago