1. Find the monthly payments on this loan: $125,000 loan amount, 15 years, 6.25 annual interest...
1. Find the monthly payments on this loan: $125,000 loan amount, 15 years, 6.25 annual interest rate.
Please provide steps.
2. Find the balance on this mortgage at the end of 6 years: $125,000 loan amount, 15 years, monthly payments, 6.25 annual interest rate.
Please provide steps
Homework Answers
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1. Find the monthly payments on this loan: $125,000 loan amount,
15 years, 6.25 annual interest...
3. A $300,000 home loan is amortized by equal monthly payments for 25 years, starting one...
3. A $300,000 home loan is amortized by equal monthly payments for 25 years, starting one month from the time of the loan at a nominal rate of 7% convertible monthly. a. Find the monthly payment amount. b. Find the outstanding balance when 10 years of payments remain. c. Find the total interest paid during the last 10 years of the loan? 4. Eddie is repaying a 20-year loan of 10,000 with payments at the end of each year. Each...
You borrow $100,000 on a mortgage loan. The loan requires monthly payments for the next 30...
You borrow $100,000 on a mortgage loan. The loan requires monthly payments for the next 30 years. Your annual loan rate is 4.25%. The loan is fully amortizing. What is your monthly payment? Round your answer to 2 decimal places. 2. You borrow $100,000 on a mortgage loan. The loan requires monthly payments for the next 30 years. Your annual loan rate is 4.25%. The loan is fully amortizing. What is your Month 1 interest payment? Round your answer to...
Michelle takes out a $50,000 loan for 15 years which she repays with annual payments at...
Michelle takes out a $50,000 loan for 15 years which she repays with annual payments at the end of each year. The annual interest rate is 1% for the first 2 years and then increases to 5% for the remainder of the loan. Michelle's payments increase by 7% each year. Find the loan balance immediately following the tenth payment.
glancing A home mortgage with monthly payments for 30 years is available at 6% interest. The...
glancing A home mortgage with monthly payments for 30 years is available at 6% interest. The home you are buying costs $120,000, and you have saved $12.000 to meet the requirement for a 10% down payment. The lender charges "points" of 2% of the loan value as a loan origination and processing fee. This fee is added to the initial balance of the loan (a) What is your monthly payment? (b) If you keep the mortgage until it is paid...
A $67,800 loan is to be repaid by equal annual payments for 15 years. The interest...
A $67,800 loan is to be repaid by equal annual payments for 15 years. The interest rate is 8.3% compounded annually. Determine the balance outstanding after 10 years,
A 30-year mortgage has an annual interest rate of 5.25 percent and a loan amount of...
A 30-year mortgage has an annual interest rate of 5.25 percent and a loan amount of $175,000. What are the monthly mortgage payments? (Round your answer to 2 decimal places.) Payment A 30-year mortgage has an annual interest rate of 4.65 percent and a loan amount of $225,000. (Hint: Use the "IPMT" and "PPMT" functions in Excel.) What are the interest and principal for the 84th payment? (Round your answers to 2 decimal places.) Interest Principal A 20-year mortgage has...
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...
Use the table to find the monthly payments on the given loan. Time Rate 8% Amount $180,000 Click ...
Use the table to find the monthly payments on the given loan. Time Rate 8% Amount $180,000 Click the icon to view a table of monthly payments on a $1,000 loan. 30 years The monthly payments for this loan are $ (Type an integer or a decimal.) Enter your answer in the answer box. i Monthly Payment on a $1,000 loan Number of Years for the Loan 10 $29.53 $22.58 S10.12 $6.06 $4.77 29.9723.0310.616.605.37 3042 23.49.10 7.166.00 31.34 24.4 12.13...
A loan of $450,000 is amortized over 30 years with payments at the end of each...
A loan of $450,000 is amortized over 30 years with payments at
the end of each month and an interest rate of 6.3%, 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.
a) Find the amount of each payment. $
b) Find the total amount of interest paid during the first 15
payments. $
Suppose that payment number...
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...
3. A $300,000 home loan is amortized by equal monthly payments for 25 years, starting one month from the time of the loan at a nominal rate of 7% convertible monthly. a. Find the monthly payment amount. b. Find the outstanding balance when 10 years of payments remain. c. Find the total interest paid during the last 10 years of the loan? 4. Eddie is repaying a 20-year loan of 10,000 with payments at the end of each year. Each...
glancing A home mortgage with monthly payments for 30 years is available at 6% interest. The home you are buying costs $120,000, and you have saved $12.000 to meet the requirement for a 10% down payment. The lender charges "points" of 2% of the loan value as a loan origination and processing fee. This fee is added to the initial balance of the loan (a) What is your monthly payment? (b) If you keep the mortgage until it is paid...
A $67,800 loan is to be repaid by equal annual payments for 15 years. The interest rate is 8.3% compounded annually. Determine the balance outstanding after 10 years,
A 30-year mortgage has an annual interest rate of 5.25 percent and a loan amount of $175,000. What are the monthly mortgage payments? (Round your answer to 2 decimal places.) Payment A 30-year mortgage has an annual interest rate of 4.65 percent and a loan amount of $225,000. (Hint: Use the "IPMT" and "PPMT" functions in Excel.) What are the interest and principal for the 84th payment? (Round your answers to 2 decimal places.) Interest Principal A 20-year mortgage has...
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...
Use the table to find the monthly payments on the given loan. Time Rate 8% Amount $180,000 Click the icon to view a table of monthly payments on a $1,000 loan. 30 years The monthly payments for this loan are $ (Type an integer or a decimal.) Enter your answer in the answer box. i Monthly Payment on a $1,000 loan Number of Years for the Loan 10 $29.53 $22.58 S10.12 $6.06 $4.77 29.9723.0310.616.605.37 3042 23.49.10 7.166.00 31.34 24.4 12.13...
A loan of $450,000 is amortized over 30 years with payments at
the end of each month and an interest rate of 6.3%, 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.
a) Find the amount of each payment. $
b) Find the total amount of interest paid during the first 15
payments. $
Suppose that payment number...
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