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6? 4. A client wants to finance the purchase of a house costing $50,000 over a...
The Flemings secured a bank loan of $95,000 to help finance the purchase of a house....
The Flemings secured a bank loan of $95,000 to help finance the purchase of a house. The bank charges interest at a rate of 10%/year on the unpaid balance, and interest computations are made at the end of each month. The Flemings have agreed to repay the loan in equal monthly installments over 27 yr. What should be the size of each repayment if the loan is to be amortized at the end of the term? Please round the answer...
Ben Thenking wants to borrow $300,000 to buy a house. He plans to live there for...
Ben Thenking wants to borrow $300,000 to buy a house. He plans to live there for exactly 5 years before selling the house, repaying the lender the balance and moving. Ben is considering a 30 year fully amortizing fixed rate mortgage with monthly payments. The banker shows Ben three loan options: (1) A loan with a 5% annual interest rate which requires Ben to pay 2 points up front, (2) the same terms as (1), but the loan principal is...
The Flemings secured a bank loan of $336,000 to help finance the purchase of a house....
The Flemings secured a bank loan of $336,000 to help finance the purchase of a house. The bank charges interest at a rate of 2%/year on the unpaid balance, and interest computations are made at the end of each month. The Flemings have agreed to repay the loan in equal monthly installments over 25 years. What should be the size of each repayment if the loan is to be amortized at the end of the term? (Round your answer to...
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...
A house can be purchased for $140000, and you have $10000 cash for a down payment....
A house can be purchased for $140000, and you have $10000 cash for a down payment. You are considering the following two financing options: bullet Option 1. Getting a new standard mortgage with a 7.5% (APR) interest and a 30-year term. bullet Option 2. Assuming the seller's old mortgage, which has an interest rate of 5.5% (APR), a remaining term of 25 years (the original term was 30 years), a remaining balance of $92 comma 983, and payments of $571...
As part of your long-term personal finance goals, you desire to purchase a house, which you...
As part of your long-term personal finance goals, you desire to purchase a house, which you plan to finance. As with any loan, your payment has two components: principal and interest. Name at least two other expenses that could be added to your monthly payment. About how much might they add to your monthly payment beyond principal and interest? [10 points]
WUSUI Rei Finance Charges. Bill wants to purchase a new car for $50,000. Bill has no...
WUSUI Rei Finance Charges. Bill wants to purchase a new car for $50,000. Bill has no savings, so he needs to finance the entire purchase amount. With no down payment, the interest rate on the loan is 8% and the maturity of the loan is six years. His monthly payments will be $876.66. Bill's monthly net cash flows are $686. Bill also has a credit card with a $9,365 limit and an interest rate of 12%. If Bill uses all...
9. Jonathan Dotson wants to borrow $50,000 to buy a house. If he paid equal annual...
9. Jonathan Dotson wants to borrow $50,000 to buy a house. If he paid equal annual installments for 30 years and 12 percent interest on the outstanding balance, what would be the amount of his annual payment? [1 point) Answer:
A friend is planning to purchase a new car for $35,000 and intends to borrow money to finance the entire purchase. She h...
A friend is planning to purchase a new car for $35,000 and intends to borrow money to finance the entire purchase. She has asked you to compare the following options and to let her know which one you think is best: option I: $5000 price reduction, plus a four-year loan, with monthly payments. The annual interest rate on the loan will be 5%. Option II: A zero interest loan, with a 4-year term and monthly payments. Use formulas and show...
Question 2: Applications of finance (20 Mark) Please answer the following questions. Show all your workings...
Question 2: Applications of finance (20 Mark) Please answer the following questions. Show all your workings when calculations are required and round off your FINAL result to TWO decimal places. You are offered two options by the Waverley Toyota dealer for purchasing a Toyota Landcruiser 4WD. Option 1: Upfront where you pay $100,000 now. Option 2: 2- year monthly payment plan of $4500/month, starting today, with a final payment to be made 23 months from today. a) If the market...
The Flemings secured a bank loan of $95,000 to help finance the purchase of a house. The bank charges interest at a rate of 10%/year on the unpaid balance, and interest computations are made at the end of each month. The Flemings have agreed to repay the loan in equal monthly installments over 27 yr. What should be the size of each repayment if the loan is to be amortized at the end of the term? Please round the answer...
As part of your long-term personal finance goals, you desire to purchase a house, which you plan to finance. As with any loan, your payment has two components: principal and interest. Name at least two other expenses that could be added to your monthly payment. About how much might they add to your monthly payment beyond principal and interest? [10 points]
WUSUI Rei Finance Charges. Bill wants to purchase a new car for $50,000. Bill has no savings, so he needs to finance the entire purchase amount. With no down payment, the interest rate on the loan is 8% and the maturity of the loan is six years. His monthly payments will be $876.66. Bill's monthly net cash flows are $686. Bill also has a credit card with a $9,365 limit and an interest rate of 12%. If Bill uses all...
9. Jonathan Dotson wants to borrow $50,000 to buy a house. If he paid equal annual installments for 30 years and 12 percent interest on the outstanding balance, what would be the amount of his annual payment? [1 point) Answer:
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