Loan = PV | $130,000 | |||
period = 12 x 20 years | 240 | |||
Rate = 5.22%/12 | 0.44% | |||
a) Monthly Payment | $873.82 | |||
b) Total interest Paid | $6,696.19 | |||
Period | Payments | Interest | Reduction in balance | Ending balance |
1 | $873.82 | $565.50 | $308.32 | $129,691.68 |
2 | $873.82 | $564.16 | $309.66 | $129,382.02 |
3 | $873.82 | $562.81 | $311.01 | $129,071.01 |
4 | $873.82 | $561.46 | $312.36 | $128,758.65 |
5 | $873.82 | $560.10 | $313.72 | $128,444.93 |
6 | $873.82 | $558.74 | $315.08 | $128,129.84 |
7 | $873.82 | $557.36 | $316.46 | $127,813.39 |
8 | $873.82 | $555.99 | $317.83 | $127,495.56 |
9 | $873.82 | $554.61 | $319.21 | $127,176.34 |
10 | $873.82 | $553.22 | $320.60 | $126,855.74 |
11 | $873.82 | $551.82 | $322.00 | $126,533.74 |
12 | $873.82 | $550.42 | $323.40 | $126,210.34 |
$6,696.19 | ||||
c) | ||||
Interst on 26th Payment | $530.16 | |||
d) | ||||
Loan = PV | $108,914 | |||
period = 12 x 15 years | 180 | |||
Rate = 4.10%/12 | 0.34% | |||
Monthly Payment | $811.09 | |||
e) | ||||
Period | Payments | Interest | Reduction in balance | Ending balance |
1 | $811.09 | $372.12 | $438.97 | $108,475.26 |
2 | $811.09 | $370.62 | $440.47 | $108,034.79 |
3 | $811.09 | $369.12 | $441.98 | $107,592.81 |
A $130,000 mortgage amortized by monthly payments over 20 years is renewable after five years (a)...
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...
Please help thank you. A $87,000 mortgage is to be amortized by making monthly payments for 15 years. Interest is 8.1% compounded semi-annually for a seven-year term. (a) Compute the size of the monthly payment. (b) Determine the balance at the end of the seven-year term. (c) If the mortgage is renewed for a seven-year term at 7% compounded semi-annually, what is the size of the monthly payment for the renewal term? (a) The size of the monthly payment is...
A demand loan of $8000.00 is repaid by payments of $4000.00 after two years, $4000.00 after four years, and a final payment after six years. Interest is 5% compounded quarterly for the first two years, 6% compounded monthly for the next two years, and 6% compounded semi-annually thereafter. What is the size of the final payment? The final payment is $ 1. (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places...
A demand loan of $8000.00 is repaid by payments of $4000.00 after two years, $4000.00 after four years, and a final payment after seven years. Interest is 9% compounded monthly for the first two years, 10% compounded semi- annually for the next two years, and 10% compounded monthly thereafter. What is the size of the final payment? The final payment is $ ?. (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal...
A demand loan of $8000.00 is repaid by payments of $4000.00 after two years, $4000.00 after four years, and a final payment after seven years. Interest is 9% compounded monthly for the first two years, 10% compounded quarterly for the next two years, and 10% compounded semi-annually thereafter. What is the size of the final payment? The final payment is $ . (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places...
4. A $180 000.00 mortgage is to be amortized by making monthly payments for 22.5 years. Interest is 7.2% compounded semi-annually for a four-year term. a) Compute the size of the monthly payment. b) Determine the balance at the end of the four-year term. c) If the mortgage is renewed for a five-year term at 8.66% compounded semi- annually, what is the size of the monthly payment for the renewal term?
The debt is amortized by equal payments made at the end of each payment interval. Compute (a) the size of the periodic payments; (b) the outstanding principal at the time indicated; (c) the interest paid by the payment following the time indicated; and (d) the principal repaid by the payment following the time indicated for finding the outstanding principal. Debt Principal Repayment Period Payment Interval Interest Rate Conversion Period Outstanding Principal After: $14,000 6 years 6 months 10% semi-annually 7th...
The debt is amortized by equal payments made at the end of each payment interval. Compute (a) the size of the periodic payments; (b) the outstanding principal at the time indicated; (c) the interest paid by the payment following the time indicated; and (d) the principal repaid by the payment following the time indicated for finding the outstanding principal. Debt Principal Repayment Period Payment Interval Interest Rate Conversion Period Outstanding Principal After: $15,000 6 years 1 month 6% monthly 6th...
Scheduled payments of $477, $1137, and $449 are due in one-and-a-half years, four years, and five-and-a-half years respectively. What is the equivalent single replacement payment two-and-a-half years from now if interest is 9% compounded semi-annually? The equivalent single replacement payment is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
Harlan made equal payments at the end of each month into his RRSP. If interest in his account is 7% compounded semi-annually, and the balance after twelve years is $13,000, what is the size of the monthly payment? The size of the monthly payment is $7. (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)