Given the Following: Amount Borrowed: 200,000 APR: 3% Term: 8 years a. What is the monthly...
Given the Following: Amount Borrowed: 200,000 APR: 3% Term: 8 years
a. What is the monthly payment?
b. What is the amount of the monthly payment that is interest in the 8th month?
c. What is the amount of monthly payment that is principle in the 10th month?
d. What is the effective interest rate on this loan?
Homework Answers
*Please rate thumbs up
Add Answer to:
Given the Following: Amount Borrowed: 200,000 APR: 3% Term: 8
years
a. What is the monthly...
Consider the following loan. Complete parts (a)-(c) below An individual borrowed $73,000 at an APR of 7 % , which w...
Consider the following loan. Complete parts (a)-(c) below An individual borrowed $73,000 at an APR of 7 % , which will be paid off with monthly payments of $595 for 18 years. a. Identify the amount borrowed, the annual interest rate, the number of payments per year, the loan term, and the payment amount. The amount borrowed is $ the annual interest rate is the number of payments per year is the loan term is years, and the payment amount...
Jared borrowed $20,000 with a promise to repay the loan in 6 years with a uniform...
Jared borrowed $20,000 with a promise to repay the loan in 6 years with a uniform monthly payment and a single payment of $2,000 at the end of six years at a nominal interest rate of 12% per year.A) What is the amount of each payment? B) What is the amount of interest paid in the first payment? C) What will be the loan balance immediately after the 48th payment? D) What is semi annually effective interest rate?
please show all work! 8. *Eight years ago you borrowed $200,000 to finance the pur- chase...
please show all work!
8. *Eight years ago you borrowed $200,000 to finance the pur- chase of a $240,000 home. The interest rate on the old mort- gage loan is 6 percent. Payments are being made monthly to amortize the loan over 30 years. You have found another lender who will refinance the current outstanding loan balance at 4 percent with monthly payments for 30 years. The new lender will charge two discount points on the loan. Other refinancing costs...
7. You purchase a home and secure a 30 year equal payment loan for $200,000 at a interest rate of 5.25% APR compounded monthly. After 5 years the interest rate drops to 4.75% APR compounded month...
7. You purchase a home and secure a 30 year equal payment loan for $200,000 at a interest rate of 5.25% APR compounded monthly. After 5 years the interest rate drops to 4.75% APR compounded monthly. The bank is charging 2 points to originate the new loan. How many months do you need to stay in the house after the refinance to make the refinance a benefit? (10 Pts) a. 18 months b. 20 months C. 30 months 36 months...
2. Riley purchases a home and borrows $200,000. Mortgage payments are to be made monthly for...
2. Riley purchases a home and borrows $200,000. Mortgage payments are to be made monthly for 30 years with the first payment to be made one month from loan origination. The annual effective rate of interest is 5%. Starting with 100" payment, $400 is added to each payment in order to repay the mortgage earlier. a. What is the amount of the original monthly payment? b. What is the outstanding balance immediately after the 99 payment? c. What will be...
Consider a home mortgage of $250,000 at a fixed APR of 3% for 25 years. a....
Consider a home mortgage of $250,000 at a fixed APR of 3% for 25 years. a. Calculate the monthly payment. b. Determine the total amount paid over the term of the loan. c. Of the total amount paid, what percentage is paid toward the principal and what percentage is paid for interest. a. The monthly payment is $ 1,185.53 (Do not round until the final answer. Then round to the nearest cent as needed.) b. The total amount paid over...
Mortgage loan amount: $100,000.00 Monthly payment: $1,028.62 Term: 30 years What is the interest rate for...
Mortgage loan amount: $100,000.00 Monthly payment: $1,028.62 Term: 30 years What is the interest rate for this loan? Suppose you can save $910.42 annually, and you need to have $12,000 in 10 years. What rate of interest would you have to earn to reach your goal? Given the following information for a stock, Variance=0.6 Beta=1.2 Residual variance=0.2 what is the non-diversifiable proportion of the stock is the variance of the market portfolio is 0.3?
Jamison Inc. needs to raise $500,000 for a nine-month term. Jamison's bank has offered to lend...
Jamison Inc. needs to raise $500,000 for a nine-month term. Jamison's bank has offered to lend Jamison the money at a 8.00% simple interest rate. Jamison will receive the $500,000 upon approval of the loan and will pay back the principal and interest at maturity. Calculate the interest payment, the amount of cash received, the annual percentage rate (APR), and the effective annual rate (EAR) of this loan. Value Interest payment Amount of cash received Annual percentage rate (APR) Effective...
