Ramon is approved for a 8 year loan of 45,000 at nominal rate of interest convertible semiannually of 8.2432 percent. He will be making monthly payments at the end of each month.
a. What is his monthly payment?
Ramon is approved for a 8 year loan of 45,000 at nominal rate of interest convertible...
7. Ali buys a new car and finances it with a loan of 22,000. He will make n monthly payments of 450.30 starting in one month. He will make one larger payment in n + 1 months to pay off the loan. Payments are calculated using an annual nominal interest rate of 8.4%, convertible monthly. Immediately after the 18th payment he refinances the loan to pay off the remaining balance with 24 monthly payments starting one month later. This refinanced...
Consider a 20 year fixed rate mortgage for $175,000 at nominal interest rate of 8%. If the borrower wants to pay off the remaining balance on the mortgage after making the 12th payment, what is the remaining balance on the loan? Assume monthly payments. $157,624 $168,980 $173,538 $171,301
Alex loans Nomar $100,000 at a rate of 12% nominal interest convertible quarterly. They agree that Nomar will repay the loan by making quarterly payments. These payments will each be $23,000 except for the last payment which will be a balloon payment. Find the amount of the balloon payment. (Round your answer to the nearest cent.)
A bank customer takes out a loan of 500 with a 16% nominal interest rate convertible quarterly. The customer makes payments of 20 at the end of each quarter. Calculate the amount of principal in the fourth payment. There is not enough information to calculate the amount of principal.
4. A borrower repay amortization method for 10 years. The nominal rate is 12% convertible semiannually. Determine the principal and interest portion of the third payment. s a loan by making $500 semiannual payments to the lender by 5 marks) Solution:
A thirty year monthly payment mortgage loan for 500,000 is offered at a nominal rate of 8.4% convertible monthly. Find the a) monthly payment, b) the total principal and interest that would be paid on the loan over 30 years c) the balance in 5 years and d) the principal and interest paid over the first 5 years.
Ralph has just borrowed 1780
dollars to purchase a new stereo, at a nominal rate of interest of
11.6 percent convertible monthly. Although he is charged interest
from the moment he borrows the money, the first payment is not due
for 9 months. If he will make 24 monthly payments, how much
interest is in the 17th payment?
ANNUITIES: Problem5 Prev Up Next (1 pt) Ralph has just borrowed 1780 dollars to purchase a new stereo, at a nominal rate...
3, Jimmy takes out a $50,000 mortgage on a home at a 5.6% interest rate convertible monthly. He plans to pay off the mortgage with monthly payments for 20 years. Immediately following the 60h payment, he renegotiates the loan. He agrees to make a cash payment of $7500 and will pay the remaining balance with monthly payments over 10 years at a rate of 4.1% convertible monthly. Calculate his new monthly payment.
If the nominal annual rate of interest convertible monthly is 2% find the corresponding equivalent nominal annual rate of discount convertible semiannually.
John takes out a 50 000 mortgage on a home at 12 72 % convertible semiannually. He pays off the mortgage with monthly payments for 20 years, the first one due one month after the mortgage is taken out. Immediately after his 60th payment, John renegotiates the loan. He agrees to repay the remainder of the mortgage by making immediate cash payments of 10 000 and repaying the balance by means of monthly payments for ten years at 11% convertible...