Question

i need both of these answered please

Erica bought a health club for $975,000. She put 25% down and financed the rest at 2.8% cq for 30 years. How much is her quarterly payment? DP = AF = PMT = How much interest will she pay? Monica Quartermaine bought a condo on the beach for $620,000. She put 15% down and financed the rest at 2.7% em for 30 years. Find the following: Amount of down payment Amount financed Monthly payment Total Interest paid

Answer 1

DP = 975,000 * 0.25 = 243,750

AF = 975,000 - 243,750 = 731,250

n = 30 * 4 = 120 quarterly payments

r = 2.8%/4 = 0.007

$AF = \frac{PMT}{ r } * \left [ 1 - \frac{1}{(1+ r )^{ n }} \right ]$

PMT 731,250 = (1+0.007)120

$731,250 = \frac{PMT}{ 0.007 } *0.5670242895$

731, 250 = PMT *81.0034699286

PMT = 731,250 81.0034699286

Quarterly payment = $9,027.3910567604

Interest paid = PMT * Number of payments - AF

Interest paid = 9,027.3910567604 * 120 - 731,250

Interest paid = $352,036.926811248

Amount of downpayment = 620,000 * 0.15 = $93,000

Amount financed = 620,000 - 93,000 = $527,000

r = 2.7%/12 = 0.00225

n = 30 * 12 = 360

$AF = \frac{PMT}{ r } * \left [ 1 - \frac{1}{(1+ r )^{ n }} \right ]$

$527,000 = \frac{PMT}{ 0.00225 } * \left [ 1 - \frac{1}{(1+ 0.00225)^{ 360 }} \right ]$

$527,000 = \frac{PMT}{ 0.00225 } * 0.5547369797$

$PMT = \frac{527,000}{246.5497687556}$

Monthly payment = $2,137.4994698227

Interest paid = PMT * Number of payments - AF

Interest paid = 2,137.4994698227 * 360 - 527,000

Interest paid = $242,499.809136172

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