Youngchang Keyboard sells a $1400 keyboard on a monthly payment plan over 2 years. a) If...
Youngchang Keyboard sells a $1400 keyboard on a monthly payment
plan over 2 years.
a) If the interest rate is 5.5% per year, what is the monthly
payment?
Answer = $
b) If instead the interest rate is 5.75% per year, what is the
monthly payment?
Answer = $
Homework Answers
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Youngchang Keyboard sells a $1400 keyboard on a monthly payment
plan over 2 years.
a) If...
Calculate the equal monthly payment of interest and principal for a $750,000 loan fully amortized over...
Calculate the equal monthly payment of interest and principal for a $750,000 loan fully amortized over 12 years at an annual rate of interest of 5.75%.
1. What monthly payment is required to amortize a loan of $50,000 over 14 years if...
1. What monthly payment is required to amortize a loan of $50,000 over 14 years if interest at the rate of 6%/year is charged on the unpaid balance and interest calculations are made at the end of each month? (Round your answer to the nearest cent.) $ 2. The Flemings secured a bank loan of $368,000 to help finance the purchase of a house. The bank charges interest at a rate of 3%/year on the unpaid balance, and interest computations...
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
A thirty year monthly payment mortgage loan for 500,000 is offered at a nominal rate of 8.4% convertible monthly. Find thea) Monthly payment,b) The total principal and interest that would be paid on the loan over 30 years c) The balance in 5 years andd) The principal and interest paid over the first 5 years.
You plan to take out a 30-year fixed rate mortgage for $ 200,000. Let P(r) be your monthly payment if the interest rate is r% per year, compounded monthly. Interpret the equations (a) P( 2) equ...
You plan to take out a 30-year fixed rate mortgage for $ 200,000. Let P(r) be your monthly payment if the interest rate is r% per year, compounded monthly. Interpret the equations (a) P( 2) equals = 739.24 and (b) P'(2) equals = 100.01 . (a) Interpret P (2) equals = 739.24. Select the correct answer below. A. If the interest rate on the mortgage is 3%, the monthly payment will be $ 739.24 B. If the interest rate...
Problem 2: Using a Spreadsheet to Calculate Mortgage Payments What is the monthly payment on a...
Problem 2: Using a Spreadsheet to Calculate Mortgage Payments What is the monthly payment on a $150,000, 30-year mortgage if the mortgage rate is 5.75 percent? 6.25 percent? 7.5 percent? 9 percent? Present Annual Periodic => Payment value Periods Interest Rate Interest Rate $150,000 FORMULA 5.75% FORMULA = FORMULA $150,000 6.25% = $150,000 7.50% = $150,000 9.00% =
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Calculate the monthly payment for a loan amount of $5,915 over 24 months (2 years) with an interest rate of 9.5% using the add-on method ((P*r*T) + P)/24. Also, what would the finance charges be for this loan every month for 24 months? Thank you!
Entered Answer Preview Result 27.35 27.35 incorrect incorrect At least one of the answers above is...
Entered Answer Preview Result 27.35 27.35 incorrect incorrect At least one of the answers above is NOT correct. 1 of the questions remains unanswered (1 point) Sheds R Us sells $900 sheds on a monthly payment plan over 3 years. a) If the interest rate is 3% per month, find the monthly payment. Answer S 27.35 b) If instead the interest rate is 3.25% per month, find the monthly payment Answer-$
Attempt Results Entered Answer Preview Result 26.17 26.17 incorrect 26.27 26.27 incorrect At least one of...
Attempt Results Entered Answer Preview Result 26.17 26.17 incorrect 26.27 26.27 incorrect At least one of the answers above is NOT correct 1 point) Sheds R Us sells $900 sheds on a monthly payment plan over 3 years. a) If the interest rate is 3% per month, find the monthly payment. Answer S 26.17 b) If instead the interest rate is 3.25% per month, find the monthly payment Answer $ 26.27
You borrowed $70,000 in student loans. You plan to make monthly payments to repay the debt....
You borrowed $70,000 in student loans. You plan to make monthly payments to repay the debt. The interest rate is fixed at 3.3% APR (with monthly compounding). a) If the loans are for 10 years, find the monthly payment. b) Suppose that you decide to pay $300 more per month instead of the required monthly payment. How long will it take to pay off the loan?
2. 2 years ago we purchased a house with a 30 year $525,000 mortgage at 9% A. What is the monthly payment? B. How much i...
2. 2 years ago we purchased a house with a 30 year $525,000 mortgage at 9% A. What is the monthly payment? B. How much is owed after 2 years? C. How much interest did we pay over a 2 yr period? D. If we are looking to refinance and the current rate is 6.75% what would be the monthly payment on a 20yr and 15 yr mortgage.
Entered Answer Preview Result 27.35 27.35 incorrect incorrect At least one of the answers above is NOT correct. 1 of the questions remains unanswered (1 point) Sheds R Us sells $900 sheds on a monthly payment plan over 3 years. a) If the interest rate is 3% per month, find the monthly payment. Answer S 27.35 b) If instead the interest rate is 3.25% per month, find the monthly payment Answer-$
Attempt Results Entered Answer Preview Result 26.17 26.17 incorrect 26.27 26.27 incorrect At least one of the answers above is NOT correct 1 point) Sheds R Us sells $900 sheds on a monthly payment plan over 3 years. a) If the interest rate is 3% per month, find the monthly payment. Answer S 26.17 b) If instead the interest rate is 3.25% per month, find the monthly payment Answer $ 26.27
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