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. $
Homework Answers
Loan amount = $115000, r = 5.3/1200, n = 30*12 = 360 months
So, monthly payment is $638.6
Total interest paid = Total payment - loan amount = 638.6 * 360 - 115000 = 114896
So, total interest paid on the loan is $114896.
Please comment if any doubt. Thank you
Add Answer to:
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 $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. $
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
A $130,000 mortgage amortized by monthly payments over 20 years is renewable after five years (a)...
A $130,000 mortgage amortized by monthly payments over 20 years is renewable after five years (a) If interest is 5.22% compounded annually, what is the size of each monthly payment? (b) Find the total interest paid during the first year. (c) Compute the interest included in the 26th payment. (d) If the mortgage is renewed after five years at 4.10% compounded annually, what is the size of the monthly payment for the renewal period? (0) Construct a partial amortization schedule...
1. What monthly payment is required to amortize a loan of $50,000 over 14 years if...
1. What monthly payment is required to amortize a loan of $50,000 over 14 years if interest at the rate of 6%/year is charged on the unpaid balance and interest calculations are made at the end of each month? (Round your answer to the nearest cent.) $ 2. The Flemings secured a bank loan of $368,000 to help finance the purchase of a house. The bank charges interest at a rate of 3%/year on the unpaid balance, and interest computations...
Find the amortization table for a $23,000 loan amortized over 3 years with semiannual payments if...
Find the amortization table for a $23,000 loan amortized over 3 years with semiannual payments if the interest rate is 5.3% per year compounded semiannually. (Round your answers to the nearest cent.) End of Payment Period Made Payment Toward Interest Payment Toward Principal Outstanding Principle 23000
A $198,000 mortgage amortized by monthly payments over 20 years is renewable after five years. Interest...
A $198,000 mortgage amortized by monthly payments over 20 years is renewable after five years. Interest is 4.65% compounded semi-annually. Complete parts (a) though (e) below. (a) What is the size of the monthly payments? The size of a monthly payment is $ (Round to the nearest cent as needed.) (b) How much interest is paid during the first year? The interest paid in the first year is $ (Round to the nearest cent as needed.) (c) ow much of...
Find the payment necessary to amortize a 4.9% loan of $7300 compounded semiannually, with 6 semiannual...
Find the payment necessary to amortize a 4.9% loan of $7300 compounded semiannually, with 6 semiannual payments. Find (a) the payment necessary to amortize the loan and (b) the total payments and the total amount of interest paid based on the calculated semiannual payments. Then create an amortization table to find (c) the total payments and total amount of interest paid based upon the amortization table a. The semiannual payment needed to amortize this loan is $ (Round to 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...
What is the monthly payment on a 30-year mortgage of $150,000 at 11% interest per year,...
What is the monthly payment on a 30-year mortgage of $150,000 at 11% interest per year, compounded monthly? (Round your answer to the nearest cent.) $ What is the total amount paid on this loan over the 30-year period? (Round your answer to the nearest cent.) $
Find the periodic payment R required to amortize a loan of P dollars over t years...
Find the periodic payment R required to amortize a loan of P dollars over t years with interest charged at the rate of r%/year compounded m times a year. (Round your answer to the nearest cent.) P = 180,000, r = 5.5, t = 28, m = 4
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
A $130,000 mortgage amortized by monthly payments over 20 years is renewable after five years (a) If interest is 5.22% compounded annually, what is the size of each monthly payment? (b) Find the total interest paid during the first year. (c) Compute the interest included in the 26th payment. (d) If the mortgage is renewed after five years at 4.10% compounded annually, what is the size of the monthly payment for the renewal period? (0) Construct a partial amortization schedule...
Find the amortization table for a $23,000 loan amortized over 3 years with semiannual payments if the interest rate is 5.3% per year compounded semiannually. (Round your answers to the nearest cent.) End of Payment Period Made Payment Toward Interest Payment Toward Principal Outstanding Principle 23000
A $198,000 mortgage amortized by monthly payments over 20 years is renewable after five years. Interest is 4.65% compounded semi-annually. Complete parts (a) though (e) below. (a) What is the size of the monthly payments? The size of a monthly payment is $ (Round to the nearest cent as needed.) (b) How much interest is paid during the first year? The interest paid in the first year is $ (Round to the nearest cent as needed.) (c) ow much of...
Find the payment necessary to amortize a 4.9% loan of $7300 compounded semiannually, with 6 semiannual payments. Find (a) the payment necessary to amortize the loan and (b) the total payments and the total amount of interest paid based on the calculated semiannual payments. Then create an amortization table to find (c) the total payments and total amount of interest paid based upon the amortization table a. The semiannual payment needed to amortize this loan is $ (Round to the...
What is the monthly payment on a 30-year mortgage of $150,000 at 11% interest per year, compounded monthly? (Round your answer to the nearest cent.) $ What is the total amount paid on this loan over the 30-year period? (Round your answer to the nearest cent.) $
Most questions answered within 3 hours.
-
In class we discussed the valuable role of data in business as
well as the importance...
asked 1 hour ago -
you plan on savings $500 per month for 30 years and invest each
of those payments...
asked 3 hours ago -
1. Kenny Inc. has the following income statement for the most
recent fiscal year:
Sales $558.400...
asked 2 hours ago -
A meter stick is found to balance at the 45.8 cm mark when
placed on a...
asked 2 hours ago -
1. A manufacturer of processing chips knows that 2% of its chips
are defective in some...
asked 6 hours ago -
Discuss what you think the exit polls tell us about voters.
asked 6 hours ago -
The electron in a hydrogen atom can undergo a transition from
n=1 to n=6, absorbing a...
asked 7 hours ago -
Based on what you learned in chapter 11, why would an
individual with a high BMI...
asked 7 hours ago -
Assume the economy can be described by the consumption function
C = $300 billion + 0.9Y...
asked 7 hours ago -
Within an environment where change is needed, you must recognize
the obstacles that can make changes...
asked 6 hours ago -
Travelcraft, Inc., manufactures a complete line of fiberglass
suitcases and attaché cases. The firm has...
asked 7 hours ago -
1a.
During 2021, a company sells 270 units of inventory for $94
each. The company has...
asked 7 hours ago