The mortgage on your house is five years old. It required monthly payments of $1,450, had an original term of 30 years, and had an interest rate of 8% (APR). In the intervening five years, interest rates have fallen and so you have decided to refinance
The mortgage on your house is five years old. It required monthly payments of $1,450, had an original term of 30 years, and had an interest rate of 8% (APR). In the intervening five years, interest rates have fallen and so you have decided to refinance—that is, you will roll over the outstanding balance into a new mortgage. The new mortgage has a 30-year term, requires monthly payments, and has an interest rate of 6.125% (APR). a. What monthly repayments will be required with...
Suppose you borrowed $10,000 for 4 years with quarterly payments at an APR of 7%. Please...
Suppose you borrowed $10,000 for 4 years with quarterly payments at an APR of 7%. Please show all work and formulas used!! What is the Quarterly payment? Amortize the first four payments .Set up a table like the one below: Payment Number Payment Interest Principle Remaining Balance 1 ________ ________ ________ _______________ 2 ________ ________ ________ _______________ 3 ________ ________ ________ _______________ 4 ________ ________ ________ _______________ How much interest will you pay over the life of the loan?
Consider the following loan. Complete parts (a)-(c) below An individual borrowed $73,000 at an APR of 7 % , which will be paid off with monthly payments of $595 for 18 years. a. Identify the amount borrowed, the annual interest rate, the number of payments per year, the loan term, and the payment amount. The amount borrowed is $ the annual interest rate is the number of payments per year is the loan term is years, and the payment amount...
please show all work!
8. *Eight years ago you borrowed $200,000 to finance the pur- chase of a $240,000 home. The interest rate on the old mort- gage loan is 6 percent. Payments are being made monthly to amortize the loan over 30 years. You have found another lender who will refinance the current outstanding loan balance at 4 percent with monthly payments for 30 years. The new lender will charge two discount points on the loan. Other refinancing costs...
7. You purchase a home and secure a 30 year equal payment loan for $200,000 at a interest rate of 5.25% APR compounded monthly. After 5 years the interest rate drops to 4.75% APR compounded monthly. The bank is charging 2 points to originate the new loan. How many months do you need to stay in the house after the refinance to make the refinance a benefit? (10 Pts) a. 18 months b. 20 months C. 30 months 36 months...
2. Riley purchases a home and borrows $200,000. Mortgage payments are to be made monthly for 30 years with the first payment to be made one month from loan origination. The annual effective rate of interest is 5%. Starting with 100" payment, $400 is added to each payment in order to repay the mortgage earlier. a. What is the amount of the original monthly payment? b. What is the outstanding balance immediately after the 99 payment? c. What will be...
Consider a home mortgage of $250,000 at a fixed APR of 3% for 25 years. a. Calculate the monthly payment. b. Determine the total amount paid over the term of the loan. c. Of the total amount paid, what percentage is paid toward the principal and what percentage is paid for interest. a. The monthly payment is $ 1,185.53 (Do not round until the final answer. Then round to the nearest cent as needed.) b. The total amount paid over...
Jamison Inc. needs to raise $500,000 for a nine-month term. Jamison's bank has offered to lend Jamison the money at a 8.00% simple interest rate. Jamison will receive the $500,000 upon approval of the loan and will pay back the principal and interest at maturity. Calculate the interest payment, the amount of cash received, the annual percentage rate (APR), and the effective annual rate (EAR) of this loan. Value Interest payment Amount of cash received Annual percentage rate (APR) Effective...
Most questions answered within 3 hours.
-
Romeo wishes to throw a bouquet of flowers to Juliet, who is on
a second-story balcony,...
asked 2 minutes ago -
Why is QE a controversial monetary policy tool.
A. It may lead to excessive inflation.B. By...
asked 18 minutes ago -
A finite potential well has depth U0 = 2.78 eV . What is the
penetration distance...
asked 44 minutes ago -
1. The bus bars of a power station are in two sections A and B
separated...
asked 42 minutes ago -
Fiscal policy is the deliberate manipulation of taxes and
government spending to alter GDP, employment, inflation...
asked 1 hour ago -
evaluating an expression using only one digit and + and - as
operators ....3+5-1+7-5+8
-----------------------
stack...
asked 1 hour ago -
Two concentric current loops lie in the same plane. The smaller
loop has a radius of...
asked 2 hours ago -
1)Which of the following is an
important difference between qualified and nonqualified retirement
plans?
a. Qualified...
asked 2 hours ago -
What's the streaming business's problem on the
horizon?
asked 3 hours ago -
I need help with writing the conclusion for this online lab
report
Abstract
By testing the...
asked 3 hours ago -
For the reaction 1N2+3H2-----> 2NH3, would the reaction rate
trend be: delta[NH3]/ delta t = -2...
asked 4 hours ago -
Within your current/past organization, identify a problem/issue
and format a design to address same. You may...
asked 3 hours ago