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A loan of $20,000 is being amortized over 60 months at an interest rate of 6%...
• 1) A new car is purchased and a $20,000 loan is taken. The loan is...
• 1) A new car is purchased and a $20,000 loan is taken. The loan is for 5 years (60 months) and the interest rate is 7.9% compounded monthly. What is the monthly payment? • 2)A new car is purchased and a $20,000 loan is taken. The loan is for 5 years (60 months) and the interest rate is 7.9% compounded monthly. What is the balance after 3 years? . 3) A new car is purchased and a $30,000 loan...
A loan of $20,000 to purchase a car at annual nominal rate of interest of 6%...
A loan of $20,000 to purchase a car at annual nominal rate of interest of 6% compounded monthly will be paid back through monthly installments over 5 years, (a) with the 1st installment to be made 1 month after the release of the loan. What is the monthly installment? (b) with the 1st installment to be made Right after the release of the loan. What is the monthly installment? (DO NOT USE EXCEL) (answer for A is $386.66 and answer...
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. $
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 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...
13-19 odd please 13. A $10,000 loan is to be amortized for 10 years with quarterly...
13-19 odd please
13. A $10,000 loan is to be amortized for 10 years with quarterly payments of $334.27. If the interest rate is 6% compounded quarterly, what is the unpaid balance immediately after the sixth payment? 14. A debt of $8000 is to be amortized with 8 equal semi- annual payments of $1288.29. If the interest rate is 12% compounded semiannually, find the unpaid balance immediately after the fifth payment. 15. When Maria Acosta bought a car 2 years...
6) A mortgage of $180 000 is amortized over 15 y with a 5-year term. 0...
6) A mortgage of $180 000 is amortized over 15 y with a 5-year term. 0 000 is amortized over 15 years at 6% compounded monthly a) Determine the monthly payment, (5 marks) Create an amortization schedule for the first 6 payments. (6 marks) Payment Monthly Interest Paid Principal Paid Outstanding Number Payment Principal 0 6 TOTAL c) How much of the 1st payment is interest? (1 mark) d) How much of the 3rd payment is used to reduce 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...
The problem describes a debt to be amortized. (Round your answers to the nearest cont.) A...
The problem describes a debt to be amortized. (Round your answers to the nearest cont.) A man buys a house for $310,000. He makes a $150,000 down payment and amortizes the rest of the purchase price with semiannual payments over the next 12 years. The interest rate on the debt is 8%, compounded semiannually. (a Find the size of each payment. $ (b) Find the total amount paid for the purchase. $ (c) Find the total interest paid over the...
• 1) A new car is purchased and a $20,000 loan is taken. The loan is for 5 years (60 months) and the interest rate is 7.9% compounded monthly. What is the monthly payment? • 2)A new car is purchased and a $20,000 loan is taken. The loan is for 5 years (60 months) and the interest rate is 7.9% compounded monthly. What is the balance after 3 years? . 3) A new car is purchased and a $30,000 loan...
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 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...
13-19 odd please
13. A $10,000 loan is to be amortized for 10 years with quarterly payments of $334.27. If the interest rate is 6% compounded quarterly, what is the unpaid balance immediately after the sixth payment? 14. A debt of $8000 is to be amortized with 8 equal semi- annual payments of $1288.29. If the interest rate is 12% compounded semiannually, find the unpaid balance immediately after the fifth payment. 15. When Maria Acosta bought a car 2 years...
6) A mortgage of $180 000 is amortized over 15 y with a 5-year term. 0 000 is amortized over 15 years at 6% compounded monthly a) Determine the monthly payment, (5 marks) Create an amortization schedule for the first 6 payments. (6 marks) Payment Monthly Interest Paid Principal Paid Outstanding Number Payment Principal 0 6 TOTAL c) How much of the 1st payment is interest? (1 mark) d) How much of the 3rd payment is used to reduce the...
The problem describes a debt to be amortized. (Round your answers to the nearest cont.) A man buys a house for $310,000. He makes a $150,000 down payment and amortizes the rest of the purchase price with semiannual payments over the next 12 years. The interest rate on the debt is 8%, compounded semiannually. (a Find the size of each payment. $ (b) Find the total amount paid for the purchase. $ (c) Find the total interest paid over the...
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