The following equation gives the amount of money owed on a loan after a certain amount...
The following equation gives the amount of money owed on a loan after a certain amount of time if no payments are made. A = P ( 1 + r/n ) ^nt where:
A = the amortized amount (total loan/investment amount over the life of the loan/investment)
P = the initial amount of the loan/investment
r = the annual rate of interes
t n = the number of times interest is compounded each year
t = the time in years
Find the amount owed at the end of 2 years if $ 3 , 500 is loaned at a rate 7 % compounded monthly. round answer 2 decimal places
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The following equation gives the amount of money owed on a loan
after a certain amount...
(1 point) Recall that the formula for a simple interest amortized loan, with initial loan value Vo, monthly payments of size m, with interest compounded n times per year for t years at annual interes...
(1 point) Recall that the formula for a simple interest amortized loan, with initial loan value Vo, monthly payments of size m, with interest compounded n times per year for t years at annual interest rate r is rtn.t rt Ben buys his $230,000 home and, after the $40,000 down payment, finances the remainder with a simple interest amortized loan. Ben can pay at most $1,200 per month for the loan, on which the lender has set an annual rate...
in python language. 3. Calculates the final amount (A). The program uses four inputs: P, n,r,...
in python language.
3. Calculates the final amount (A). The program uses four inputs: P, n,r, and t. Hint: nt 1 = P(1+3) Where • P = principal amount (initial investment) . r= annual nominal interest rate (as a decimal) • n = number of times the interest is compounded per year . t = number of years
1) The amount of money earned by an investment of principal P with an (annual) interest...
1) The amount of money earned by an investment of principal P with an (annual) interest rate of r with interest compute continuously is given by P ert where t is the investment in years. In the following, all amounts are invested in accounts where interest is compounded continuously. (a) (15 pts) Assume that Alice invests $50000 at an interest rate of 5%. Create a table that lists her income for t = 1, 2, . . . 5 (b)...
A loan of $470,000 is amortized over 30 years with payments at the end of each...
A loan of $470,000 is amortized over 30 years with payments at
the end of each month and an interest rate of 6.5%, compounded
monthly.
Use Excel to create an amortization table showing, for each of the
360 payments, the beginning balance, the interest owed, the
principal, the payment amount, and the ending balance.
Answer the following, rounding to the nearest penny.
a) Find the amount of each payment. $
b) Find the total amount of interest paid during the...
A loan of $370,000 is amortized over 30 years with payments at the end of each...
A loan of $370,000 is amortized over 30 years with payments at the end of each month and an interest rate of 8.9%, compounded monthly. Answer the following, rounding to the nearest penny. a) Find the amount of each payment. $ b) Find the total amount of interest paid during the first 15 payments. $ c) Find the total amount of interest paid over the life of the loan. $ d) Find the total of all payments made over 30...
Write a python program for the below question? Car Loan If A dollars is borrowed at...
Write a python program for the below question? Car Loan If A dollars is borrowed at r% interest compounded monthly to purchase a car with monthly payments for n years, then the monthly payment is given by the formula monthly payment = i / 1 - (1 + i)-12n . A where i = r/1200. Write a program that calculates the monthly payment after the user gives the amount of the loan, the interest rate, and the number of years.
I need steps for the answer 6s PROBLEM 1. what an ount will be owed in...
I need steps for the answer
6s PROBLEM 1. what an ount will be owed in S year, i, SS00 "browed now at 10% per year simple interest Answer 57,300 rd:: For what period of time will S500 have to be invested to smount to$625 earns ธ0% simple interes. Per an.suns? Anawer 2.5 years 3. What is the principal amount if the principal plus interest at the end of I years is$14,000 for a simple interest "ase of 12% per...
3. Suppose you borrow Pa dollars (called the principal) from a bank at 8 percent monthly...
3. Suppose you borrow Pa dollars (called the principal) from a bank at 8 percent monthly interest and repay the amount in equal monthly payments of M dollars. (a) If P(t) is the money owed at time t, show that Plt + A1) - P(O)(1+3) - M: P(t) = P. (12) (b) Solve the above equation for P(1) (e) What should your monthly payments be to completely repay the loan in N years? (d) Suppowe you owe $50000 in student...
Installment Loan Schedule Assume you are to borrow money, the loan amount, at an annual interest...
Installment Loan Schedule Assume you are to borrow money, the loan amount, at an annual interest rate to be paid in equal installments each period Loan Amount $ 25,000 9.90% Annual Interest Rate Periods per year 12 Years to payback See Table B.3 in book. 47.17454194 FACTOR = [1 -(1 / ((1R)An)]/ R Factor $ Equal Payments 529.95 let R = period interest rate number of periods to payback loan let n Number of periods: 60 Reduction in Principal Interest...
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)?
(1 point) Recall that the formula for a simple interest amortized loan, with initial loan value Vo, monthly payments of size m, with interest compounded n times per year for t years at annual interest rate r is rtn.t rt Ben buys his $230,000 home and, after the $40,000 down payment, finances the remainder with a simple interest amortized loan. Ben can pay at most $1,200 per month for the loan, on which the lender has set an annual rate...
in python language.
3. Calculates the final amount (A). The program uses four inputs: P, n,r, and t. Hint: nt 1 = P(1+3) Where • P = principal amount (initial investment) . r= annual nominal interest rate (as a decimal) • n = number of times the interest is compounded per year . t = number of years
A loan of $470,000 is amortized over 30 years with payments at
the end of each month and an interest rate of 6.5%, compounded
monthly.
Use Excel to create an amortization table showing, for each of the
360 payments, the beginning balance, the interest owed, the
principal, the payment amount, and the ending balance.
Answer the following, rounding to the nearest penny.
a) Find the amount of each payment. $
b) Find the total amount of interest paid during the...
I need steps for the answer
6s PROBLEM 1. what an ount will be owed in S year, i, SS00 "browed now at 10% per year simple interest Answer 57,300 rd:: For what period of time will S500 have to be invested to smount to$625 earns ธ0% simple interes. Per an.suns? Anawer 2.5 years 3. What is the principal amount if the principal plus interest at the end of I years is$14,000 for a simple interest "ase of 12% per...
3. Suppose you borrow Pa dollars (called the principal) from a bank at 8 percent monthly interest and repay the amount in equal monthly payments of M dollars. (a) If P(t) is the money owed at time t, show that Plt + A1) - P(O)(1+3) - M: P(t) = P. (12) (b) Solve the above equation for P(1) (e) What should your monthly payments be to completely repay the loan in N years? (d) Suppowe you owe $50000 in student...
Installment Loan Schedule Assume you are to borrow money, the loan amount, at an annual interest rate to be paid in equal installments each period Loan Amount $ 25,000 9.90% Annual Interest Rate Periods per year 12 Years to payback See Table B.3 in book. 47.17454194 FACTOR = [1 -(1 / ((1R)An)]/ R Factor $ Equal Payments 529.95 let R = period interest rate number of periods to payback loan let n Number of periods: 60 Reduction in Principal Interest...
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